Torque Sensor Market Research Report - Global Forecast till 2027

Global Torque Sensor Market, by Type (Rotary Torque Sensor, Reaction Torque Sensor), by Technology (Surface Acoustic Wave, Magnetoelastic, Optical, Strain Gauge), by Application (Automotive, Industrial, Test & Measurement, Aerospace & Defense, Others) - Forecast till 2027

ID: MRFR/SEM/5587-HCR | February 2021 | Region: Global | 100 pages

Please note that the assessment period of report has been updated from 2017-2023 to 2020-2027. Cordially fill the sample form for updated data.

Market Synopsis


Torque sensor have numerous applications across various industry verticals such as automotive, industrial, aerospace among others. Torque sensors are used for measuring the torque on rotating systems which include electric motors, engines, crankshafts, and gearboxes. Growing demand for electric and hybrid vehicles across the globe coupled with rising need for electric power steering (EPS) systems is driving the market for Torque sensor. The torque sensors are suited in a wide variety of applications including torsional test machines, motor dynamometers, electric motor testing, fan testing, hydraulic pump testing among others. The installation of reaction torque sensors is cost effective as these do not comprise of slip-rings, bearings, or other rotating elements. However, rotary torque sensors provide high accuracies and (revolutions per minute) RPM ratings. Rotary torque sensors are used for electric motor testing, dynamometer testing, gearbox testing, automotive engine testing and drive train measurements. Recently, there have been lot of developments in wireless and non-contact torque sensors including optical torque, and magnetoelastic which is expected to increase the application of torque sensors in several industries such as robotics.


Among all the application segments, automotive segment is the largest revenue generating segment and is expected to continue its dominance throughout the forecast period. The growing demand for better fuel efficiency, electrical power steering and condition-based maintenance is one of the major factors impacting the growth of torque sensor market. Application of torque sensors in robotics is expected to create opportunities for the market during the forecast period. However, low reliability in high end applications is expected to hamper the growth of torque sensor market. 


Segmentation


By type, the market is segmented into rotary torque sensor and reaction torque sensor. Rotary torque sensor is further bifurcated into contact-based sensing and noncontact-based sensing. By technology, the market is segmented into surface acoustic wave (SAW), magnetoelastic, optical and strain gauge. By application, the market is segmented into automotive, industrial, test & measurement, aerospace & defense and others.


Regional analysis


The global market for torque sensor is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of torque sensor market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). Among the regions mentioned, Asia-Pacific is expected to dominate the torque sensor market. Countries such as china, Japan and South Korea are some of the major contributors to the market. Also, rise in industrial automation and production of light vehicles in this region is driving the torque sensor market. Furthermore, the growth of sectors such as aerospace and oil and gas in China and India is expected to propel the demand for torque sensors during the forecast period. Asia-Pacific is followed by Europe owing to the presence of automotive manufacturers in the region. New standards such as corporate average fuel economy (CAFE) standards are enabling the the development of electric and hybrid vehicles in the region along with improving fuel economy in vehicles, which is driving the demand for torque sensors. 


Global Torque Sensor Market, USD Billions


torque sensor market


Source: MRFR Analysis


The global torque sensor market was valued at USD 8.25 billion in 2017 and is exected to reach USD 12.69 billion by the end of forecast period with a CAGR of 7.82%.


Key players


The key players in the Torque Sensor market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – ABB (Switzerland), Honeywell International (US), Infineon Technologies (Germany), Crane Electronics (UK), Applied Measurements (UK), Kistler Holding (Switzerland), Norbar Torque Tools (UK), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), and FUTEK Advanced Sensor Technology (US). These players contribute a major share in the growth of Torque Sensor market.


Apart from the top key players, there are other players that contribute to the market growth. These include Datum Electronics Ltd. (UK), PCB Piezotronics Inc. (US), TE Connectivity (Switzerland) and HBM Test and Measurement (US), and others.


