According to a new research report published by Transparency Market Research, the global strain gauge load cell market is projected to reach a value of ~ US$ 1.5 Bn by 2027, expanding at a CAGR of ~ 4% from 2019 to 2027. The global strain gauge load cell market is expected to be influenced by a range of market-specific and macroeconomic factors during the forecast period. The demand for strain gauge load cells is likely to be significant in Asia Pacific from 2019 to 2027. The strain gauge load cell market in the region is anticipated to expand at a CAGR of ~ 5%during the forecast period.
Rising Demand for Motorsport Testing & Development and Industrial Automation & Robotics to Drive Market
The adoption of industrial automation has increased in recent years, owing to its advantages such as increased productivity, reduced direct human labor costs, delivery of high-quality products, and increased consistency of processes or products.
Furthermore, the automotive industry in North America is significantly transforming, led by changing consumer preferences, sustainability policies, and surging emergence of new technologies. Adhering to stringent testing and development policies to ensure passenger safety is expected to augment the strain gauge load cell market during the forecast period.
Moreover, low-cost availability, minimum maintenance, and ability of strain gauge load cells to function at extreme temperatures make them a popular choice for use in industrial applications.
Strain gauge load cells are used in the aerospace sector, from the initial design of aircraft to pre-flight and in-flight stages. In the design phase, standard strain gauge load cells are used for the testing of aircraft components such as cockpit instruments, aircraft flaps, and seat belts. In the pre-flight stage, dual-bridge load cells test the frame structure. In the in-flight stage, strain gauge load cells monitor forces acting on the airframe, pilot’s touch onto the control stick, and the aircraft flight control system. These cells are also used in in-flight refueling of aircraft. These advantages of strain gauge load cells are, in turn, expected to augment the market during the forecast period.
Industrial End User to be Prominent
The industrial segment is anticipated to dominate the global strain gauge load cell market throughout the forecast period.
Strain gauge load cells are often required for use in numerous load-bearing industrial applications for ensuring the safety of people and the environment, as well as for maintaining structural integrity. Other applications include docking locations and freight vehicles, which sustain extremely heavy loads on a regular basis.
Additionally, in the medical industry, weighing and monitoring is becoming an increasingly important issue day by day. Not only do patients need to be weighed but also different kinds of life-saving equipment need to have a measuring or weighing option.
Asia Pacific to be a Highly Lucrative Market for Strain Gauge Load Cells
Europe is expected to hold a significant share of the global strain gauge load cell market during the forecast period, owing to the presence of leading manufacturers in the region.
Furthermore, the Asia Pacific strain gauge load cell market is expected to expand at a significant CAGR during the forecast period, owing to the low costs of raw materials in the region. Asia Pacific is emerging as a manufacturing hub for sectors such as automotive and aerospace. China, Japan, and Australia are expected to hold a significant share of the market for strain gauge load cells in Asia Pacific during the forecast period.
With the objective of business expansion, several players operating in the global strain gauge load cell market are expanding their offerings through strategic mergers and development of new products and as well as partnerships. Furthermore, an increasing number of players are spending significantly on R&D activities to develop innovative and technologically-advanced strain gauge load cell products.
In September 2017, Kistler Group acquired Corrsys-Datron Sensorsysteme GmbH. This acquisition enabled Kistler to expand its range of measuring systems used for vehicle dynamic testing in automobile development. The acquisition is expected to extend the product lines of the company and expand its business in Europe in the near future.
Some of the prominent players operating in the global strain gauge load cell market are Flintec Group AB, Dytran Instruments, Inc., OMEGA Engineering, Inc., Futek Advanced Sensor Technologies, Kistler Group, Anyload Weigh & Measure Inc., Vishay Precision Group, Hottinger Baldwin Messtechnik GmbH, Tecnicas De Electronica Y Automatismos Sa (UTILCELL), Thames Side Sensors Ltd., Siemens AG, and NMB Technologies Corporation.