Precision balances are also known as top loading balances. It is used to weigh quantities to a precise number, usually from milligram to kilogram. They are more precise than the average bench or compact scale, but not as precise as analytical balances. Also, precision balances tend to have more features compared to bench scales or compact balances. All precision balances have RS-232 interfaces for communicating data to computers and printers. Precision balances have various application across different industries such as productions in pharmaceutical industry, food industry, and research center.
Increase in Demand for High Accuracy Weighing Products is One of the Major Factors Driving Growth of the Precision Balance Market
Rising demand for high accuracy precision balances in various sectors such as research center, laboratories, pharmaceutical industry, universities, and others is driving growth of the market. Precision balances are widely used in the pharmaceutical industry to precisely measure the ingredients so they may manufacture the exact products as slight variations in the ingredients may alter the combination of the desired products. According to International Federation of Pharmaceutical Manufacturers & Associations (2018), the global pharmaceutical market will reach nearly US$ 1,430 billion by 2020. Hence, growing demand for high accuracy precision balances is fueling growth of the market.
Regional Analysis of Precision Balances Market
Growing demand for modern retail stores such as departmental stores and mega marts in the European region drives growth of the precision balances market in the region. Furthermore, precision balances enhance shopping experiences of customers, such as self-weighing machines integrated with barcode and receipt number by saving time.
Global Precision Balances: Competitive Landscape
Some of the key players operating in the global precision balances include Sartorius Group, Mettler Toledo, Kern & Sohn GmbH, Ohaus, Sauter GmbH, Sansui Electronics (P) Ltd., Shimadzu Corporation, Wensar, MRC Ltd., and Adam Equipment S.A. (Pty) Ltd.
Global Precision Balances Market: Taxonomy