Strain Gauge Pressure Sensor Market Size, Share, Growth, and Industry Analysis, By Type (Analog Output & Digital Output), By Application (Gas And Oil Fields, Dangerous Gases & Chemical) and Regional Forecast to 2032

STRAIN GAUGE PRESSURE SENSOR MARKET REPORT OVERVIEW

The global Strain Gauge Pressure Sensor Market Size was USD 57 million in 2023 and the market is projected to touch USD 78.26  million by 2032, exhibiting a CAGR of 3.3% during the forecast period.

The strain gauge pressure sensor market is growing due to the demand for the pressure measurement of varied pressure across industries such as oil & gas, chemicals, and manufacturing, among others. A strain gauge pressure sensor works through the conversion of mechanical force into an electrical signal, which is very useful in recording pressure in special areas of use. These are sensors that are well known to be reliable, sensitive, and performing well even under fixed conditions. These three points envisage increased acceptance of strain gauge pressure sensors as industries continue to focus on safety and efficiency.

COVID-19 Impact: Market Growth During Pandemic Due to increased demand for pressure sensors

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic indeed had a positive effect on the Strain Gauge Pressure Sensor Market, hence the increase in pressure sensors, especially for medical applications such as ventilators and respiratory monitoring devices. Also, industrial applications called for automation and remote monitoring, because of which the utilization of advanced pressure sensors was realized. The market witnessed an expansion as organizations continued to concentrate on optimum business functionality and safeguard amidst COVID-19. They shifted the focus towards the dependability of utilization of strain gauge pressure sensors for accuracy in numerous applications.

LATEST TRENDS

"Market growth is driven by wireless sensors and improved miniaturization"

A newer and evolving trend of the Strain Gauge Pressure Sensor Market is the use of wireless applications to monitor and transfer data from remote locations in real-time. This trend is on the rise, particularly with industries in search of smart pressure measurement that does not require physical wiring. Moreover, there is growth in miniaturization capabilities to enable placing the sensors at certain locations and improvements in the accuracy of the sensors to cater for different operations. This transformation is more evident, especially by moving towards wirelessly connected pressure sensors; this is crucial in boosting the automation process and the ability to create predictive maintenance in industries.

SEGMENTATION

By Type

Based on type the market can be categorized into Analog Output & Digital Output.

• Analog Output: Strain gauge pressure sensors use a force that translates mechanical strain into an electrical signal, common being voltage or current, which will have an agreement with the output pressure. It has been characterized by simplicity, an ability to work freely with different analog systems, and it responds faster. However, they may be prone to the unwanted noise and signal attenuation over long transmission distances.
• Digital Output: Digital output strain gauge pressure sensors transform the level of strain into a discrete signal, which can be processed by microcontrollers or any other digital devices. The major advantages of these sensors include better resolution, better immunity to noise, and compatibility with contemporary digital circuits. These are especially used in circumstances that need accurate measurement as well as in instances that need transmission of data over long distances without interference of the signal.

By Application

Based on application the market can be categorized into Gas And Oil Fields, Dangerous Gases & Chemical.

• Gas and Oil Fields: The strain gauge pressure sensor plays a great role in the monitoring or controlling of pressure used in the pipes, wells, and storage tanks in the gas and oil fields for safe and efficient operation. They assist in identifying pressure variations that may point at leaks or equipment malfunction, therefore preventing disasters. These sensors are developed to function in challenging climates, which include high temperatures and/or exposure to corrosive materials.
• Dangerous Gases: Pressure sensors of strain gauge type are utilized to measure the pressure of hazardous gases so that containment is secure and there is no leakage in industries. They give accurate and reliable results, thus enabling the determination of safe operating conditions and can help one avoid hazardous exposure. These sensors are mounted together with the gas detection systems so as to improve the safety of areas dealing with toxic or flammable gases.
• Chemical: Strain gauge pressure sensors are used in chemical industry in measuring and controlling pressure in reactors, storage tanks and pipeline to achieve the right amount for the chemical processing. They are made to be chemical and heat resistant in order to accommodate the corrosive products and high temperatures. It is imperative to monitor pressure because the pressure is directly related to safety, quality of the products produced, and meeting the regulatory requirements.

DRIVING FACTORS

"Market growth is fueled by rising industrial automation and smart technologies"

Some of the factors that contribute towards the growth of the strain gauge pressure sensor include the continuous rise in industrial automation and stringer control in the processing industry. These sensors play an important role in controlling the pressures in fully automated processes and systems. In the current world where industries are transforming and bringing in new technologies, such as smart technologies, the demand for pressure sensors cannot be overemphasized.

"Market growth is driven by increased demand for medical pressure sensors"

New application developers for strain gauge pressure sensors have been on the rise, especially in respiratory and monitoring medical devices. The COVID-19 pandemic crucially described the relevance of pressure measurement in identifying the patients’ extreme conditions. Such a trend will be on the increase as HC providers enhance the use of high-end, reliable equipment in the delivery of health care.

RESTRAINING FACTOR

"Market growth is limited by high costs and installation challenges"

A pushback to the Strain Gauge Pressure Sensor Market Growth is the excessive price charged by the manufacturers of the new age sensor technologies and challenges being posed by the sensor installation procedures. This can, of course, put some restrictions on its use, especially for the small and medium enterprises that cannot afford to purchase the software. Moreover, there is always the challenge of the qualification and training of personnel that is necessary to oversee the maintenance and functioning of these sensors and other aspects that increase the cost of operation.

STRAIN GAUGE PRESSURE SENSOR MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Market growth is led by North America's technological advancements and healthcare"

North America holds the largest Strain Gauge Pressure Sensor Market Share owing to an established industrialized economy, higher technological development, and greater prominence placed on automation as well as process control. High-quality healthcare services also exist in the area, and this creates a market for more precise sensors to be used in the development of better medical devices. In addition to this, the presence of some major market players and continuous research and development work conducted in this region increase North America’s dominance in this market. This dominance is expected to continue as industries get more involved in smart technology implementation.

KEY INDUSTRY PLAYERS

"Market growth is driven by advancements, IoT, and strategic alliances"

Main industry participants are proactively seeking the advancement of the strain gauge pressure sensor market by focusing on new advancements in enhancing the precision of sensors, reducing their sizes, and incorporating the IoT. The strategic emphasis on innovation and sustainable growth of product portfolios and strategic alliances is boosting market penetration across multiple industries. Also, their global networks and good supply chain enable wide market penetration and customer service, hence continuing to drive the market.

List of Market Players Profiled

• OMEGA Engineering (U.S)
• AEP transducers (Italy)
• Sensata Technologies (U.S)
• FUTEK Advanced Sensor Technology (U.S)
• Hunan Firstrate Sensor (China)

INDUSTRIAL DEVELOPMENT

August 10, 2024: Honeywell introduced their new Honeywell PX3 Pressure Sensor Series. This series features advanced strain gauge technology for high-precision pressure measurement in harsh environments. The PX3 sensors offer improved accuracy, durability, and temperature stability, making them suitable for applications in aerospace, automotive, and industrial processes where reliable pressure measurement is critical.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Strain Gauge Pressure Sensor Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.