LONDON–(BUSINESS WIRE)–The new Strain Gauges Market Research from Technavio indicates Negative and Inferior growth in the short term as the business impact of COVID-19 spreads.
“One of the primary growth drivers for this market is the growing use of strain gauges across industries,” says a senior analyst for the Information Technology industry at Technavio. “Torque transducers, equipped with strain gauges, are used in the preventive maintenance of rotating equipment in power, refineries, steel and cement mills, and automotive industries. Rising investments in industrial facilities have increased the demand for torque transducers and strain gauges to measure torque in rotating equipment. The growing use of HVAC systems across pharmaceutical, food and beverages, and electronics industries is also driving the use of strain gauges. HVAC systems comprise rotating equipment such as chillers, fans, cooling towers, and pumps, which require strain gauges for stress, strain, and torque analysis. The increasing number of wastewater treatment plants, with large installed base of rotating equipment such as motors, pumps, and fans, is also creating a strong demand for strain gauges. As the markets recover Technavio expects the strain gauges market size to grow by USD 64.37 million during the period 2020-2024.
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Strain Gauges Segment Highlights for 2020
- The strain gauges market is expected to post a year-over-year growth rate of 2.58%.
- Force and torque measurement dominated the market in 2019.
- The highly complex production processes in process industries require maintenance of high precision process parameters such as pressure, revolution per minute (RPM), flow rate, and mixing rate.
- Therefore, industrial machines such as pumps, compressors, motors, gearboxes, and turbines need to be maintained in the perfect running condition to ensure consistent quality output or performance of the process industry.
- Therefore, there is a high demand for strain gauges used in force and torque transducers to measure force and torque applied by the shaft of the motor and gears.
Regional Analysis
- 54% of the growth will originate from the APAC region.
- The rapidly increasing investments in industries such as power generation, oil and gas, chemical, and petrochemical will significantly drive strain gauges market growth in this region over the forecast period.
- China and Japan are the key markets for strain gauges in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The strain gauges market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The strain gauges market is segmented by application (force and torque measurement, weighing and lifting equipment, field testing, aerospace and defense, and others) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including GEOKON, Haptica Srl, Hitec Products Inc., Hottinger Brüel & Kjaer GmbH, Interface Inc., Kyowa Electronic Instruments Co. Ltd., MinebeaMitsumi Inc., Spectris Plc, Tokyo Measuring Instruments Laboratory Co. Ltd., and Vishay Precision Group Inc.
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Coverage
Regions Covered
Worldwide
Topics Covered
COVID-19, Strain Gauges, Force and Torque Measurement, Weighing and Lifting Equipment, Field Testing, Aerospace and Defense
