Strain Gauges Market By Application and Geography Market size to record USD 97.5 million growth from 2023-2027, Advancements in material science and nanotechnology is one of the key market trends, Technavio

NEW YORK, May 8, 2024 /PRNewswire/ -- The global strain gauges market by application and geography market size is estimated to grow by USD 97.5 million from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of over 4.15% during the forecast period.

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Key Trends Fueling Growth

• Advancements in material science and nanotechnology: 
• The improvements in strain gauges, driven by material science and nanotechnology, have led to significant advancements in sensitivity and performance. Nanomaterials like carbon nanotubes, graphene, and nanowires are now utilized, enhancing gauge capabilities. These materials offer exceptional mechanical and electrical properties, enabling highly sensitive and lightweight gauges.
• With nanomaterials' remarkable mechanical properties, strain gauges can accurately detect even the smallest strains and deformations. This heightened sensitivity facilitates precise measurements in various applications, including MEMSs and biomedical devices. Nanotechnology also allows for gauge miniaturization, making them suitable for space-constrained applications.
• The fusion of material science and nanotechnology with strain gauge technology has transformed sensing and measurement, unlocking opportunities across industries like aerospace, automotive, healthcare, and structural monitoring. As these technologies progress, strain gauges are poised to become more sophisticated and versatile, bolstering market growth in the forecasted period.

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Major Challenges:

• Highly fragmented market 
• The global market for strain gauges is split into many small players, especially in countries like China and India where production costs are low. These small vendors operate from modest workshops and often sell through online B2B platforms. While they lack fancy equipment and testing systems, their production costs are minimal compared to bigger brands.
• While major buyers typically prefer established vendors for new projects, these smaller players thrive on selling replacement gauges to existing users, especially in local markets. Unlike recognized brands with longer lead times, these vendors offer quick, inexpensive solutions readily available nearby. This quick availability and lower cost can pose a challenge to the growth of larger players in the strain gauge market.

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Segmentation Overview

1. Application 
• 1.1 Force and torque measurement
• 1.2 Weighing and lifting equipment
• 1.3 Field testing
• 1.4 Aerospace and defense
• 1.5 Others
2. Type 
• 2.1 Quarter bridge strain gauge
• 2.2 Strain gauge rosettes
• 2.3 Piezoresistor
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Force and torque measurement- The force and torque measurement sector is expected to grow significantly in the coming years. Gauges are highly versatile, capable of measuring both force and torque due to their operational principles and reactions to different types of deformation. When integrated into force sensors or load cells, they enable easy force measurement by converting mechanical force into an electrical signal. This segment was valued at USD 126.12 million in 2017, making it the largest.

• Torque sensors are widely used in automotive and industrial machinery for precise measurement of rotational force. Accurate calibration is crucial for reliable results in both force and torque evaluations. Additionally, careful attention to gauge design and installation ensures consistent and precise measurements. These advantages are expected to drive market growth during the forecast period.

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Analyst Review

The Strain Gages Market encompasses the production, sales, and application of strain gauges in various industries. These sensors are integral to Physical Measurements, providing data on Resistance, Acceleration, Pressure, Tension, and Force. The market caters to several sectors, including Manufacturing, where strain gauges are employed in Weighing Scales, Vibration Monitoring, and Component Testing.

Geographically, the Strain Gages Market exhibits significant growth in regions with a high focus on Mechanical Engineering and Machinery. External forces, such as Residual Stress and Deformation, shape the market's dynamics. Compressive Strain and Tensile Strain are essential concepts in this context, as they represent different types of Stress. Overall, the Strain Gages Market is a vital component in ensuring the efficiency and reliability of various industrial applications.

Market Overview

The Strain Gauges Market encompasses a significant portion of the global Measurement and Sensing Market. The market is driven by the increasing demand for strain gauges in various applications such as automotive, aerospace, industrial, and civil engineering. In the automotive sector, strain gauges are used for engine and chassis monitoring, while in aerospace, they are utilized for structural health monitoring. Industrially, strain gauges find applications in process control, stress analysis, and vibration monitoring. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

In North America, the market is driven by the presence of key players and advanced technologies. Europe follows closely, with a strong focus on research and development. The Asia-Pacific region is expected to witness the highest growth due to the increasing industrialization and infrastructure development. The Rest of the World market is also expected to show significant growth, driven by the increasing demand for precision measurement and monitoring systems.

The market is further segmented by product type, including uni-axial, bi-axial, and tri-axial strain gauges, and by technology, including analog and digital strain gauges. 

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Application 
• Force And Torque Measurement
• Weighing And Lifting Equipment
• Field Testing
• Aerospace And Defense
• Others
• Type 
• Quarter Bridge Strain Gauge
• Strain Gauge Rosettes
• Piezoresistor
• Geography 
• APAC
• North America
• Europe
• Middle East And Africa
• South America

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio