LONDON--(BUSINESS WIRE)--The global strain gauges market size is poised to reach USD 67.93 million by 2023, according to a new report by Technavio, progressing at a CAGR of 5% during the forecast period.
Read the 128-page research report with TOC on "Strain Gauges Market Analysis Report by application (force and torque measurement, weighing and lifting equipment, field testing, aerospace and defense, others) and geographical regions (North America, Europe, APAC, South America, and MEA) 2019 - 2023". Request Free Sample Pages
The market is driven by the large number of applications of strain gauges in various industries. In addition, the growing demand for medical devices and compatible strain gauges is anticipated to further boost the strain gauges market during the forecast period.
Torque transducers equipped with strain gauges are used in the preventive maintenance of rotating equipment in power plants, refineries, steel and cement mills, and automotive plants. Growing investments in industrial facilities have increased the demand for torque transducers and strain gauges to measure torque in rotating equipment. The expansion of production capacities by pharmaceutical, F&B, and electronics industries is increasing the adoption of HVAC systems, which is fueling the demand for strain gauges. Similarly, the increasing number of wastewater treatment plants with a large installed base of rotating equipment is creating a strong demand for strain gauges. Thus, the increasing number of applications of strain gauges across industries is one of the key drivers that will boost the growth of the global strain gauges market growth.
Furthermore, strain gauges are used in several medical devices. With an increasing global population, the incidence of cardiovascular, orthopedic, and dental complications is also increasing. This, coupled with technological advances and increasing healthcare expenditure, is driving the demand for healthcare services and medical devices, which in turn is expected to drive the demand for strain gauges during the forecast period.
For More Information: Request Free Sample Pages
The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Kyowa Electronic Instruments Co. Ltd.
- MinebeaMitsumi Inc.
- Spectris Plc
- Tokyo Measuring Instruments Laboratory Co. Ltd.
- Vishay Precision Group Inc.
Market Segmentation by Category and Product Types:
The Strain Gauges market can be broadly categorized into the following product segments:
- Force and torque measurement
- Weighing and lifting equipment
- Field testing
- Aerospace and defense
Key Regions for the Strain Gauges Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Related Reports on Industrials Market are:
Commercial Water Heaters Market – Global Commercial Water Heaters Market by type (electric water heater, gas water heater, and solar water heater) and geography (APAC, Europe, MEA, North America, and South America).
Food Waste Management Market – Global Food Waste Management Market by disposal method (landfill, recycling, and incineration) and geography (APAC, Europe, MEA, North America, and South America).
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.