Steady growth predicted for load cell market
A
Frost and Sullivan product story
Edited by the Engineeringtalk editorial team
Mar 26, 2001
New research by International marketing consulting company Frost and Sullivan reveals that the World Load Cell Market generated revenues of $1.24 billion in 2000.
Customers of load cells or force measuring sensors are increasingly demanding efficient, high quality devices that carry lower prices.
Manufacturers will need to offer extensive customer service and support, including personnel training, product installation, maintenance and rapid repair services, to meet the needs of customers in a wide range of industries.
New research by International marketing consulting company Frost and Sullivan reveals that the World Load Cell Market generated revenues of $1.24 billion in 2000.
Frost and Sullivan projects the growth rate to remain steady through 2007.
"As competition intensifies, market leaders will be those companies that produce new and superior products," says Frost and Sullivan Industry Analyst Daniela Carrillo.
"The strategic importance of research and development is growing, as industry globalisation continues to bring new competitors into the marketplace." Enactment of intellectual property protection laws in many countries will help protect Research and Development investments and ultimately result in a higher return on research investments.
R and D is expected to keep driving the market throughout the forecast period.
Load cell manufacturers are finding it increasingly difficult to compete against the tide of mass-produced components from overseas.
Cheap imports from Asia have entered the world market over the years, forcing many load cell manufacturers to rethink their business strategies.
Some companies are responding to imports by offering more and more made-to-order products.
"Companies need to be flexible in what they produce, from design to manufacture," Industry Analyst Carrillo says.
"Companies that can cater to customers with unique demands will have an important advantage over mass-producing manufacturers." This Frost and Sullivan insight analyses the world markets for single-point, bending-beam, shear-beam, "S"-type, dual-shear and digital/smart load cells.
It includes in-depth discussions of customer issues, examines market trends and provides expert forecasts.
Frost and Sullivan has presented its 2001 Market Engineering Awards to companies that have worked hard to make a positive contribution to the load cell industry.
The Market Engineering Leadership Award is presented to Tedea-Huntleigh International.
The Business Development Strategy Award is given to Rice Lake Weighing Systems.
The Competitive Strategy Award is awarded to Celtron Technologies.
Robert A Denton, Inc receives The Entrepreneurial Company Award.
The Product Line Strategy Award goes to Revere Transducers.
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