The global electronic weighing machines market is expected to reach at USD 4.8 billion by 2027, at a CAGR of 3.1%, according to a new report by Grand View Research, Inc. The demand for electronic weighing machines is likely to gain a significant traction due to the rise in commercial activities in the grocery and retail sectors.
High penetration of electronic measurement in the retail chains is likely to result in reliability. Improvements in the calibration techniques is one of the major aspects for the market growth. Device manufacturers are adopting digital techniques to produce innovative products having improved calibration. Moreover, the demand is relevantly high from the medical industry for its precision and fast results.
Mergers and acquisitions are prominent strategies adopted by major players. For instance, in April 2019, Truweight LLC launched a digital pocket scale rated with IP65. The pocket weighing scale has white backlit LCD with a titanium chrome platform, especially designed for home owners.
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On the backdrop of Covid-19, the weighing machine market witnessed economic slowdown resulting out of nationwide lockdown and disruption of supply chain in the retail sector. However, with the resumption of economies and steady traction of business in the retail sector, the demand for weighing machines are rising. Inflow of consumer goods and groceries and resumption of malls in larger cities are some of major demand trends.
Further Findings From The Report Suggest:
The retail scale segment is likely to grab a high market share in 2019. Also, it is expected to retain a high dominance throughout the forecast period
The dominance of offline distribution channels is likely to trigger robust market growth. Presence of companies with digital competence is likely to enhance the market developments
Growing digitization is playing a pivotal role in developing innovative products. For instance, use of digital scale for better precision yields better results
Companies are emphasizing on compact and portable products to grab a large share in the market. Moreover, forward integration is expected to have a significant effect on the market developments
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A&D Company, Ltd.
Mettler-Toledo International, Inc.
Doran Scales, Inc.
Essae-Teraoka Pvt. Ltd.
Fairbanks Scales Inc.
Kern & Sohn GmbH
BONSO Electronics International Inc.
Avery Weigh-Tronix, LLC
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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