Global Electronic Weighing Scales Markets 2022-2026
Dublin, April 12, 2022 (GLOBE NEWSWIRE) -- The "Electronic Weighing Scales - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Electronic Weighing Scales Market to Reach US$6 Billion by the Year 2026
The global market for Electronic Weighing Scales estimated at US$4.4 Billion in the year 2020, is projected to reach a revised size of US$6 Billion by 2026, growing at a CAGR of 5.1% over the analysis period.
The global electronic weighing machines market is poised to maintain its healthy momentum in the coming years on account of robust demand, product innovations, and continuous migration of consumers from traditional to digital solutions.
The market growth is favored by significant investments by manufacturers industries in automated processing solutions, considerable demand for these machines from the residential and commercial sectors due to the pressing need to ensure precision related to production processes, rising economic activities and technological advances in laboratory scales and balances. The market is receiving a notable growth impetus from rising commercial activities and influx of better products on the market.
Table Top Scales, one of the segments analyzed in the report, is projected to grow at a 6% CAGR to reach US$2.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Platform Scales segment is readjusted to a revised 4.3% CAGR for the next 7-year period.
This segment currently accounts for a 32.8% share of the global Electronic Weighing Scales market. Platform scales are designed to provide weighing solutions for a broad array of industries. Modern electronic platform scales are simple to operate, and incorporate features and functions needed to enhance efficiency and improve the productivity of industrial entities and warehouse.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026
The Electronic Weighing Scales market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 27.4% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 6.9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.4% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market (as defined in the study) will reach US$262.6 Million by the end of the analysis period.
The market for electronic weighing scales in North America is led by the factor of increasing automation of industries. Presence of major market players and easy access to expertise also contribute to market growth in the region. The region has also been witnessing major advancements in weighing technology and increased adoption of the technology for newer industry applications like recycling and shipping among others.
Major growth drivers for the Asia-pacific market for electronic weighing scales include increased availability of cheaper sensors including load sensors and increased adoption of the technology of digital weight measurement across several industry verticals.
Precision Scales Segment to Reach $1.2 Billion by 2026
Precision scales or analytical balances offer high levels of accuracy and precision. Precision weighing scales are capable of indicating sub-milligram increments and can thus be deployed where lightweight substances or objects need to be measured.
They offer a range of features and a digital display to indicate the measurements. In the global Precision Scales segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment.