Torque Sensor Market to Enhance Valuation to USD 12.69 Billion by 2023 :

Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Torque Sensor Market.

Market Overview

The broadening of the applications of torque sensors is estimated to spur the torque sensor market 2020. The sensor and control industry reports are produced by Market Research Future, which highlights market options for expansion. A 7.82% CAGR is predicted to accomplish revenues worth USD12.69 billion in the forecast period.

The electric and hybrid vehicles demand is increasing steadily around the world and this is estimated to further strengthen the torque sensor market in the approaching period. The escalating trends for improved fuel efficiency and electrical power steering is estimated to bolster market development in the future.

Segmental Analysis

The segmental assessment of the torque sensor market is conducted on the basis of type, technology, application and region. On the basis of type, the torque sensor market is segmented into reaction torque sensor and rotary torque sensor. The rotary torque sensor is further divided into noncontact-based sensing and contact-based sensing. Based on the technology, the torque sensor market is segmented into magnetoelastic, optical, surface acoustic wave (SAW), and strain gauge. The application based segmentation of the torque sensor market is segmented into industrial, test & measurement, aerospace & defense, automotive, and others. On the basis of regions, the torque sensor market is segmented into Asia Pacific, the Middle East, Africa, North America, Europe, and Latin America.

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Detailed Regional Analysis 

The geographical examination of the torque sensor market includes regions such as Asia Pacific, the Middle East, Africa, North America, Europe, and Latin America. The region of Asia-Pacific Among the regions mentioned, is anticipated to control the torque sensor market. The nations such as Japan and South Korea are some of the foremost suppliers to the torque sensor market. Moreover, the escalation in industrial automation and manufacture of light vehicles in this region is motivating the torque sensor market. Besides, the progress of sectors such as aerospace and oil & gas in China and India is estimated to boost the requirement for torque sensors in the course of the forecast period. The regional market of Asia-Pacific is trailed by the European region market owing to the occurrence of automotive manufacturers in the region. The fresh criteria such as corporate average fuel economy (CAFE) standards are supporting the improvement of electric and hybrid vehicles in the region along with progressing fuel economy in vehicles, is motivating the demand for torque sensors. 

Competitive Analysis

The unsteadiness in the forces of demand and supply is expected to produce an advantageous bearing on the market taken as a whole in the forecast period. The declining effects evident in the market globally are anticipated to stay for the foreseeable future to the scale of impact on the worldwide market. The restitution and operations on a daily basis are anticipated to take some time, which will show the way to concentrated development of the backlogs created in delivery. The financial backing provided by the administrations and trade bodies is anticipated to reclaim the situation in the approaching years. The conundrum present in the global market relating to the fundamental assets of the corporations is being optimized to fair the existing pandemic more successfully. The growth restraints of the market are anticipated to be momentous and will need to be neutralized to unlock favorable development in the market. The necessity for tactful analysis of the market cues and demand projections is anticipated to lead to a robust expansion in the market.

The notable contenders in the torque sensor market  are Applied Measurements (UK), Kistler Holding (Switzerland), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), Sensor Technology (UK), ABB (Switzerland), Honeywell International (US), Infineon Technologies (Germany), Crane Electronics (UK), and FUTEK Advanced Sensor Technology (US).