Market Research Future published a research report on “Torque Sensor Market Research Report - Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Overview
Market Research Future (MRFR), in its recently published research report, asserts that the global torque sensor market is booming and expected to grow exponentially over the review period, recording a substantial market valuation USD 8.25 billion in 2017 and is expected to reach USD 12.69 billions by 2023 and a healthy 7.82% CAGR in the forecast period.
Drivers and Restraints
The Torque Sensor Market trends are the rising awareness in regards to the importance of torque measurement has been observed in various fields such as hybrid and electric automobile engines and medical prosthetics and they have included torque sensors in their operations. The global torque sensor market is poised to benefit from several potential applications, which is projected to be the key influential force behind its growth. With the development of wireless and non-contact torque sensors such as surface acoustic waves (SAW), optical torque sensors, and magnetoelastic, the market will get a further push. Moreover, the demand for precise torque capacity solutions is growing notably, enhancing the enormous growth projections for torque sensors. On the contrary, less reliable torque sensors for high-end applications might impede the growth of the market.
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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. The installation of reaction torque sensors is cost effective as these do not comprise of slip-rings, bearings, and other rotating elements. High accuracy and revolutions per minute (RPM) ratings can beckon its demand. Rotary torque sensors are used for gearbox testing, electric motor testing, dynamometer testing, automotive engine testing and drive train measurements. Developments in wireless and non-contact torque sensors are expected to increase the application of torque sensors in robotics.
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. Among all the applications, the automotive segment is the largest revenue generating segment and expects to continue its dominance throughout the forecast period. The growing demand for better fuel efficiency, electrical power steering, and condition-based maintenance are key drivers of the global 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.
Regional Analysis
Among the regions mentioned, Asia Pacific is expected to dominate the torque sensor market. Countries such as Japan, China, and South Korea are some of the major contributors to the market. Rise in industrial automation and production of light vehicles in this region are 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.
Europe has assumed the second position in the market owing to the presence of automotive manufacturers in the region. New standards such as corporate average fuel economy (CAFE) standards are enabling the development of electric and hybrid vehicles in the region along with improving fuel economy in vehicles. Rise in electric mobility owing to supportive infrastructure can spur demand for torque sensors.
Competitive Outlook
ABB, Sensor Technology, Crane Electronics, Norbar Torque Tools, FUTEK Advanced Sensor Technology, Hottinger Baldwin Messtechnik, Applied Measurements, Infineon Technologies, Honeywell International, and Kistler Holding are key players of the global torque sensor market.
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