ID: MRFR/SEM/5587-HCR | February 2021 | Region: Global | 100 pages
The 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%.
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 torque sensor market. 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 torque sensor market during the forecast period. However, low reliability in high end applications is expected to hamper the growth of torque sensor market.
The torque sensor 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.
Torque Sensor Market, USD Billions
Source: MRFR Analysis
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 torque sensor market growth. These include Datum Electronics Ltd. (UK), PCB Piezotronics Inc. (US), TE Connectivity (Switzerland) and HBM Test and Measurement (US), and others.
|Market Size||USD 12.69 Billion|
|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||
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