April 20, 2020
As per the report titled ‘Global Electronic Weighing Scales Market Size study, by Type (Tabletop scale, platform scale, precision scale, pocket scale and others), by Application (Laboratory, Gem & Jewelry, retail, health, industrial and veterinary scale) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global electronic weighing scales market was worth USD 5.07 billion in 2018 and is projected to register 4.6% CAGR during 2019-2026.
The electronic weighing scales are used to measure the weight and mass of a substance. It is powered by multiple electronic chipsets that aid in determining the exact weight of the goods. Growing adoption of electronic weighing scales across several end user sector such as gem & jewelry, retail, health, and industrial owing to their higher durability, compactness and accuracy is driving the market growth. Moreover, conventional scales wear out and give inaccurate readings over the time, encouraging adoption of electronic weighing scales. However, stringent regulations regarding the approval of electronic weighing scales may hamper the market growth over the forecast period.
Speaking of the application spectrum, market share from industrial segment is slated to grow substantially over the forthcoming years. Citing an instance, Indian Brand Equity Foundation revealed that the Make in India initiative by the Indian government aims to increase the share of manufacturing sector in the gross domestic product (GDP) to 25% by the year 2022. Hence, rapid expansion of the industrial sector in tandem with increasing use of electronic weighing scales are contributing to the segment growth. These scales are used to weigh exporting and importing materials, and shipments of corrosive liquid, gases, and manufacturing goods.
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As per the regional analysis, global electronic weighing scales industry is split into Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific electronic weighing scales market is anticipated to display decent growth during the analysis timeframe, pertaining to huge product demand from the rapidly growing retail and industrial sector. Dense presence of industry leaders such as A&D Company Ltd., Contech Instruments Ltd., and Tanita Corp. is positively affecting the regional market expansion.
Major players operating in worldwide electronic weighing scales market include Tanita, Fairbanks Scales, A&D Engineering, Adam Equipment, KERN & SOHN GmbH, Essae Group, Contech Instruments Ltd., Mettler Toredo, Rice Lake Weighing Systems and Avery Weigh Tronix LLC.