Semiconductor Strain Gauges Market REPORT OVERVIEW
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The global Semiconductor Strain Gauges Market size was USD 29 million in 2022 and will touch USD 46 million by 2029, exhibiting a CAGR of 6.6% during the forecast period.
Measurement of the mechanical stress or strain in a material or structure is done with a semiconductor strain gauge. Attached to the structure or material being measured, the gauge is made of a small, flat piece of semiconductor material, usually silicon. Under stress or strain, the gauge will distort and alter its electrical resistance in the material or structure. Calculating the amount of stress or strain on an object can be done by measuring this change. These factors are anticipated to augment the semiconductor strain gauge market growth.
COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
COVID-19 was the duration where the whole world faced extreme situations a drastic disruption in the health issues and economical issues. This fall faced by the people during pandemic caused a lot of disruptions especially in the semiconductor sector but the most affected sector was the electrical sector as complete halt on the activities related to this sector was imposed due the newly founded rules of social distancing, curfew and lockdowns for the betterment of people. These factors brought a lot of challenges in front of the semiconductor strain gauge market share but past pandemic these challenges have been faced and put to rest since then.
LATEST TRENDS
"Rising Technology to Drive Market Growth"
The category with the most revenue share in the past few years was semiconductor strain gauge in the semiconductor and electronics. Miniaturization is the new trend in this particular industry resulting in market growth.
Semiconductor Strain Gauges Market SEGMENTATION
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By Type
Based on type the global market can be categorized into Naked Gages and Backed Gages amongst which the leading segment is the Naked Gages.
- Naked Gages: A naked gauge is a kind of semiconductor strain gauge that has no external parts, like an enclosure or backing. Applications for industrial measurement and control, such aircraft engines and weighing apparatus, are common uses for naked gauges.
- Backed Gages: To measure strains up to a predetermined limit, semiconductor strain gauges use backed gauges. The limits can be established in accordance with what measuring applications call for. There are several different types of backed gauges that are available, including diaphragms, leaf springs, and compression springs.
By Application
Based on application the global market can be categorized into Industrial Measurement & Control, Weighing Equipment, Aerospace, Cranes, and Others amongst which the leading segment is the Industrial Measurement & Control.
- Industrial Measurement & Control: Strain gauges are widely used in this sector.
- Weighing Equipment: It majorly helps with a proper measurement and build up of the equipment.
- Aerospace: All the aerospace engineering requires this particular product for perfect finish and making of instruments and equipments.
- Cranes: It is also used for measurement and other such stuffs in cranes and similar other machinery.
DRIVING FACTORS
"Dependable Measurement to Boost the Market"
This particular market has grown significantly due in large part to the expanding trend of smart and wearable gadgets. These tools greatly facilitate and speed up work. It's a simple adaptable substitute as well. Another factor driving market expansion is the growing necessity for precise and dependable measurement in manufacturing processes.
"(IoT) to Expand the Market"
The proliferation of internet-of-things (IoT) applications have augmented the sales of this product. The growing popularity of semiconductor strain gauges among research institutes and universities have acted as a boon to this market helping it to reach new levels of success.
RESTRAINING FACTOR
"High Costs to Impede Market Growth"
The high expense of semiconductor strain gauges and the accessibility of substitutes l are anticipated to impede the market's expansion. These costs and are not affordable for the people whose income is below average. Such people cannot adapt or experience to this comfort of this product when needed which becomes a challenge for this market to encounter and also grow up from. This factor restraints the semiconductor strain gauges market share making it cause disruptions in the supply and demand also the manufacturing of the product.
Semiconductor Strain Gauges Market REGIONAL INSIGHTS
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"North America Dominating the Market due to Advanced Technology"
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America dominates the global semiconductor strain gauge market with a substantial share.This region is expected to witness the highest growth rate due to the increasing demand from various end users such as the aerospace and automotive industries.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive"
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- BCM Sensor (Belgium)
- HBM Test and Measurement (Germany)
- Micron Instrument (India)
- OMEGA (Switzerland)
- Kyowa Electronic Instruments (Japan)
- Micron Optics (U.S.)
INDUSTRIAL DEVELOPMENT
October 2023: The slimmest technology has been introduced the field of semiconductor and electronics by the invention of cable wire named 160-micron fibre by the market player Sterlite Technologies.
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 29 Million in 2022 |
Market Size Value By |
US$ 46 Million by 2029 |
Growth Rate |
CAGR of 6.6% from 2022 to 2029 |
Forecast Period |
2022-2029 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the semiconductor strain gauges market is expected to touch by 2029?
The semiconductor strain gauges market is expected to reach USD 46 million by 2029.
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What CAGR is the semiconductor strain gauges market expected to exhibit by 2029?
The semiconductor strain gauges market is expected to exhibit a CAGR of 6.6% by 2029.
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Which are the driving factors of the semiconductor strain gauges market?
Dependable measurement & (IoT) are some of the driving factors of the semiconductor strain gauges market.
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What are the semiconductor strain gauges market segments?
The semiconductor strain gauges market segmentation that you should be aware of, which include, based on type the semiconductor strain gauges market is classified as Naked Gages and Backed Gages. Based on application the semiconductor strain gauges market is classified as Industrial Measurement & Control, Weighing Equipment, Aerospace, Cranes, and Others.
