Precision Balances Industry Trends, Competitive Landscape and Forecast by 2027
Global Precision Balances Market: Introduction
- Precision balance is a weighing instrument used to weigh or measure quantities of products or substances. Precision instrument is also termed as ‘top loading balances’. This instrument is available in a wide range of capacities and readabilities.
- Precision balance can effectively complete several activities such as quality control, density determination, formulation, purity analysis, packaging and filling, etc. This instrument is most commonly used in retail, foods & beverages, chemical labs, pharmaceutical, and other industries.
Growth in Retail and Chemical Industries is anticipated to drive the Precision Balances Market
- Rapid increase in demand for precision balances in retail, chemical, pharmaceuticals, and other industries is anticipated to drive the global market during the forecast period. Increase in the number of supermarkets, hypermarkets, specialty stores, and retail outlets in emerging economies is projected to augment the global precision balances market in the near future. Precision balances are often used in chemical and pharmaceutical industries for weighing test samples and chemicals.
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Strict rules and regulations imposed regarding product safety in Foods & Beverages and Pharmaceutical Industries
- Stringent rules and regulations imposed by regulatory authorities of various countries across the globe regarding products and food safety and precise calculation of the weight of products and chemicals etc. is estimated to increase the demand of precision balance in the near future. Pharmaceutical and biotechnology testing laboratories also use precision balances for measuring substances for research and development activities.
Asia Pacific Precision Balances Market to Expand at Significant Rate
- In terms of region, the global precision balances market can be divided into: Europe (EU), North America (NA), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America is considered as the biggest market for precision balances. Advancements in technology of laboratory balances and scales used in testing labs in countries, such as the U.S. and Canada are estimated to drive the market for precision balances in the region during the forecast period.
- This market in Asia Pacific is anticipated to grow at a rapid rate during the forecast period. Growth of foods & beverages and construction industries and digitalization in countries, such as China, India, and Japan, are factors fueling the demand for precision balances in Asia Pacific.
Key Players Operating in Global Precision Balances Market
Manufacturers of precision balances are projected to face competition in the near future. Prominent players, such as Adam Equipment Inc., METTLER TOLEDO, Tanita, PCE Deutschland GmbH, etc., are expected to focus on innovation and upgrade their products to strengthen their presence in the global precision balances market. Companies are focusing on joint ventures and mergers & acquisitions with local players or brands to expand their product portfolio and presence in different regions. Companies are making heavy investments to develop new technology and putting efforts to reduce the cost of production and increase the profitability and growth of the business. The companies are offering exclusive range of precision balances to testing laboratories such as food testing labs, biotechnology labs, petrochemical laboratories, and drug testing laboratories etc. Boom in e-commerce industry has created significant opportunities for the manufacturers and distributors of precision balance in the near future. Companies are also making promotion and advertising of its weighting products on various online and social-media platforms.
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