The global strain gauges market is projected to witness a compound annual growth rate of 3.92% during the forecast period to reach a total market size of US$346.795 million by 2023, increasing from US$286.139 million in 2018.
Growing sensor technologies is also fueling the demand for strain gauges across different end-use industries. However, cyclic nature of key end-use industries such as oil and gas, automotive, and manufacturing is hindering the growth of global strain gauges market. Growing manufacturing of consumer electronics will continue to bolster the growth of global strain gauge market during the forecast period.
Geographically, the Asia Pacific region is expected to hold a significant market share owing to the growing automotive industry, rising infrastructure and construction industry in the region. Advancements in the gauge technology will provide an opportunity for a sustainable growth of the global strain gauges market in the next five years.
Global Strain Gauges Market BY Application
By application, the global strain gauges market is segmented as industrial measurement and control, weighing equipment, aerospace, and others. Application in industrial measurement and control held significant market share in 2017 owing to the rapid expansion of the industrial sector. Rising concerns towards product development cycle in order to have a competitive edge over the competitors also acts as the driving factor for the growth of the market. Moreover, strain gauge sensing technologies are opted by original equipment manufacturers (OEMs) to achieve a greater business advantage.
In weighing equipment, strain gauge provides incredible accuracy, high long-term stability and superior bandwidth suitable for rapid measurement. Growing demand for retail-ready packaged products is motivating the manufacturers to install weighing devices at their manufacturing facilities which helps the producers to maintain equivalent weight for all packaged products.
The global strain gauges market for aerospace is projected to grow at a CAGR of XX.XX%, rising from US$XX.XX million in 2017 to US$XX.XX million in 2023. Increasing pressure to build more efficient aircrafts with lower operating costs, is edging manufacturers toward a redesign of core components. Strain gauges in aerospace industry are used for various applications such as onboard signal conditioning units, excitation power supplies etc. Strain gauges are bonded directly to structural load bearing component to measure the stress along paths for wing deflection. Testing of newly developed components using strain gauges has become a standard particular in the aerospace industry. As such growing investments in the aerospace industry is also expected to drive the market for strain gauges. According to General Aviation Manufacturers Association (GAMA) general aviation airplane shipments manufactured worldwide has increased from 2024 in 2010 to 2262 in 2016. we have covered all segments of this market in market research report.
According to The International Trade Administration (ITA), U.S. Department of Commerce By the end of 2016, the number of civil aircraft in China increased from 4,554 to 5,037, and civil airports increased to 218. Players in the aerospace industry have been making substantial investment in the expansion of their manufacturing facilities in order to leverage on immense growth potential this industry holds. For instance, in 2013 the Boeing Company makes decisions to expand their assembly building by 200000 additional square footage to the existing facility in Everett.
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