May 08, 2023 20:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES Mettler Toledo Hanging Scale
Tokyo, Japan, May 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Electronic Weighing Scale Market Research Report: By Type, End-Use Vertical - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 13.2 billion by 2030. The reports further predict the market to flourish at a robust CAGR of over 6.30% during the assessment timeframe.
Electronic Weighing Scale Market Key Players
Eminent industry players profiled in the global electronic weighing scale market report include.
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Electronic Weighing Scale Market Drivers
Preference for Electronic Weighing Scale Machine over Traditional Machines to Boost Market Growth
The benefits of using an electronic scale over a traditional one are its small size, high precision, high dependability, flexibility in weighing numerous weights, and sophisticated technology that allow for online processing. These advantages are a major factor in the market's expansion.
Electronic Weighing Scale Market Opportunities
Technological Advances to offer Robust Opportunities
The demand for electronic weighing scales is expected to increase globally as a result of the IoT being integrated into weighing scales and other product advancements. Additionally, the launch of waterproof electronic scales with backlit LCDs & titanium platforms is providing the target market with a number of prospects for growth.
Need for Electricity to Operate the Product to act as Market Restraint
The need for electricity to operate the electronic weighing scale, high electricity bill, and high maintenance costs may act as market restraints over the forecast period.
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Electronic Weighing Scale Market Segmentation
The global electronic weighing scale market is bifurcated based on scale and end use.
By scale, tabletop scale will lead the market over the forecast period. Electronic weighing scales for tables are reliable and small. These scales are perfect for use in offices, pharmacies, laboratories, cafes, retail establishments, and restaurants, among other places. Tabletop scales are portable, simple to use, and reasonably priced. Because of this, tabletop scales are becoming more and more popular in the retail & industrial sectors.
By vertical, industrial will domineer the market over the forecast period. The industrial sector that depends on shipments of produced goods, corrosive liquids, gases, etc., as well as the export and import of commodities, is substantially to blame for this sector's domination. As a result of their widespread use in the industrial setting, electronic weighing scales in fact have seen increased market growth. The precision of a scale completely determines how a substance is formulated. Industrial scales are made specifically to adjust to the usage environment. The rugged industrial crane scale, platform scale, pallet truck scale, etc. is frequently used in industrial applications.
The majority of the market's production, logistics, and manufacturing sectors have struggled greatly due to the coronavirus epidemic. As a result of this pandemic crisis, governments in numerous countries imposed restrictions. Additionally, the pandemic has forced the closure of numerous businesses and industries, which has decreased the need for weighing scales. Due to the lack of utilization of these devices during the lockdown, this market's sales have also significantly decreased. These scales are also utilized in gyms that are closed because of the fatal coronavirus, another issue that has affected the demand for electronic scales. However, there is a glimmer of hope that if these limits are relaxed, the market would rebound forcefully with more gains than before.
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Electronic Weighing Scale Market Regional Analysis
APAC to Command Electronic Weighing Scale Market
With a 35.7% share, Asia Pacific led the market for electronic scales in 2019. The presence of strong regional player is a key driver of market expansion. The demand for electronic weighing equipment within the area is being fuelled by a large concentration of retail stores & laboratories as well as rising consumer health consciousness. The two largest investors and contributors to the expansion of the regional market are China and India. Higher penetration & the strong supremacy of regional companies in the region are mostly due to the low cost of the product in the area as a result of the existence of regional businesses. Many different industry sectors are becoming more automated, which necessitates the usage of the automated electronic measuring instruments for testing and measurement. The presence of several industrial industries and the availability of knowledgeable technical talent are driving up demand for weighing scales. Additionally, the expansion of the Asia Pacific market is anticipated to be fueled by the simple availability of inexpensive raw materials, which encourages the mass production of inexpensive electronic scales in the developing nations. Increased industrial sector investment and research & development efforts for the launch of improved electronic weighing scales are anticipated to promote utilization of these devices. Additionally, as automation has grown across numerous market verticals, small and medium firms are increasingly using automated electronic measuring equipment particularly for testing & measuring goods.
North America to Have Admirable Growth in Electronic Weighing Scale Market
From 2020 to 2027, North America is projected to grow at a CAGR of 3.2%. The need for electronic weighing devices is rising as automation spreads throughout the area. Due to its sizable pharmaceutical industry, robust retail sector, and rising household demand for health monitoring, the U.S. dominates the region. The market within the area is being significantly fueled by the aforementioned aspect. Additionally, as automation has grown across numerous industry verticals, small and medium firms are increasingly using automated electronic measuring equipment especially for testing & measuring products. This characteristic is driving North America's market for electronic weighing equipment to record-high levels of profitability. In North America, the technology of weighing machines is developing quickly for more advanced commercial uses including shipping and recycling.
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