Growth in Investments in Industrial Facilities Expected to Drive World Resistance Strain Gauge Market over the Forecast Period: Ken Research
Resistance strain gauge is a sensing device, used in various physical tests & measurement applications. It changes resistance at output terminals when stretched. It typically bonded to the surface of a solid material and is used to measure its tiny dimensional changes such as pressure, displacement, length, acceleration, tension, weight, etc. It helps ensure the appropriateness, strength, and stability of many structures for instance bridges, buildings and railway lines, as well as parts used in automotive such as airplanes, cars, and ships.
According to study, “World Resistance Strain Gauge Market Research Report 2024(covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world resistance strain gauge market are Vishay Precision Group Inc., Hitec Products, Inc., Kyowa Electronic Instruments Co., Ltd., TML, Zemic Worldwide, HPI, FUTEK Advanced Sensor Technology, Inc., Hottinger Baldwin Messtechnik GmbH (HBM), HYCSYQ, Shanghai Yiling Electrical Measuring Instruments Company, NMB Technologies Corp., ATI Industrial Automation, Piezo-Metrics, Inc., Zhejiang Huangyan Testing Apparatus Factory, Huahailan, OMEGA Engineering, Xiamen Loadcell Technology Co., Ltd., ABB Group, The Crane Group of Companies, BCM Sensor Technologies bvba, Tokyo Sokki Kenkyujo Co., Ltd.
Based on product type, resistance strain gauge market is segmented into foil strain gauge, semiconductor strain gauge, wire strain gauge, polyimide and special epoxy resin. The semiconductor strain gauge segment is utilized in cases of high sensitivity for instance the measurement of local strains in ICs, which requires a high value of gauge factor that is provided by a semiconductor strain gauge. Based on sales channel, market is segmented into distribution channel and direct channel. Based on application, market is segmented into load cells, torque transducer, preure transducer and others. In addition, based on end-user industry, market is segmented into transportation, energy, and others. Transportation segment includes automotive, vessels, rail, and aerospace. Energy segment includes power, oil & gas and mining. Additionally, other segments include infrastructure, manufacturing, buildings, and research centers.
The resistance strain gauge market is driven by growth in investments in industrial facilities, followed by large number of available labor, low production costs, rise in number of applications, expansion of production capacities by pharmaceutical, rise in manufacturing & construction sectors, increase in innovation of new products, rise in research & development activities and favorable tax policies. However, high cost of devices and stringent government regulations may impact the market. Moreover, growth in development of highly sensitive resistance strain gauges is a key trend for market.
Based on geography, USA and EU hold major share in resistance strain gauge market owing to growth in quality standard of equipment & infrastructure and high safety levels in the regions. China country is expected to witness higher growth rate due to improvement in standards of infrastructure over the forecast period. It is estimated that the market will be reached at fast pace on account of increase in number of wastewater treatment plants with large installed base of rotating equipment for instance motors, pumps, and fans during the forecast period. The worldwide market is projected to grow at a CAGR of approximately 1.8% over the next five years, will reach US $140 million in 2024, from US $120 million in 2019.
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications