Strain Gage Meters Market Size, Share, Growth, and Industry Analysis, By Type (Handheld Strain Gage Meter, Benchtop Strain Gage Meter), By Application (Industrial Use, Commercial Use, Others) Regional Forecast By 2031

Updated On: 22 April 2024

Strain Gage Meters Market Report Overview

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The strain gage meters market size was USD 204.1 million in 2022. As per our research, the market is projected to touch USD 295.73 million by 2031, exhibiting a CAGR of 4.2% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the Global Strain Gage Meters Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The quick development in end-user industries is blamed for the high demand for strain gauge sensors. Sensors called strain gauges are used to monitor a number of physical parameters. When they are crushed or stretched, their resistance modifies. Strain gauges measure acceleration, pressure, tension, and force and are frequently glued to solid surfaces as a result of this characteristic. The manufacturing sector's rapid expansion has increased demand for many kinds of industrial weighing equipment. increasing need for strain gauge sensors as a result. Strain gauges are used in household scales to quantify the slight deformations of a metal object under force.

COVID-19 Impact

"Imposed Restrictions in the Economy Resulted in Decline in the Market "

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

Applications in a wide range of sectors are thought to present a profitable market opportunity. The use of strain gauge technology in aeronautical applications is not new. Strain gauges are affixed directly to the load-bearing parts of the structure. As a result, stresses along the crucial load path for wing deflection can be measured. It has long been utilized to preserve rail safety. When a rail line is laid atop a mine or railway, strain gauges are used to assess the stress and strain on the rails that are bonded to one another. The torque that a motor, turbine, or engine applies to fans, generators, wheels, or propellers is measured using strain gauges. Finding the ideal balance between precision, speed, and reliability in the sensing systems might be crucial in the demanding environment of the metals processing business.

Strain Gage Meters Market Segmentation

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• By Type

Based on type the global strain gage meters market is classified as handheld strain gage meter, benchtop strain gage meter.

• By Application

Based on application the global strain gage meters market is classified as industrial use, commercial use, others.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth"

For precise and accurate strain measurement, strain gauge metres are frequently used in the manufacturing, aerospace, and automotive industries. The need for strain gauge metres is being driven by the growing requirement for strain monitoring and control in various industries. More sensitive, long-lasting, and precise strain gauge sensors have been created as a result of technological breakthroughs. Because of these advancements, strain gauge metres are becoming more widely used throughout sectors.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

In order to maintain the integrity and safety of crucial infrastructure pieces like bridges, buildings, and pipelines, structural health monitoring systems that make use of strain gauge metres are becoming more and more important. The need for strain gauge metres is rising as SHM is receiving more attention. The need for sensors, especially strain gauge metres, is being driven by the rising acceptance of industrial automation and the application of Industry 4.0 principles. These metres are used to monitor and manage multiple operations in real-time, increasing operational effectiveness and productivity.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

When the cost of installation and upkeep is considered, strain gauge metres can be quite pricey. Particularly in price-sensitive businesses, strain gauge metres' widespread adoption may be hampered by their expensive costs. Strain gauge metres need to be installed, calibrated, and interpreted by technical professionals. The market may be constrained by the lack of qualified individuals who can use strain gauge metres efficiently. While optical sensors and piezoelectric sensors can also be used to measure strain, strain gauge metres have a high degree of accuracy and dependability. The availability of these substitutes could hinder the market expansion for strain gauge metres.

Strain Gage Meters Market Regional Insights

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The global market was led by the Asia Pacific region, then by Europe and North America. The expanding end-use industries, rising consumption, and government programmers to promote industry expansion are what are fueling the growth in the Asia Pacific region. Due to the growing automotive, aerospace, and manufacturing industries as well as the high rate of accurate instrument adoption, the region is seeing very good growth. There are many opportunities for growth in both Europe and North America. Demand is being steered by a greater emphasis on system effectiveness, safety, and comfort in the area. Instrumentation and sensor markets are expanding in Europe as more tasks are automated and become more sophisticated technologically. To make sure that these machines are running appropriately, more and more tools are required. 

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• OMEGA Engineering (US)
• Yokogawa Electric (Japan)
• Red Lion Controls (US)
• Kistler Instrument (Switzerland)
• Laurel Electronics (US)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.