Strain Gauge Market Size, Share, Growth, and Industry Growth by Type (Stress Analysis Type, Transducer Type and Others) By Application (Electronics and Measurement, Construction, Industrial and Others) Regional Forecast From 2022 To 2028

Updated On: 08 April 2024

Strain Gauge Market REPORT OVERVIEW

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The global strain gauge market size was worth US$ 195 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the strain gauge market experiencing higher-than-anticipated/lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 4.3% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A strain gauge is a sort of device that produces a voltage that is proportionate to the applied weight, force, pressure, or tension. Direct measurement of the signal that is proportional to the force is possible due to the fact that as the force varies, the resistance within the strain gauge likewise changes. Smart car systems and intelligent traffic technology, for example, have greatly enhanced the global standard of transportation and roads as a consequence of the significant growth of computer technologies.

COVID-19 Impact: Tight Lockdowns and supply Chain Disruptions to Challenge the Market

The COVID-19 has had a detrimental effect on economies and companies in a number of nations as a result of travel restrictions and company closures. Global supply chains have been severely impacted by the closure of several facilities and companies, which has had a significant impact on production, delivery schedules, and product sales on the global market. The COVID-19 pandemic has also led to the implementation of tight lockdown rules in a number of nations, which has complicated the import and export of strain gauges.

LATEST TRENDS

"Government Investments and Developing Infrastructure to Augment the Market"

Infrastructure development is a key component of societal change and global economic expansion, and governments are putting a lot of effort into it. Government investments in industrialized economies are mostly focused on replacing and upgrading existing infrastructure, but in developing countries, expenditures are concentrated on building new infrastructure. In the future years, it is projected that the growth of the market for strain gauges in smart roads will be aided by the expansion of regulatory measures, increasing need for business travel, and increased popularity of smart vehicles. Engineers can also learn more about fresh concrete's readiness to withstand large traffic loads by placing strain gauges. With the use of this knowledge, engineers may avoid small stress cracks that, in the event that roads are opened too soon, result in costly repairs. Moreover, fewer concrete replacement or repair projects would ease traffic congestion and preventable road work by reducing bottlenecks. These are a few variables that are projected to positively affect the market for smart roads with strain gauges in the years to come.

Also, the rising need for improved traffic management systems and the rising levels of global traffic will create a number of possibilities that will spur the development of smart roads with strain gauges during the course of the projected period.

Strain Gauge Market Segmentation

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• By Type Analysis

By type, market is segmented into stress analysis type, transducer type and others. The stress analysis type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into electronics and measurement, construction, industrial and others. The electronics segment will lead the global share through 2028.

DRIVING FACTORS

"Cutting- Edge Technologies to Impel the Market"

The danger of unpredictability has increased in the smarter world due to the expanding use of autonomous cars, hence the main remedies for these uncertainties are smart roads. Future roads are thought to be those with strain gauges that inform drivers in advance of events like traffic jams, breakdowns, and maintenance scenarios that may occur on the road. Using cutting-edge technology, strain gauges are utilized to monitor the direction and speed of the wind and notify the appropriate maintenance department of any potential problems before they arise. Throughout the anticipated period, the market for strain gauges in smart roads is anticipated to rise at a faster rate due to the rising use of autonomous cars.

"Growing Need for Reliable, Dependable and Sustainable Highways to Propel the Market"

The global adoption of strain gauges in smart roads is anticipated to increase due to factors like the growing need for reliable, dependable, and sustainable highways as well as the growing desire to reduce traffic congestion. The need for smart roads with strain gauges has significantly grown as people become more interested in traveling in ways that are quicker, more efficient, and healthier. This business is expected to grow significantly throughout the projected period due in large part to the growing public awareness of the benefits of smart roads with strain gauges.

The market for strain gauges in smart roads is also expected to rise as a result of growing sensor technology acceptance and rising market participant investments in the creation of better and more modern infrastructure. Moreover, expanding trends of electrically connected smart roads and an increase in the adoption of automated cars are other significant aspects that are anticipated to boost market growth over the course of the projected year.

RESTRAINING FACTORS

"Inadequate Infrastructure to Hinder the Market"

One of the main reasons limiting the demand for strain gauges smart roads and potentially impeding the growth of the strain gauges smart roads market globally during the projected period is the unwillingness to embrace new modes of transportation as well as inadequate infrastructure.

In addition, the market for smart roads with strain gauges will face significant obstacles from the environment's growing influence.

Strain Gauge Market REGIONAL INSIGHTS

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"North America’s Strain Gauge Market to Grow Exponentially with the Forecasted Period"

Due to the accessibility of smart road equipment, North America now has a dominant share of the global strain gauges smart roads market in terms of revenue growth. Due to the presence of several manufacturing businesses in this region, Canada and the U.S. will dominate the North American market for smart roads with strain gauges.

Due to the increasing number of smart road projects, the Asia-Pacific region is anticipated to see the quickest rate of development throughout the forecast period. Due to the growing concern for road safety in this area, Japan and China may be expected to rise in the Asia-Pacific market for strain gauges in smart roads.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

•  VPG (U.S.)
• HBM (Germany)
• Zemic (China)
• Yiling (China)
• NMB (Tanzania)
• KYOWA (Japan)
• LCT (Netherlands)
• Omega (Switzerland)
• TML (U.S.)
• BCM (India)
• Piezo - Metrics (U.S.)
• Hualanhai (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.