Torque Sensor Market – Synopsis
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%. 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.
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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.
Torque Sensor Market – 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.
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.
Torque Sensor Market – 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.
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Torque Sensor Market – Intended Audience
Torque Sensor Manufacturers
Torque Sensor Suppliers
Torque Sensor Distributors
Torque Sensor Retailers
Torque Sensor Wholesaler
Research Organizations and Consulting Companies.
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