A Torque Sensor Market size was valued at US$ 7.06 Bn. in 2022 and the total Torque Sensor revenue is expected to grow by 5.5% from 2023 to 2029, reaching nearly US$ 10.28 Bn.
Torque Sensor Market Overview:Global Torque sensors are devices that convert mechanical torque into electrical signals. A torque sensor, torque transducer, or torque meter is a device used to measure and monitor torque on a rotating body such as an automobile engine, crankshaft, gearing, converter, spindle, or bicycle crank. The report explores the Torque Sensor market's segments (Product Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2022 to 2029. The report investigates the Torque Sensor market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Torque Sensor market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report A major driver of the market growth is that torque measurement is becoming increasingly important in different industries. A Torque monitoring is useful in a variety of technological applications, including engine and gearbox testing, generator testing, compressor testing, and power measuring in rocket engines. Torque is one of the most important elements in the design of diesel engines and manufacturing motors. Torque measurement is also necessary for practically any machine that achieves angular momentum, such as bolt tops on medication containers and vehicles, to optimize mechanical characteristics. Torque-sensing is one technique for improving the efficiency of machinery, actuators, and integrated devices. Torque sensors are also used to inspect propellers, power drills, windmills, and power systems. As a result, demand for torque sensors has increased in recent years and the trend is expected to continue in the forecast period. A major restraint in the market growth is that the existing torque sensors in high-end systems have poor reliability. Torque sensors with the greatest precision and dependability are required for smooth and clear readings in some of the most demanding applications, e.g. aerospace, maritime, and motorsports. However, capacitive and piezo-resistive strain gauge approaches have been shown to add inaccuracies due to temperature fluctuations produced by rotary motion, which is a source of worry. Sensors used in aircraft components should be resistant to high temperatures so that they may be incorporated close to the combustion chamber. Although recent efforts to increase the accuracy of existing torque measuring systems have been effective, it continues to be an issue in large-scale applications. The key opportunity in the market is that new torque measuring technologies are being developed. Multiple novel torque measuring methods have emerged in recent years, the most prominent of which being magnetoelastic, and photonic technologies. Aside from being thin and compact, the sensors based on such technologies offer outstanding accuracy, high resolution, and good tolerance to electromagnetic noise. These torque sensors' battery-free and wireless operation allow seamless package design and seamless implementation with current system designs. Magnetoelastic torque sensors offer a far greater frequency range and are not affected by external factors, making them suitable for automobiles and aerospace applications. Such properties are anticipated to allow these torque sensors to be used effectively in several of the present torque operations; they would also open up new prospects for these instruments in high-performance control, predictive equipment maintenance, and vehicular monitoring.
Torque Sensor Market Segment Analysis:By Application, the automotive segment is expected to grow at a CAGR of 6.1% in the forecast period. Torque sensors have long been utilized in the automobile sector, as rotational torque sensors are used for inspecting gearboxes, strain assessment, clutches, braking, rear suspension, powertrain, and dynamic torque inside the engine. With increased automotive manufacturing, the market has innovation potential. Additionally, electric cars do not require a transmission or a clutch. Nonetheless, the engines create a torque that is needed to power a restricted range of engine speed or gears, as well as for acceleration. This increases the global demand for torque sensors in EV manufacturing. Moreover, as the demand for vehicles grows, the automotive industry's production sectors are using automation processes with sophisticated robots. Giant robots with great payload capacity and extended reach, for example, are used to fuse vehicle body pieces, whereas smaller robots are utilized to join parts and components like brackets and mounts. Every cycle, robotic MIG and TIG arc welding sets the flame in the same direction. To ensure that every design is forged to the same top standard with its consistent speed and arc spacing; Torque sensors are in high demand in the automobile industry due to such uses. Likewise, in North America and Europe, there is a high demand for autonomous cars and high-performance torque sensors in the automobile industry. Tesla, for example, puts a torque sensor on the steering wheel to identify whether or not drivers are paying any attention to the driving. Numerous motorists in the region have been widely recorded for manipulating the systems to keep their hands free. Such advancements enable automobile manufacturers to assure road safety.
Regional Insights:Countries e.g. Japan, South Korea, China, and India are quickly automating their industrial sectors to boost output efficiency and fulfill industry demands. Similarly, the commercial automation and robotics industries are seeing an increase in the deployment of rotational torque sensors, which is driving local the market. In India, the automobile sector leads the market for torque sensors. As per Catapult Organizations report 2022, electric cars constitute less than 1.1% of total car sales in India; nevertheless, the sector is growing and is estimated to be valued at least USD 7 billion by 2029. However, two-wheelers account for nearly 60 percent of the Indian automotive market, followed by three-wheelers at 40 percent. Also, favorable government regulations and hefty expenditures by manufacturers are likely to drive up demand for torque sensors in the Indian automotive sector. Japan, on the other hand, is the international leader in the production of robots and industrial automation systems, accounting for 30.5% of the global market. Also, international demand for industrial robots is increasing at a rate of 40 percent per year, with the global robotics industry expected to reach USD 250 billion by 2029. It demonstrates the increasing need for torque sensors in industrial automation. The objective of the report is to present a comprehensive analysis of the Torque Sensor market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Torque Sensor market dynamics, and structure by analyzing the market segments and projecting the Torque Sensor market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Torque Sensor market make the report investor’s guide.
