Electronic weighing scales have paved its way across different industry verticals owing to its high accuracy, cost-effectiveness, and easy operation. It has been highlighted by Market Research Future (MRFR) that the global Electronic Weighing Scale Market is set to thrive at a CAGR of 5.54% across the assessment period 2017 to 2023. The market’s valuation is expected to reach USD 4.57 Bn by 2023 up from USD 3.35 Bn in 2017.
Increasing export and import transactions are anticipated to encourage the growth of the electronic weighing scale market across the projection period. These scales are used extensively in the measurement of products being exported or imported. Also, the rising use of these scales in the chemical industry for weighing gases and liquids are expected to accelerate revenue creation for the players of the electronic weighing scale market in the forthcoming years. However, the high cost of these devices is likely to restrict market growth over the forecast period.
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Tanita Corporation (Japan), A&D Company, Limited (US), Fairbanks Scales (US), Adam Equipment (UK), Essae-Teraoka Pvt. Ltd (India), KERN & SOHN GmbH (Germany), Mettler Toredo (US), Contech Instruments Ltd (India), Shinko Denshi Co., Ltd (Japan), Cardinal Scale Manufacturing Company (US) are some of the key participants of the global electronic weighing scale market. The expansion strategies of these participants are anticipated to facilitate market growth over the evaluation period. Some of these strategies are mergers & acquisitions, collaborations, product development, research & development, partnerships, etc. In addition, the rising investments in technological advancements are further projected to catapult the electronic weighing scale market on upward trajectory.
The segments of the global electronic weighing scale market, based on type, are platform scale, table top scale, pocket scale, precision scale, and others. The key advantages offered by tabletop scale such as easy operation, lightweight, and cost-effectiveness are expected to lead the expansion of the segment in the forthcoming years. The table top segment is projected to hold the dominant share of the market over the next couple of years.
On the basis of end-use vertical, the electronic weighing scale market has been segmented into industrial, scientific/laboratory, veterinary, jewelry, health & fitness, education/research, food & beverages, and others. Among these, the industrial segment is anticipated to account for the maximum market share in the nearby future owing to its extensive use in measurement during imports and exports. Also, the rising demand for accuracy in measuring liquids and gases in industrial applications is poised to boost the revenue growth of the segment over the next few years.
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The global electronic weighing scale market, on the basis of region, has been segmented into four regions - North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is the largest market for electronic weighing scales. The factor that is anticipated to propel market expansion in the region is the large-scale adoption of industrial automation. It has led to an increase in the use of automated equipment in the region, which is poised to drive the growth of the electronic weighing scale market over the next couple of years. Also, the advancements in technology being observed in the region are poised to boost the growth of the market in the years to come. Europe is prognosticated to exhibit similar trends as that of North America. Industrial automation is anticipated to expand the electronic weighing scale market in the nearby future. Asia Pacific is projected to expand at a comparatively higher CAGR across the assessment period. The availability of low-cost materials is promoting the mass production of electronic devices in the region. It is poised to accelerate market growth over the next few years.
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