Intended Audience



  • Torque Sensor Manufacturers

  • Automotive OEMs

  • Torque Sensor Suppliers

  • Torque Sensor Distributors

  • Torque Sensor Retailers

  • Torque Sensor Wholesaler

  • Potential Investors

  • Research Organizations and Consulting Companies.

  • Research Institutes

  • Industry Associations



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 12.69 Billion
  CAGR   7.82%
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Technology, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   ABB (Switzerland), Honeywell International (US), Infineon Technologies (Germany), Crane Electronics (UK), Applied Measurements (UK), Kistler Holding (Switzerland), Norbar Torque Tools (UK), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), and FUTEK Advanced Sensor Technology (US)
  Key Market Opportunities   The electric and hybrid vehicles demand is increasing steadily around the world.
  Key Market Drivers

  • Growing demand for electric and hybrid vehicles across the globe coupled with rising need for electric power steering (EPS) systems.
  • Rise in industrial automation and production of light vehicles.


  • Frequently Asked Questions (FAQ) :


    At 7.82% CAGR, the torque sensor market poised to value at USD 12.69 Bn by 2023.

    Infineon Technologies (Germany), Applied Measurements (UK), Crane Electronics (UK), and Kistler Holding (Switzerland) are some prominent names in the torque sensor market.

    Torque sensors is largely adopted by the automobile industry. Aerospace and defense are other sectors that deploy torque sensor.

    Magnetoelastic, acoustic wave (SAW), and optical and strain gauge technologies adopted by torque sensor.

    The high automobile production rate in APAC is expected to win high profit for the regional torque sensor market.

