Major opportunities are coming from industries such as industrial manufacturing, food & beverages, agriculture and pharmaceuticals, finds Frost & Sullivan's Measurement & Instrumentation team
SANTA CLARA, California, March 16, 2017 /PRNewswire/ -- Regulations and changes in standards for more accurate weighing equipment and technology improvements in end-user industries such as industrial manufacturing, food & beverage, agriculture and pharmaceuticals, plus a growing replacement, upgrade and retrofit market, are igniting growth and steering change in a mature market. Vendors must seek out value additions, technology connectivity and improvement strategies to increase overall revenues and augment growth.
Opportunities for Growth in the Weighing Equipment Market - USA, a recent analysis from Frost & Sullivan's Test & Measurement Growth Partnership Subscription, finds that in 2015, the weighing equipment market in the U.S. was estimated to be over $750 million and growing at a CAGR of 3.7 percent annually. The total forecast of weighing equipment in the U.S. is estimated to be close to a billion in 2020.
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"In a stable price, consolidated market, leading companies such as Mettler-Toledo, Avery Weightronix, Rice Lake and Sartorius-Intec pursue value-addition differentiated strategies like quality, reliability and ease of installation," said Frost & Sullivan Measurement & Instrumentation Research Director Kiran Unni. "Some companies are embracing technology connectivity and looking to offer software to connect to the intranet or cloud."
Safety and regulations are two major drivers for improvements in weighing equipment design, demand and innovation. Other improvement strategies, like focusing on data accuracy, measurement resolution, faster scanning, handling, and analysis, are being developed for a preferable combination system like checkweighers and metal detectors.
Further growth opportunities include:
- Demand for floor and bench scales that account for a big portion of total market revenues.
- The checkweighers market is growing at a CAGR of 4.4 percent.
- Combination measurement technologies, combining weight measurement with others such as moisture, density and volume, will drive future growth.
- New features based on increased connectivity, analysis of data inputs and multiple parameter measurement are technology trends enabling change and driving growth.
"Change is on the horizon for weighing equipment vendors. Today's business is heavily focused on relationships with distributors and dealers. In order to survive and thrive in the years ahead, vendors will need to sell directly to customers through ecommerce and increase their direct sales channels in an evolving ecosystem," noted Unni.
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Opportunities for Growth in the Weighing Equipment Market - USA
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SOURCE Frost & Sullivan