The global torque sensor market size was valued at USD 7.19 Billion in 2022 and is likely to reach USD 11.84 Billion by 2031, expanding at a CAGR of 5.7% during 2023 – 2031.Torque sensor is a device that converts mechanical torque into electrical signal.
Torque measurement is important in the testing of transmissions, engines, turbines, pumps, and power measurement in propulsion systems. Torque sensors are compatible with a range of instruments that include analog and digital displays.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing adoption of the torque sensors for torque measurement that helps to increase the efficiency of the machines, embedded systems, and engines is expected to drive the market growth.
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Increasing adoption of the torque sensors in the electric vehicles is expected to boost the market growth during the forecast period.
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The cost-effectiveness of the torque sensors than other types of the sensors is expected to be a key factor for the market growth.
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Low reliability of the torque sensors for the high-end application is expected to restrain the market growth during the forecast period.
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Recent technological advancements in the industry by the market players is expected to create lucrative opportunities for the market during the forecast period.
Scope of Torque Sensors Market Report
The report on the torque sensors market includes an assessment of the market share, segments, size, trends and regional markets. Overview and dynamics are included in the report.
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Attributes
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Details
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Report Title
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Global Torque Sensor Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 & 2021
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Forecast Period
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2023 to 2031
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Segmentation
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Types (Rotary Torque Sensors and Reaction Torque Sensors), Technology (Strain Gauge, Surface Acoustic Wave (SAW), Optical, and Magnetoelastic), Applications (Automotive, Test & Measurement, Industrial, Aerospace & Defense, and Others)
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Regional Scope
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Asia-Pacific, Europe, Africa, Latin America North America, and Middle East
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Report Covers
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Market scope, growth facts, restraints, analysis, share, opportunities, competitive analysis and revenue forecast
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Torque Sensor Market Segment Insights
Based on types, the market can be bifurcated into rotary torque sensors and reaction torque sensors. The rotary sensor segment led the market in 2020 and is expected to account a significant market share owing to its application in automobile sector for testing engines, dynamometer, electric motor, and drivetrain measurement. The increasing shift of the customers toward fuel efficient vehicles is expected to drive the market growth during the forecast period.
On the basis of technology, the torque sensor market can be divided into strain gauge, surface acoustic wave (SAW), optical, and magnetoelastic. The strain gauge segment is estimated to exhibit a sustainable CAGR during the forecast period. On the other hand, the SAW segment is estimated to hold a considerable market share in the projected timeline.
In terms of applications, the market can be categorized as automotive, test & measurement, industrial, aerospace & defense, and others. The automotive segment is expected to have a significant growth rate during the forecast period due to the application of the sensors to calibrate automatic transmissions and mapping engine torque, testing clutches and gearboxes.
Stringent rules for the emissions, electrification technology, and the changing buyer preferences are attributed to be other significant factors that are expected to increase the demand for the sensors in the sector, thereby contributing to the growth of the segment during the forecast period.
Based on regions, the torque sensors market can be segregated into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Asia Pacific is expected to register a robust growth during the forecast period. China, South Korea, Japan are major markets in the region owing to the presence of key players in the region.
The increased requirement for production of energy and manufacturing of goods for export is anticipated to contribute to the growth of the market in the region. Moreover, rising demand for electric vehicles in major markets such as Japan and China are expected to be major revenue contributors to the market in the region.
Additionally, growing research and development activities by the manufacturers to develop electronic technology electronic technology for the vehicles is anticipated to boost the market in the region.
Segments
Types
- Rotary Torque Sensors
- Reaction Torque Sensors
- COVID-19 impact on types of torque sensors
Technology
- Strain Gauge
- Surface Acoustic Wave (SAW)
- Optical
- Magnetoelastic
Applications
- Automotive
- Test & Measurement
- Industrial
- Aerospace & Defense
- Others
Regions
- North America
- Asia Pacific
- Europe
- Middle East
- Latin America
- Africa
Key Players
- ABB
- Teledyne Technologies
- Crane Electronics
- Norbar Torque Tools
- FUTEK Advanced Sensor Technology
- Interface
- HBM
- Applied Measurements
- Honeywell
- Kistler Holding
- Sensor Technology
- Infineon Technologies
- Datum Electronics
- HITEC Sensor Solutions and Bota Systems
- MagCanica
- AIMCO
- TE Connectivity
- Mountz
- PCB Piezotronics
- S. Himmelstein & Company
- Transense Technologies
- KONUX
- Monad Electronics
- Robotiq
Competitive Landscape
The key рlаyers in the torque sensоrs mаrket are ABB, Teledyne Technologies, Crane Electronics, Norbar Torque Tools, FUTEK Advanced Sensor Technology, Interface, HBM, Applied Measurements, Honeywell, Kistler Holding, Sensor Technology, Infineon Technologies, Datum Electronics, HITEC Sensor Solutions and Bota Systems, MagCanica, AIMCO, TE Connectivity, Mountz, PCB Piezotronics, S. Himmelstein & Company, Transense Technologies, KONUX, Monad Electronics, and Robotiq. These players are engaged in agreements, mergers, acquisitions, partnerships, collaborations, and to strengthen their geographical presence.
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