    TABLE OF CONTENTS

    1 Executive Summary

    2 Scope of the Report

    2.1 Market Definition

    2.2 Scope of the Study

    2.3 Research Objectives

    2.4 Markets Structure

    3 Market Research Methodology

    3.1 Research Process

    3.2 Secondary Research

    3.3 Primary Research

    3.4 Forecast Model

    4 Market Landscape

    4.1 Porter’s Five Forces Analysis

    4.1.1 Threat of New Entrants

    4.1.2 Bargaining Power of Buyers

    4.1.3 Threat of Substitutes

    4.1.4 Segment Rivalry

    4.1.5 Bargaining Power of Suppliers

    4.2 Value Chain/Supply Chain of Torque Sensor

    5 Market Landscape

    5.1 Introduction

    5.2 Growth Drivers

    5.3 Impact Analysis

    5.4 Market Challenges

    6 Market Trends

    6.1 Introduction

    6.2 Growth Trends

    6.3 Impact Analysis

    7 Torque Sensor Market by Type

    7.1 Introduction

    7.2 Reaction Torque Sensor

    7.2.1 Market Estimates & Forecast, 2020–2027

    7.2.2 Market Estimates & Forecast by Region, 2020–2027

    7.3 Rotary Torque Sensor

    7.3.1 Market Estimates & Forecast, 2020–2027

    7.3.2 Market Estimates & Forecast by Region, 2020–2027

    7.3.3 Contact Based Sensing

    7.3.3.1 Market Estimates & Forecast, 2020–2027

    7.3.3.2 Market Estimates & Forecast by Region, 2020–2027

    7.3.4 Non-Contact-Based Sensing

    7.3.4.1 Market Estimates & Forecast, 2020–2027

    7.3.4.2 Market Estimates & Forecast by Region, 2020–2027

    8 Torque Sensor Market by Technology

    8.1 Introduction

    8.2 Surface Acoustic Wave

    8.2.1 Market Estimates & Forecast, 2020–2027

    8.2.2 Market Estimates & Forecast by Region, 2020–2027

    8.3 Magnetoelastic

    8.3.1 Market Estimates & Forecast, 2020–2027

    8.3.2 Market Estimates & Forecast by Region, 2020–2027

    8.4 Optical

    8.4.1 Market Estimates & Forecast, 2020–2027

    8.4.2 Market Estimates & Forecast by Region, 2020–2027

    8.5 Strain Gauge

    8.5.1 Market Estimates & Forecast, 2020–2027

    8.5.2 Market Estimates & Forecast by Region, 2020–2027

    9 Torque Sensor Market by Application

    9.1 Introduction

    9.2 Automotive

    9.2.1 Market Estimates & Forecast, 2020–2027

    9.2.2 Market Estimates & Forecast by Region, 2020–2027

    9.3 Industrial

    9.3.1 Market Estimates & Forecast, 2020–2027

    9.3.2 Market Estimates & Forecast by Region, 2020–2027

    9.4 Test & Measurement

    9.4.1 Market Estimates & Forecast, 2020–2027

    9.4.2 Market Estimates & Forecast by Region, 2020–2027

    9.5 Aerospace & Defense

    9.5.1 Market Estimates & Forecast, 2020–2027

    9.5.2 Market Estimates & Forecast by Region, 2020–2027

    9.6 Others

    9.6.1 Market Estimates & Forecast, 2020–2027

    9.6.2 Market Estimates & Forecast by Region, 2020–2027

    10 Torque Sensor Market by Region

    10.1 Introduction

    10.2 North America

    10.2.1 Market Estimates & Forecast by Country, 2020–2027

    10.2.2 Market Estimates & Forecast by Type, 2020–2027

    10.2.3 Market Estimates & Forecast by Technology, 2020–2027

    10.2.4 Market Estimates & Forecast by Application, 2020–2027

    10.2.5 US

    10.2.5.1 Market Estimates & Forecast by Type, 2020–2027

    10.2.5.2 Market Estimates & Forecast by Technology, 2020–2027

    10.2.5.3 Market Estimates & Forecast by Application, 2020–2027

    10.2.6 Mexico

    10.2.6.1 Market Estimates & Forecast by Type, 2020–2027

    10.2.6.2 Market Estimates & Forecast by Technology, 2020–2027

    10.2.6.3 Market Estimates & Forecast by Application, 2020–2027

    10.2.7 Canada

    10.2.7.1 Market Estimates & Forecast by Type, 2020–2027

    10.2.7.2 Market Estimates & Forecast by Technology, 2020–2027

    10.2.7.3 Market Estimates & Forecast by Application, 2020–2027

    10.3 Europe

    10.3.1 Market Estimates & Forecast by Country, 2020–2027

