The global strain gauges market is evaluated at US$297.012 million for the year 2019 growing at a CAGR of 3.99% to reach the market size of US$390.547 million by the year 2026.
Original equipment manufacturers also tend to rely on strain gauge sensing technology. This increases the demands for this market propelling its growth and creating greater future opportunities.
The market has been significantly driven by the increasing expenditures done on research and development by several governments and key market players in the end-user industries which are further expected to fuel the demand for strain gauges during the forecast period.
The advent of COVID-19 had a negative impact on the strain gauges market given that the end-user industries of the equipment suspended their operations for several months during the pandemic. This was done due to the strict guidelines issued by the governments of several countries in order to curb the widespread of the disease. This further resulted in the disruptions of the supply chain across industries. The pandemic impacted the supply side of the market as well, as it became difficult to obtain the raw materials required to produce the product. The demand for strain gauges declined from several industries resulting in a drastic decline in the market during the year. As the industries resume their operations and the suspended projects, the demand for strain gauges is expected to recover in the coming year. This trend will be followed during the forecast period as well.
An increasing number of applications of the product is expected to fuel the market during the forecast period.
The ongoing and upcoming developments in various industrial sectors have driven the demand for strain gauges and are expected to do so in the coming years as well. The strain gauges have found several applications in industries like aerospace and rail in the recent year given the infrastructural developments taking place in the sectors. In the aerospace industry, strain gauges are bonded to load-bearing components within air crafts to measure any strain and stress which takes place within various areas during flight.
|Market size value in 2019||US$297.012 million|
|Market size value in 2026||US$390.547 million|
|Growth Rate||CAGR of 3.99% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Hottinger Baldwin Messtechnik GmbH (HBM), Kyowa Electronic Instruments Co., Ltd., Zhejiang Huangyan Testing Instrument Plant, Tokyo Sokki Kenkyujo Co., Ltd., Vishay Intertechnology, Inc., Hitec Products, Inc, Omega, Piezo-Metrics, Inc, TML, Xiamen Loadcell Technology Co.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the strain gauges market size by 2026?
A1. The global strain gauges market is projected to reach a total market size of US$390.547 million in 2026.
Q2. What are the growth prospects for the strain gauges market?
A2. The strain gauges market is projected to grow at a CAGR of 3.99% during the forecast period.
Q3. What is the size of global strain gauges market?
A3. Strain Gauges Market was valued at US$297.012 million in 2019.
Q4. How is the strain gauges market segmented?
A4. The global strain gauges market has been segmented by type, application, and geography.
Q5. What factors are anticipated to drive the strain gauges market growth?
A5. The ongoing and upcoming developments in various industrial sectors have driven the demand for strain gauges and are expected to do so in the coming years as well.
Hottinger Baldwin Messtechnik GmbH (HBM)
Kyowa Electronic Instruments Co., Ltd.
Zhejiang Huangyan Testing Instrument Plant
Tokyo Sokki Kenkyujo Co., Ltd.
Vishay Intertechnology, Inc.
Hitec Products, Inc
Xiamen Loadcell Technology Co.
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