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Torque Sensor Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 7.06 Bn. Forecast Period 2023 to 2029 CAGR: 5.5 % Market Size in 2029: US $ 10.28 Bn. Segments Covered: by Product Type Reaction Torque Rotational Torque by Application Automotive Aerospace Manufacturing Medical Other by Mechanical Configuration Shaft Style Flange Style by Technology Strain Gauge Surface Acoustic Wave Optical Magnetoelastic
Torque Sensor Market, by RegionNorth America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Torque Sensor Market Key Players1.ABB Ltd 2.Crane Electronics Ltd 3.HBK Benelux (Spectris PLC) 4.Applied Measurements Ltd. 5.Honeywell International 6.Norbar Torque Tools Ltd 7.Infineon Technologies AG 8.Teledyne Technologies, Inc. 9.TE Connectivity Ltd 10.Datum Electronics Ltd 11.PCB Piezotronics, Inc. 12.Kistler Instrumente AG 13.MagCanica, Inc. 14.FUTEK Advanced Sensor Technology 15.Interfaceforce FAQs: 1. Which is the potential market for the Torque Sensor in terms of the region? Ans. APAC is the potential market for the Torque Sensor in terms of the region. 2. What are the opportunities for new market entrants? Ans. The key opportunity in the market is that new torque measuring technologies are being developed. 3. What is expected to drive the growth of the Torque Sensor market in the forecast period? Ans. A major driver of the market growth is that torque measurement is becoming increasingly important in different industries. 4. What is the projected market size & growth rate of the Torque Sensor Market? Ans. The Torque Sensor Market size was valued at US$ 7.06 Bn. in 2022 and the total Torque Sensor revenue is expected to grow by 5.5% from 2023 to 2029, reaching nearly US$ 10.28 Bn. 5. What segments are covered in the Torque Sensor Market report? Ans. The segments covered are Product Type, Mechanical Configuration, Application, Technology and Region.
1. Global Torque Sensor Market: Research Methodology 2. Global Torque Sensor Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Torque Sensor Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Torque Sensor Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Torque Sensor Market Segmentation 4.1 Global Torque Sensor Market, by Product Type (2022-2029) • Reaction Torque • Rotational Torque 4.2 Global Torque Sensor Market, by Application (2022-2029) • Automotive • Aerospace • Manufacturing • Medical • Other 4.3 Global Torque Sensor Market, by Mechanical Configuration (2022-2029) • Shaft Style • Flange Style 4.4 Global Torque Sensor Market, by Technology (2022-2029) • Strain Gauge • Surface Acoustic Wave • Optical • Magnetoelastic 5. North America Torque Sensor Market(2022-2029) 5.1 North America Torque Sensor Market, by Product Type (2022-2029) • Reaction Torque • Rotational Torque 5.2 North America Torque Sensor Market, by Application (2022-2029) • Automotive • Aerospace • Manufacturing • Medical • Other 5.3 North America Torque Sensor Market, by Mechanical Configuration (2022-2029) • Shaft Style • Flange Style 5.4 North America Torque Sensor Market, by Technology (2022-2029) • Strain Gauge • Surface Acoustic Wave • Optical • Magnetoelastic 5.5 North America Torque Sensor Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Torque Sensor Market (2022-2029) 6.1. European Torque Sensor Market, by Product Type (2022-2029) 6.2. European Torque Sensor Market, by Application (2022-2029) 6.3. European Torque Sensor Market, by Mechanical Configuration (2022-2029) 6.4. European Torque Sensor Market, by Technology (2022-2029) 6.5. European Torque Sensor Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Torque Sensor Market (2022-2029) 7.1. Asia Pacific Torque Sensor Market, by Product Type (2022-2029) 7.2. Asia Pacific Torque Sensor Market, by Application (2022-2029) 7.3. Asia Pacific Torque Sensor Market, by Mechanical Configuration (2022-2029) 7.4. Asia Pacific Torque Sensor Market, by Technology (2022-2029) 7.5. Asia Pacific Torque Sensor Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Torque Sensor Market (2022-2029) 8.1 Middle East and Africa Torque Sensor Market, by Product Type (2022-2029) 8.2. Middle East and Africa Torque Sensor Market, by Application (2022-2029) 8.3. Middle East and Africa Torque Sensor Market, by Mechanical Configuration (2022-2029) 8.4. Middle East and Africa Torque Sensor Market, by Technology (2022-2029) 8.5. Middle East and Africa Torque Sensor Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Torque Sensor Market (2022-2029) 9.1. South America Torque Sensor Market, by Product Type (2022-2029) 9.2. South America Torque Sensor Market, by Application (2022-2029) 9.3. South America Torque Sensor Market, by Mechanical Configuration (2022-2029) 9.4. South America Torque Sensor Market, by Technology (2022-2029) 9.5. South America Torque Sensor Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 ABB Ltd 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Crane Electronics Ltd 10.3 HBK Benelux (Spectris PLC) 10.4 Applied Measurements Ltd. 10.5 Honeywell International 10.6 Norbar Torque Tools Ltd 10.7 Infineon Technologies AG 10.8 Teledyne Technologies, Inc. 10.9 TE Connectivity Ltd 10.10 Datum Electronics Ltd 10.11 PCB Piezotronics, Inc. 10.12 Kistler Instrumente AG 10.13 MagCanica, Inc. 10.14 FUTEK Advanced Sensor Technology 10.15 Interfaceforce