    10.3.2 Market Estimates & Forecast by Type, 2020–2027

    10.3.3 Market Estimates & Forecast by Technology, 2020–2027

    10.3.4 Market Estimates & Forecast by Application, 2020–2027

    10.3.5 Germany

    10.3.5.1 Market Estimates & Forecast by Type, 2020–2027

    10.3.5.2 Market Estimates & Forecast by Technology, 2020–2027

    10.3.5.3 Market Estimates & Forecast by Application, 2020–2027

    10.3.6 UK

    10.3.6.1 Market Estimates & Forecast by Type, 2020–2027

    10.3.6.2 Market Estimates & Forecast by Technology, 2020–2027

    10.3.6.3 Market Estimates & Forecast by Application, 2020–2027

    10.3.7 France

    10.3.7.1 Market Estimates & Forecast by Type, 2020–2027

    10.3.7.2 Market Estimates & Forecast by Technology, 2020–2027

    10.3.7.3 Market Estimates & Forecast by Application, 2020–2027

    10.3.8 Rest of Europe

    10.3.8.1 Market Estimates & Forecast by Type, 2020–2027

    10.3.8.2 Market Estimates & Forecast by Technology, 2020–2027

    10.3.8.3 Market Estimates & Forecast by Application, 2020–2027

    10.4 Asia-Pacific

    10.4.1 Market Estimates & Forecast by Country, 2020–2027

    10.4.2 Market Estimates & Forecast by Type, 2020–2027

    10.4.3 Market Estimates & Forecast by Technology, 2020–2027

    10.4.4 Market Estimates & Forecast by Application, 2020–2027

    10.4.5 China

    10.4.5.1 Market Estimates & Forecast by Type, 2020–2027

    10.4.5.2 Market Estimates & Forecast by Technology, 2020–2027

    10.4.5.3 Market Estimates & Forecast by Application, 2020–2027

    10.4.6 India

    10.4.6.1 Market Estimates & Forecast by Type, 2020–2027

    10.4.6.2 Market Estimates & Forecast by Technology, 2020–2027

    10.4.6.3 Market Estimates & Forecast by Application, 2020–2027

    10.4.7 Japan

    10.4.7.1 Market Estimates & Forecast by Type, 2020–2027

    10.4.7.2 Market Estimates & Forecast by Technology, 2020–2027

    10.4.7.3 Market Estimates & Forecast by Application, 2020–2027

    10.4.8 Rest of Asia-Pacific

    10.4.8.1 Market Estimates & Forecast by Type, 2020–2027

    10.4.8.2 Market Estimates & Forecast by Technology, 2020–2027

    10.4.8.3 Market Estimates & Forecast by Application, 2020–2027

    10.5 Rest of the World

    10.5.1 Market Estimates & Forecast by Country, 2020–2027

    10.5.2 Market Estimates & Forecast by Type, 2020–2027

    10.5.3 Market Estimates & Forecast by Technology, 2020–2027

    10.5.4 Market Estimates & Forecast by Application, 2020–2027

    10.5.5 Middle East & Africa

    10.5.5.1 Market Estimates & Forecast by Type, 2020–2027

    10.5.5.2 Market Estimates & Forecast by Technology, 2020–2027

    10.5.5.3 Market Estimates & Forecast by Application, 2020–2027

    10.5.6 Latin America

    10.5.6.1 Market Estimates & Forecast by Type, 2020–2027

    10.5.6.2 Market Estimates & Forecast by Technology, 2020–2027

    10.5.6.3 Market Estimates & Forecast by Application, 2020–2027

    11 Competitive Landscape

    12 Company Profiles

    12.1 ABB

    12.1.1 Company Overview

    12.1.2 Product/Business Segment Overview

    12.1.3 Financial Updates

    12.1.4 Key Developments

    12.1.5 SWOT Analysis

    12.1.6 Key Strategy

    12.2 Honeywell International

    12.2.1 Company Overview

    12.2.2 Product/Business Segment Overview

    12.2.3 Financial Updates

    12.2.4 Key Developments

    12.2.5 SWOT Analysis

    12.2.6 Key Strategy

    12.3 Infineon Technologies

    12.3.1 Company Overview

    12.3.2 Product/Business Segment Overview

    12.3.3 Financial Updates

    12.3.4 Key Developments

    12.3.5 SWOT Analysis

    12.3.6 Key Strategy

    12.4 Crane Electronics

    12.4.1 Company Overview

    12.4.2 Product/Business Segment Overview

    12.4.3 Financial Updates

    12.4.4 Key Developments

    12.4.5 SWOT Analysis

    12.4.6 Key Strategy

    12.5 Applied Measurements

    12.5.1 Company Overview

