Popularity of Strain Gauge Load Cells in Automobile Applications to Uplift Market Growth
These are exciting times to be in the strain gauge load cell market, as the ongoing shift from analog to digital technology holds abundant market opportunities for stakeholders, especially in Europe. The application of strain gauge load cells will be integral to the booming automobile and industrial sectors in the region. As the automobile industry seeks automated processes to achieve better market times, new dimensions to the existing scope of strain gauge load cells will bring in unconceivable opportunities for manufacturers.
Technology, design, and compatibility remain the key competing parameters for manufacturers, meaning, only innovation is constant in this evolving landscape. Extended frontiers of applications for strain gauge load cells will draw new revenue tangents, given the zoomed-in focus of manufacturers towards the convergence of engineering and manufacturing capabilities. This will aid them in catering to the complex design and performance requests of numerous end-use industries.
All-in-all, the strain gauge load cell market will grow steadily to record sales of ~ 6.2 million units in 2019, up to ~ 9.8 million units in 2027. However, this excitement in the strain gauge load cell market is likely to pale, as manufacturers aren’t able to move past the high supply-to-demand ratio of analog strain gauge load cells.
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Drumbeat of Digitalization Harbingering a Shift in the Landscape
Analog strain gauge load cells continue to dominate the market, given their cost-effectiveness. Beside the battle of pricing being fought between digital and analog cells, the robust design of analog cells further bolds the line separating them from digital cells. Given the high proclivity of end-use industries for affordability and better designs, analog strain load cells account for a market share of ~ 85 percent. However, accuracy being the key feature of contemporary manufacturing processes, a shift towards digital technology will remain a key highlight of the strain gauge load cell landscape to accentuate automation.
Real-time processing of information is better achieved with digital strain gauge load cells, given their high data sample rates as compared to analog load cells. The use of binary data further ensures the security of digital cells from interference from electromagnetism, radio signals, and temperature. Less susceptibility to signal corruption and faster transmission of data encourages manufacturers to favor the adoption of digital load cells over analog load cells. Currently, digital strain gauge load cells are estimated to record volume sales of ~ 730 thousand units, with a compound annual growth rate of ~ 6 percent during the forecast period.
Force-sensitive Resistor Technology – New Innovation in the Market
The contemporary electronics industry has arrived at a juncture, wherein, grain-sized innovation, in the form of sensors, capacitors, and resistors, adds massive value to conventional devices. Similarly, force-sensing resistor (FRS) technology is the innovation in strain gauge load cells that offers excellent property to alter the resistance based on the force applied to the surface.
Strain gauge load cells developed using FRS technology are gaining traction, as the thin size of electronic components that is less than 0.5 mm remains desirable for the development of testing devices and equipment for the aerospace, defense, and automobile sectors. Besides being compact in nature, these cells come at an affordable price and offer good shock resistance, which have been popularizing the integration of FRS technology for the development of strain gauge load cells.
With connected things and devices, already being the envisioned future of healthcare and defense industries, strain gauge load cells embedded with FSR technology unlock new avenues to wirelessly communicate with other devices and facilitate various functionalities with minimal human intervention.
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Europe’s Lead in the Automotive Sector to Reflect its Hold on the Global Strain Gauge Load Cell Market
The performance of the automobile industry in Europe has reflected on its strong hold on the global strain gauge load cell market. With electric vehicles making high inroads in the region, and autonomous vehicles being the very future of automobile and transportation industries, the concentration of leading automakers and their zest to leap quality norms are leading to the high adoption of strain gauge load cells for testing and qualifying vehicles. Since the automotive industry harnesses the prowess of numerous force transducers and torque meters to ensure the smooth functioning of vehicles, strain gauge load cells are heavily employed for varied applications, including, but not confined to, fatigue tests, crash tests, and shock absorber tests.
Currently, Europe accounts for ~ 30 percent of the global strain gauge load cell market, and is projected to move to a higher value at a compound annual growth rate of ~ 4% during the forecast period. However, the growth of the strain gauge load cell market in parallel to the growth of the automotive industry will also reflect in Asia Pacific. Given the high manufacturing and automotive ability of China and Japan, the strain gauge load cell market is likely to witness exponential improvements in its sales in the Asia Pacific region.
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