Torque Sensor Market Research Report - Forecast till 2027

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 | December 2022 | Region: Global | 100 Pages         

Torque Sensor Market

Torque Sensor Market is to reach USD 12.69 billion by the end of forecast period (2017-2023) with a CAGR of 7.82%.

Segmentation

By Type Rotary Torque Sensor Reaction Torque Sensor
By Technology Surface Acoustic Wave Magnetoelastic Optical Strain Gauge

Key Players

  • FUTEK Advanced Sensor Technology (US)
  • Hottinger Baldwin Messtechnik (Germany)
  • Sensor Technology (UK)
  • Sensor Technology (UK)
  • Kistler Holding (Switzerland)
  • Norbar Torque Tools
  • ABB (Switzerland)
  • Applied Measurements (UK)
  • Crane Electronics (UK)
  • Infineon Technologies (Germany)
  • Honeywell International (US)

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.
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Torque Sensor Market Synopsis


The Torque Sensor Market is expected to reach USD 12.69 billion by the end of forecast period (2017-2023) with a CAGR of 7.82%. It measures the mechanical process of torque that turns an element with its force. Today, torque sensors are used for various applications. The advancement in technology is bringing more development in torque sensors. The integration of wireless and digital feature in the torque sensors are leading to greater benefits. Increasing demand from industries is a crucial driver for the torque sensor market. Also, the aerospace, medical and automotive sector is driving massive demand for the torque sensor market.


Further, the growth in hybrid vehicles will create more opportunities for the torque sensor market. The torque technology testing fan, motor dynameters, hydraulic pumps, electric motor testing terminal testing is possible. New developments are happening in the wireless torque sensors all these factors are assumed to improve the torque sensor market scenario. Also, in the forecast period, the rotary torque sensor will have the highest requirement from the user end. With fuel efficiency and electrical power, steering needs will enhance the overall market scenario. 


COVID ANALYSIS 


The emergence of covid 19 is affecting day to day operations of global industries. Also, the impacts of this pandemic are immense on the torque sensors market. The torque sensors applications are crucial in industries. Most of the industries are shut down during this period. It is declining the demand for torque sensors. Industrial operations are slowing down.


However, gradually these operations will resume in the forecast period. Further, the automotive torque sensor market is facing fewer effects. The automotive market is expected to have more demand for this product in upcoming years. The rotary torques is a crucial part. They are used for a wide range of applications in automobile manufacturing units. The application is more suitable to efficiently complete the torque sensors. The lack of consumer inclination to purchase a new vehicle is affecting the automobile industry. Overall all these factors remain a challenge for the torque sensor market in the forecast period. 


Market Dynamic 



  • Crucial Market Drivers 


The increasing importance of torque measurement is a crucial driver for the torque sensor market. Torque measurement is an essential process in the automotive sector. For engine transmission testing, pump testing turbine testing and power measurement are some of the applications requiring torque measurement. The torque is one of the crucial parameters for the development of industrial and combustion motors. Further, the torque measurement is crucial for every machine that attains angular momentum. With the torque sensing the efficiency of the machines increases.


In the upcoming years, the demand for torque sensing for automotive will be spectacular. It will improve the overall torque sensor supply and demand in the forecast period 2027. Furthermore, the rising demand for hybrid vehicles is another driver for the torque sensor market. Hybrid vehicles require higher and wider applications of torque. The steady increase in the demand will lead to more profits for the market. Moreover, the rise in industrial automation is another driver for this market. The production of light vehicles is creating a positive impact in the industries. Due to this automation in the industries, the torque senor demand is rising. As per Torque Sensor Market Analysis expansion rate and profitability is higher in forecast period. 



  • Market Growth Opportunities 


The emergence of the new torque measurement technology will bring favourable opportunities for the torque sensor market. The basic torque measurement is evolving with advanced technologies. Their technological advancement will lead to high profits to the market. The advanced torque sensors come with even more features. The electromagnetic noise immunity is one of the exceptional features of this torque sensor.


The wireless torques is other modes that come with higher flexibility and a high-end design. These higher frequency torque technologies are ideal for the automotive and defence sectors. With wider applications, new growth opportunities will increase for the market. Especially, the demand from the automotive sector will be high. High performance, control and monitoring of this torque will be beneficial for the overall growth of the market. Further, the hybrid vehicle sector will use these advanced torque sensors in the forecast period. All these growth opportunities will enable Global Torque Sensor Market expansion in the forecast period 2027. 



