The global torque sensor market size was valued at $8.39 billion in 2018 and is estimated to reach $16.82 billion by 2026, growing at CAGR of 7.7% from 2019 to 2026.A torque sensor is a device that measures and records the torque on a rotating system, such as an engine, crankshaft, gearbox, and others. There are two types of torque sensor namely, dynamic torque sensor and static torque sensor. Static torque is relatively easy to measure. Dynamic torque, on the other hand, is not easy to measure, since it generally requires transfer of some effect from the shaft being measured to a static system.
The demand for torque sensor in the commercial sector is expected to increase rapidly during the forecast period, owing to various factors such as rise in demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new torque measurement technologies. However, high installation cost is expected to hamper the market growth globally. The market for torque sensor in commercial sector is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. Furthermore, emerging application of torque sensor in healthcare vertical and evolution in the use of torque sensor in industrial applications offer lucrative opportunities for the torque sensor market growth globally.
The global torque sensor market is segmented on the basis of type, application, and region. Based on type, the market is analyzed across dynamic torque sensor and static torque sensor. On the basis of application, the market is divided into automotive, industrial, aerospace & defense, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in the report include ABB Ltd., Honeywell International corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Peozotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
GLOBAL TORQUE SENSOR MARKET SEGMENTATION
By Type
By Application
By Region
The demand for torque sensor in the commercial sector is expected to increase rapidly during the forecast period, owing to various factors such as rise in demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new torque measurement technologies. However, high installation cost is expected to hamper the market growth globally. The market for torque sensor in commercial sector is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. Furthermore, emerging application of torque sensor in healthcare vertical and evolution in the use of torque sensor in industrial applications offer lucrative opportunities for the torque sensor market growth globally.
The global torque sensor market is segmented on the basis of type, application, and region. Based on type, the market is analyzed across dynamic torque sensor and static torque sensor. On the basis of application, the market is divided into automotive, industrial, aerospace & defense, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The key players profiled in the report include ABB Ltd., Honeywell International corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Peozotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
GLOBAL TORQUE SENSOR MARKET SEGMENTATION
By Type
- Dynamic Torque Sensor
- Static Torque Sensor
By Application
- Automotive
- Industrial
- Aerospace & Defense
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TORQUE SENSOR MARKET, BY TYPE
CHAPTER 5: TORQUE SENSOR MARKET, BY APPLICATION
CHAPTER 6: TORQUE SENSOR MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
Executive Summary
According to the report titled, 'Torque Sensor Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2026,' the global torque sensor market size was valued at $8.39 billion in 2018 and is estimated to reach $16.82 billion by 2026, growing at CAGR of 7.7% from 2019 to 2026.The torque transducers are used to measure the torque of the systems that are rotating such as electric motors, gear box, craft shifts, and others. An important parameter in all the machines and engines is torque, which requires constant monitoring and measurement. The torque sensor market is growing, owing to rise in application of torque sensors in the automotive sector. The market has a great opportunity to grow, owing to the development in the non-contact and wireless sensors.
The global torque sensor market is expected to witness high growth rate during the forecast period, owing to an increase in demand for rotary and linear force torque sensors due to their wide usage in automotive application. Manufacturers of automotive are incorporating more torque sensors in their tools to add additional features and keep ahead of other players in the highly competitive market.
The sensors have penetrated in almost every industry vertical but have highest usage in automotive, followed by industrial and aerospace & defense, among others. Cars incorporate torque sensors such as rotary, reaction, pressure, and force, among others, to keep a track on parameters and provide a centralized system for automatic control. Increase in the trend of robotics in the production process is anticipated to boost the overall torque sensor market growth.
The torque sensors are used to keep a track of various parameters such as temperature, pressure, flow, level, and others to make the control of the whole process suitable and easy going through a robot. This is because the torque sensors measure and feed their values to a centralized unit, which controls these parameters automatically.
On the basis of torque sensor types, the dynamic torque sensor segment generated the highest revenue in 2018, followed by the static torque sensor segment. The torque sensor market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to witness substantial growth in the global automotive steering torque sensor market. This is attributed to increase in demand for such vehicles in various countries such as Germany and the U.K. The major factors that affect the adoption rate of torque sensor in North America include technological advancements and ongoing R&D activities in autonomous vehicles and in the automotive industry for the adoption of advanced technology. Moreover, rapid developments in the Middle East, in terms of technological developments and medical facilities fuel the growth of the LAMEA market.
The growth of the torque sensor market is driven by substantial growth in the demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new measurement technologies. However, high installation cost is expected to restrain the growth of the market. Furthermore, emerging application of torque sensor in healthcare vertical and evolution in the use of torque sensor in industrial application offer lucrative opportunities for the market growth.
According to Ankit Prajapati, Lead Analyst, Semiconductors & Electronics, “The global torque sensor market forecast is expected to witness considerable growth due to growing trend of incorporating safety features in vehicle along with the stringent government policy toward emission control. In addition to its uses in automotive, torque sensors are also used in industrial segments to keep check on the machine health, which is significant to ensure optimal production level and for predictive maintenance. The global torque sensor industry is projected to witness significant growth, especially in the emerging economies such as Asia-Pacific and LAMEA during the forecast period.”
KEY FINDINGS OF THE STUDY
- By type, the static torque sensor segment generated the highest revenue in the market in 2018.
- By application, the automotive segment generated the highest revenue in the market in 2018.
- By region, Asia-Pacific secured highest share in torque sensor industry in 2018.
The key torque sensor market leaders profiled in the report include ABB Ltd., Honeywell International corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Peozotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM. These key players adopted several strategies such as new product launch and development, acquisition, partnership &collaboration, and business expansion to increase theirtorque sensor market share.
Companies Mentioned
- ABB Ltd.
- Honeywell International corporation
- Infineon Technologies
- Kistler Group
- Sensor Technology
- PCB Peozotronics
- Crane Electronics
- Datum Electronics
- Futek Advanced Sensor Technology Inc.
- HB
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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