    12.5.2 Product/Business Segment Overview

    12.5.3 Financial Updates

    12.5.4 Key Developments

    12.5.5 SWOT Analysis

    12.5.6 Key Strategy

    12.6 Kistler Holding

    12.6.1 Company Overview

    12.6.2 Product/Business Segment Overview

    12.6.3 Financial Updates

    12.6.4 Key Developments

    12.6.5 SWOT Analysis

    12.6.6 Key Strategy

    12.7 Norbar Torque Tools

    12.7.1 Company Overview

    12.7.2 Product/Business Segment Overview

    12.7.3 Financial Updates

    12.7.4 Key Developments

    12.7.5 SWOT Analysis

    12.7.6 Key Strategy

    12.8 Sensor Technology

    12.8.1 Company Overview

    12.8.2 Product/Business Segment Overview

    12.8.3 Financial Updates

    12.8.4 Key Developments

    12.8.5 SWOT Analysis

    12.8.6 Key Strategy

    12.9 Hottinger Baldwin Messtechnik

    12.9.1 Company Overview

    12.9.2 Product/Business Segment Overview

    12.9.3 Financial Updates

    12.9.4 Key Developments

    12.9.5 SWOT Analysis

    12.9.6 Key Strategy

    12.10 FUTEK Advanced Sensor Technology

    12.10.1 Company Overview

    12.10.2 Product/Business Segment Overview

    12.10.3 Financial Updates

    12.10.4 Key Developments

    12.10.5 SWOT Analysis

    12.10.6 Key Strategy

    13 Conclusion


    LIST OF TABLES

    Table 1 Torque Sensor Market, by Region, 2020–2027

    Table 2 North America: Torque Sensor Market, by Country, 2020–2027

    Table 3 Europe: Torque Sensor Market, by Country, 2020–2027

    Table 4 Asia-Pacific: Torque Sensor Market, by Country, 2020–2027

    Table 5 Middle East & Africa: Torque Sensor Market, by Country, 2020–2027

    Table 6 Latin America: Torque Sensor Market, by Country, 2020–2027

    Table 7 Global Torque Sensor Type Market, by Region, 2020–2027

    Table 8 North America: Torque Sensor Type Market, by Country, 2020–2027

    Table 9 Europe: Torque Sensor Type Market, by Country, 2020–2027

    Table 10 Asia-Pacific: Torque Sensor Type Market, by Country, 2020–2027

    Table 11 Middle East & Africa: Torque Sensor Type Market, by Country, 2020–2027

    Table 12 Latin America: Torque Sensor Type Market, by Country, 2020–2027

    Table 13 Global Torque Sensor Technology Market, by Region, 2020–2027

    Table 14 North America: Torque Sensor Technology Market, by Country, 2020–2027

    Table 15 Europe: Torque Sensor Technology Market, by Country, 2020–2027

    Table 16 Asia-Pacific: Torque Sensor Technology Market, by Country, 2020–2027

    Table 17 Middle East & Africa: Torque Sensor Technology Market, by Country, 2020–2027

    Table 18 Global Torque Sensor Application Market, by Region, 2020–2027

    Table 19 North America: Torque Sensor Application Market, by Country, 2020–2027

    Table 20 Europe: Torque Sensor Application Market, by Country, 2020–2027

    Table 21 Asia-Pacific: Torque Sensor Application Market, by Country, 2020–2027

    Table 22 Middle East & Africa: Torque Sensor Application Market, by Country, 2020–2027

    Table 23 Latin America: Torque Sensor Application Market, by Country, 2020–2027


    LIST OF FIGURES

    FIGURE 1 Global Torque Sensor Market Segmentation

    FIGURE 2 Forecast Methodology

    FIGURE 3 Porter’s Five Forces Analysis of Global Torque Sensor Market

    FIGURE 4 Value Chain of Global Torque Sensor Market

    FIGURE 5 Share of Global Torque Sensor Market in 2020, by Country (in %)

    FIGURE 6 Global Torque Sensor Market, 2020–2027

    FIGURE 7 Global Torque Sensor Market Size, by Type, 2020

    FIGURE 8 Share of Global Torque Sensor Market, by Type, 2020 to 2027

    FIGURE 9 Global Torque Sensor Market Size, by Technology, 2020

    FIGURE 10 Share of Global Torque Sensor Market, by Technology, 2020 to 2027

    FIGURE 11 Global Torque Sensor Market Size, by Application, 2020

    FIGURE 12 Share of Global Torque Sensor Market, by Application, 2020 to 2027