  • The Market Restraints 


The low dependency of torque in the high-end application is the market restraint. The wide range of torque applications is in the marine, aerospace, racing and automobile sector. In these areas, the measurement of the torque requires high accuracy and reliability. The resistive and strain in gauge techniques can lead to error. Also, mistakes can happen in these torques measurements due to temperature changes and shaft rotation. These are the areas that decrease the dependency of torque.


 These inefficient measurements can cause much loss in these sectors. Due to this, the demand for the torque sensor in a higher application can decline. Furthermore, aerospace is the sector that requires torques with higher durability. In the recent tests, the torque is unstable for these applications. Still, the application of torque for large scale aerospace applications is doubtful. Low-reliability issues can hamper the growth of the torque sensor market. 



  • The Market Challenges 


The automotive is a crucial end-user of the torque sensor market. However, since covid 19, the demand from this end-user has drastically reduced. The leading countries such as the US and Europe has less demand for these torques. It can significantly affect the overall demand rate of this market.


 According to the international motor vehicle organizations, the demand for torque sensors is reduced y 23%. It is a massive figure that can cause a declining trend. Further, the profitability of the torque sensor market is affected due to less demand from the key end-user. 



  • Cumulative Growth Analysis 


The Torque Sensor Market trend is sharply rising in the forecast period. Rotary torque is expected to take over the highest market demand. It is essential in engine testing, gearbox testing, motor testing and much more applications. Also, the strain gauge segment of the market is adopted in many sectors due to its higher compatibility.


Further, the automotive end-user will contribute the highest profitability to the market. The demand driving factors of the market such as the higher need for torque measurement and demand for hybrid vehicles will bring positive changes. The low depend on this technology can act as a resistance. Also, low demand from the automotive sector is a challenge. As per Torque Sensor Market Statistics, Torque overall growth is surging.



  • Value Chain Analysis 


Asia Pacific region is the dominating regional player in the torque sensor market. As per Torque Sensor Market Research, it is a region with higher scope. China is one of the leading vehicle manufacturers. Also, a region such as South Korea and Japan are renowned motor manufactures.


Due to the massive vehicle industries, the investment is more. The need for a torque sensor remains absolute for the forecast period. The demand from the automotive sector is expected to drive demand for torque sensors. Also, it is a region with higher demand from the power and energy sector. All these factors will make Asia pacific the profitable torque senor market. 


Segment Overview 


By Type 



  • Reaction Torque Sensor

  • Rotary Torque Sensor


By Technology 



  • Magneto elastic

  • Strain Gauge

  • Optical

  • Surface Acoustic Wave (SAW)


By Application 



  • Aerospace  

  • Automotive 

  • Defence 

  • Test and measurement 

  • Industrial 


By Region 



  • Asia pacific 

  • Europe 

  • North America 

  • South America 


Competitive Landscape 


The torque sensors market has high competition due to several key players. The technological advancement by the players stirs competition. However, the key strategies of all these players are expansion, acquisition and more partnerships. 


Regional Analysis 


Key regions in the torque sensor market are Asia Pacific, Europe and North America. The Asia Pacific market will outgrow other regional players with the highest demand. The presence of leading automotive companies will propel the demand in this region. China is a key contributor for high Torque Sensor Market Growth opportunities.  


Furthermore, North America is the region with the highest demand for torque sensors. With heavy investment, more revenue rates and expansion is possible in this region. Further, technological advancements will be higher in US and Canada in 2027. Europe will have decent demand for torque former automotive sector. The innovations and torque sensors with added features will boost the overall demand in this region. 


The key players of the torque sensor market are 



  1. FUTEK Advanced Sensor Technology (US)

  2. Hottinger Baldwin Messtechnik (Germany)

  3. Sensor Technology (UK)

  4. Sensor Technology (UK)

  5. Kistler Holding (Switzerland)

  6. Norbar Torque Tools 

  7. ABB (Switzerland)

  8. Applied Measurements (UK)

  9. Crane Electronics (UK)



  • Infineon Technologies (Germany)



  1. Honeywell International (US)


Recent Developments 



  1. The key players in Europe are developing torque sensors that have bench systems. These systems will come with digital interfaces and accurate torque information of automobile parts. 

  2. The key players in Europe are patenting with as robot driving companies. Now, these robots will feature torque sensors and provide reliable information about vehicle torque levels. 


Market Overview 



  1. Market overview highlights 

  2. Analysis based upon COVID 19

  3. Explanation upon the Market Dynamics

  4. Value chain analysis

  5. Market segmentation overview

  6. The regional analysis

  7. Competitive landscape analysis

  8. Recent Developments



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.


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    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.

    Torque sensors measure the torque on rotating systems which include electric motors, engines, crankshafts, and gearboxes

    There are two types of torques sensors: Rotary Torque Sensor and Reaction Torque Sensor