Market Research Future (MRFR), in its recently published research report, asserts that the global torque sensor market is likely to secure a substantial market valuation from USD 8.25 billion in 2017 to reach USD 12.69 billion by 2023 at healthy 7.82% CAGR in the review period.
Drivers and Restraints
The torque sensor industry developments are the increasing awareness of the value of torque calculation in different fields, such as hybrid and electric car engines and medical prosthetics, which have used torque sensors in their operations. The global torque sensor market for torque sensors is primed to gain from several potential applications, which are projected to be the vital force behind their production. The industry will get a further boost with the advent of wireless and non-contact torque sensors such as surface acoustic waves (SAW), optical torque sensors, and magnetoelastic. In fact, demand for specific torque power solutions is increasing dramatically, enhancing the significant growth forecasts for torque sensors. On the contrary, less robust torque sensors for high-end applications could impede market development.
Segmental Analysis
Based on the type, the torque sensors market is bifurcated into the rotary torque sensor and reaction torque sensor. The rotary torque sensor is further segmented into contact-based sensing and noncontact-based sensing.
On the basis of the technology, the torque sensors market is segmented into surface acoustic wave (SAW), magnetoelastic, optical, and strain gauge.
Based on the application, the torque sensors market is segmented into automotive, industrial, test & measurement, aerospace & defense, and others. The automotive sector is the dominant application segment to the market growth driven by the penetration of electric billion steerings (EPAS) systems in automobiles, and torque sensors are witnessing high demand over the review period.
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Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
The Asia Pacific region holds a significant market share and is also expected to lead in the analysis period. Asia Pacific's developing economies, such as China and India, are the main contributors to the markets. The increase in the number of manufacturing enterprises in China, and the advancement of India's oil and gas and aerospace enterprises, has powered business growth. Growing industrial automation development adoption by companies throughout the world has, therefore, improved growth opportunities in this world.
Competitive Analysis
The major market players operating in the global torque sensors market as identified by MRFR are Applied Measurements (UK), Infineon Technologies (Germany), ABB (Switzerland), Honeywell International (US), Crane Electronics (UK), Kistler Holding (Switzerland), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), and FUTEK Advanced Sensor Technology (US). These players contribute a significant share in the growth of the Torque Sensor market.
Apart from the top key players, there are other entrants that contribute to the market growth, including PCB Piezotronics Inc. (US), Datum Electronics Ltd. (UK), TE Connectivity (Switzerland) and HBM Test and Measurement (US), and others.
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TABLE OF CONTENTS:
- MARKET INTRODUCTION
- RESEARCH METHODOLOGY
- MARKET DYNAMICS
- EXECUTIVE SUMMARY
- MARKET FACTOR ANALYSIS
- TORQUE SENSORSS MARKET, BY SEGMENTS
- COMPETITIVE ANALYSIS
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Torque Meters by Advancetech Pvt Ltd), a leading manufacturer producing a massive choice of Torque Transducers, utilizing one of the most advanced modern technologies in the Sensing unit Industry: Metal aluminum foil stress scale modern technology.
It is specified as a transducer made use of for torque measurement (torque sensing) that transforms an input mechanical torque into an electric output signal.
As the torque put on the sensing unit boosts, the electric output signal changes proportionally (torque detector).
Rotational sensors (or dynamic torque sensing unit) are utilized in applications where the torque dimension has to be taken at a rotating shaft, engine or a stationary motor.
In this case, the transducer needs to turn in-line connected to the shaft.
A rotary torque transducer is fitted with a slip ring or cordless electronic devices to send the torque signal while rotating (non-contact sensor).
A new market study, titled “Torque Sensor Market” has been featured on Market Research Future which is expected to reach a valuation of USD12.69 Billion with a CAGR of 7.82% during the forecast period (2018–2023).
The market report provides a wide-ranging analysis of this industry vertical highlighting the key growth factors, opportunities and constraints expected to shape the market dynamics during the forecast period.
MRFR offers in-depth industry analysis across multiple sectors.
The report also investigates the impact of the COVID-19 pandemic on the global Torque Sensor market.The expansion of torque sensor applications is expected to spur the torque sensor market 2020.
The increasing trend toward improved fuel economy and electric power steering is expected to strengthen market development in the future.
However, the low reliability of high-end applications is expected to hinder the growth of the torque sensor market but increasing demand for better fuel efficiency, electric power steering and condition-based maintenance are one of the key factors influencing the growth of the torque sensor market.The prominent key players in the torque sensor market are Applied Measurements (UK), Kistler Holding (Switzerland), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), Sensor Technology (UK), ABB (Switzerland), Honeywell International (US), Infineon Technologies (Germany), Crane Electronics (UK), and FUTEK Advanced Sensor Technology (US).Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/7052Segmental Analysis:By type,Rotary torque sensorReaction torque sensorBy technology, Surface acoustic wave (SAW)MagnetoelasticOpticalStrain gaugeBy application, AutomotiveIndustrialtest & measurementAerospace & defense and others.Regional analysis: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).
