Belt Scales Market Predicted to reach 3.3% CAGR and Exhibit US$ 930 million Market Value by the end
The belt scales market was valued at over US$ 930 million and is likely to witness consistent growth at 3.3% CAGR during 2019-2027.
[UKPRwire, Tue Sep 10 2019] Fact.MR has published a new research report on global belt scales market sizes, upcoming industry trends and growth opportunity through 2018-2027 to its online database that tries to unveil the various scenarios prevailing in the global belt scales market growth. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the belt scales market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers.
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A gradual surge in the industrial and manufacturing production, coupled with the growing demand for food upheld the growth of the belt scales market during the 2013-2018 period with the market registering a steady growth at 2.6%. In 2018, the belt scales market was valued at over US$ 930 million and is likely to witness consistent growth at 3.3% CAGR during 2019-2027. Europe will continue to be the largest market for belt scales market throughout the forecast period. South Asia and Oceania are expected to emerge as the fastest growing market for belt scales with mounting demand for conveyor belt scale systems in the booming industries and mining sectors of developing economies in the region.
What is driving the Belt Scales Market?
- Low operating costs, precision weighing mechanism, increased throughput, and high efficiency are making conveyor belt scales increasingly popular in the mining industry. Numerous companies are replacing conventional weighing mechanisms with conveyor belt scales to gain a competitive edge in the mining industry.
- Innovative integrations being made to the conventional belt scale systems are providing additional value for industry-specific usage, a pervasive trend driving widespread adoption of belt scales in industries that are seeking cost-effective, precise, and efficient weighing solutions to boost throughput.
- Rapid industrial growth and demand for bulk material handling and weighing is creating a demand for assembly line setup to boost throughput and reduce overhead costs, a trend which is likely to cause a surge in the demand for conveyor belt scale systems across industries.
- Advancements in Industrial Internet of Things (IIoT) is allowing end-use industries to optimize belt scale performance, reduce downtime, increase throughput, collect data, and automate industrial processes through continuous remote monitoring. The greater control over operations is, in turn, encouraging the adoption of belt scale systems in an assortment of industrial sectors.
- Development of portable cleaning solutions for conveyor belt scale systems is likely to drive the demand in the food and beverages industries with stringent government regulations prompting companies to focus on the quality of the production environment.
To capitalize on the growing demand for conveyor belt scales in the mining industry, Sensortechnik, a leading player operating in the belt scales market launched the new H-Sensortechnik optical scale in 2018. The belt scale system leverages laser technology to calculate the volume of the material on the conveyor systems. In order to enhance the speed of production and accuracy of measurement, a group of researchers developed a digital algorithm to filter out noise created by conveyor vibrations and products in motion. The study conducted concluded the digital algorithm could effectively measure the weight of items of different lengths which are transported on the conveyor in a random order. In 2018, a conveyor belt scale system was designed specifically to measure the weight and flow rate of electronic components for instances where electromagnetic interferences could impact the readings. The novel belt scale system leverages fiber Bragg grating to accurately measure the weight of electronic components.
Leading players operating in the belt scale market include Covey Weigh LLC, Thayer Scales Inc., Tecnetics Industries, Inc., Saimo Technology Pty Ltd, and Yamato Weighing & Information Technology. Other players operating in the belt scales market include Siemens AG, Rice Lake Weighing System, FLSmidth & Co A/S, Merrick Industries, and Schenck Process.
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An elaborate and robust method was employed to extract invaluable information about the belt scales market. A two-step research process involving primary and secondary researches was used to obtain actionable insights into the belt scales market. Interviewing experts from the belt scales market formed the basis of the primary research while secondary research was conducted by thoroughly studying belt scales market trade journals, paid sources, and other publications related to the belt scales market. Results from both steps of the research were cross-referenced with each other to produce an authentic and accurate forecast of the belt scales market.
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