Market Trends

Global Strain Gauges Market Expands, Recording Impressive Growth

NEW YORK, May 8, 2024 /PRNewswire/ -- A comprehensive study by Technavio has illuminated the pathway for significant expansion in the global strain gauges market. With estimations pointing to a growth of USD 97.5 million from 2023 to 2027, the market is set to progress at a Compound Annual Growth Rate (CAGR) of over 4.15% during the forecast period.

To delve deeper into the insights of this burgeoning market, interested parties can access a comprehensive breakdown by visiting Technavio's website and downloading a FREE sample report in minutes.

Market Dynamics: A Detailed Analysis

Every facet of the market is meticulously detailed in the report, with 2022 as the base year and a forecasting arc that spans from 2023 to 2027. Historic data lending insight into market trends cover the period from 2017 through 2021, ensuring a robust understanding of market trajectories. The market segments scrutinized include applications such as force and torque measurement, weighing and lifting equipment, field testing, aerospace and defense, and many others, alongside varying types of strain gauges, namely quarter bridge strain gauges, strain gauge rosettes, and piezoresistors.

The market finds its reach extending across several pivotal regions, including APAC, North America, Europe, the Middle East and Africa, and South America, painting a global picture of strain gauge applications and developments.

Innovations Propelling Market Growth

Predominant trends within the market underscore the impactful innovations at the intersection of material science and nanotechnology. These advancements play a crucial role in enhancing the sensitivity and performance of strain gauges, owed to the integration of nanomaterials like carbon nanotubes, graphene, and nanowires. Due to these materials' extraordinary mechanical and electrical properties, we now observe highly sensitive and lightweight gauges cresting the industrial horizon.

These breakthroughs in nanotechnology not only facilitate the miniaturization of strain gauges, suited for applications with limited space, but also ensure precise detection of minuscule strains and deformations. The ripple effect of such transformative technology is observable across diverse sectors, including aerospace, automotive, healthcare, and structural monitoring, setting strain gauges market on a trajectory of growth and sophistication through the forecast period.

For an in-depth exploration of market trends complemented by forecast market sizes and historic data, interested parties can download a FREE sample report in minutes.

Challenges to Market Ascendancy

In a candid assessment of market challenges, note must be made of the highly fragmented nature of the strain gauges landscape. This fragmentation is particularly observed within the manufacturing hubs of China and India where production costs run lower. Here, smaller vendors operate from simple workshops, often disseminating products through online B2B platforms. Despite being equipped with less sophisticated machinery and testing systems, these vendors have mastered cost-effective production strategies that stand in sharp competition with larger, established brands.

Renowned for their swift distribution and affordability, smaller players have carved a niche for themselves by catering to local markets and existing users in need of replacement gauges. The immediate availability and economical offerings of such businesses may pose a stifling challenge to the market expansion and penetration of larger, more recognized players.

To gain insights into the opportunities and the impact of such market dynamics, individuals can access a FREE sample report here.

A Dive into Market Segmentation

The analytical prowess of Technavio's report shines through a segmented overview of the market, elaborating on various applications and types of strain gauges currently in demand:

1. Application:

   • Force and torque measurement
   • Weighing and lifting equipment
   • Field testing
   • Aerospace and defense
   • Others

2. Types:

   • Quarter bridge strain gauge
   • Strain gauge rosettes
   • Piezoresistor

3. Geography:

   • APAC
   • North America
   • Europe
   • The Middle East and Africa
   • South America

Sector Spotlight: Force and Torque Measurement

Of particular note within the application sphere is the force and torque measurement segment. Strain gauges are acclaimed for their adaptability, being able to measure both force and torque by reacting differently to the types of deformation they are exposed to. When incorporated into force sensors or load cells, these gauges transform mechanical force into an easily quantifiable electrical signal. This segment, having been valued at a commendable USD 126.12 million in 2017, bears the distinction of being the largest within the application category.

Furthermore, torque sensors feature predominantly within the automotive and industrial machinery sectors, where the measurement of rotational force is conducted with surgical precision. Both force and torque evaluations depend heavily upon the precise calibration of sensors for dependable outcomes. The design and installation of gauges also are key factors to yielding consistent and accurate measurements. These inherent advantages of strain gauges are anticipated to fuel market growth throughout the stipulated forecast period.

Gain a perspective on the market contribution of other segments by downloading a FREE sample report.

Expert Analyst Review

Technavio's strain gauges market analysis encompasses factors from production and sales to the sensor's multifaceted applications in various industries. These devices play a pivotal role in offering pivotal data for resistance, acceleration, pressure, tension, and force measurements. Multitudes of sectors ranging from manufacturing to civil engineering rely on strain gauges for essential tasks, such as weighing scale operation, vibration monitoring, and component testing.

Geographical growth in the market is spearheaded by regions with intensive mechanical engineering and machinery development. External forces, such as residual stress and deformations, alongside concepts like compressive and tensile strain, help shape market dynamics. Overall, the strain gauges market is critical in enhancing the efficiency and reliability of numerous industrial processes.

Comprehensive Market Overview

The strain gauges market contributes significantly to the global measurement and sensing sector. Its expansion is steered by an upsurge in demand across diverse verticals such as automotive, aerospace, and industrial activities. For instance, strain gauges in the automotive realm are integral for engine and chassis monitoring, while the aerospace industry employs these devices for structural health monitoring. Industrial settings leverage strain gauges for sophisticated process control, detailed stress analysis, and vigilant vibration monitoring.

Geographic segmentation unveils significant market activities in North America due to the presence of prominent industry players and cutting-edge technology development. Europe follows suit, with marked investment in R&D. Meanwhile, the Asia-Pacific region is projected to experience the most rapid growth, influenced by burgeoning industrialization and infrastructural advancements. The remaining global markets, encompassing Middle East, Africa, and South America, are set to display considerable growth, propelled by escalating demands for precision instrumentation.

The market segmentation extends into the domain of products, where uni-axial, bi-axial, and tri-axial strain gauges get mentioned, along with distinctions in technologies between analog and digital devices.

Embarking on market insights and exploring Technavio's exhaustive findings is accessible by merely downloading a FREE sample report in minutes.

Topics Holding Key Market Relevance

The elaborate document comprises insights and analyses over several key areas, including but not limited to:

1. Market Sizing: An assessment of the market's size and its potential growth trajectory.
2. Five Forces Analysis: A look into the competitive pressures driving the market.
3. Market Segmentation: Detailed breakdown of the market into relevant subcategories.
4. Customer and Geographic Landscapes: Focus areas that highlight customer behaviors and regional market differences.
5. Drivers, Challenges, and Trends: Examination of the factors propelling market growth, potential hurdles, and emerging trends.
6. Vendor Landscape and Analysis: Insight into the strategies, competitive positioning, and product offerings of key market players.

About Technavio

Technavio stands as a beacon in the field of global technology research and advisory, with their analysis centering on emerging market trends and insights that empower businesses in strategizing their market holdings. Their expert team of over 500 analysts has developed a comprehensive report library that spans more than 17,000 entries, encompassing 800 technologies across 50 countries. Serving enterprises of all dimensions, including a multitude of Fortune 500 corporations, Technavio prides itself on delivering extensive market coverage and research depth to assist clients in navigating market scenarios and capitalizing on potential opportunities.

For additional information and inquiries, contact:

Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com

SOURCE: Technavio