Torque Sensor Market by Type (Rotary Torque Sensors and Reaction Torque Sensors), Application (Test & Measurement, Automotive, Industrial, Aerospace & Defense, and Others), Technology, and Geography - Global Forecast to 2024
“Torque sensor market to grow at CAGR of 7.9% from 2018 to 2024”
The torque sensor market is expected to grow at a CAGR of 7.9%, to reach USD 14.8 billion by 2024 from USD 9.4 billion in 2018. The growth of this market can largely be attributed to factors such as increasing demand for advanced high-performance vehicles, growing importance of torque measurement, and rising demand for torque sensors for electric power steering (EPS) systems. However, the low reliability of available torque sensors in high-end applications is expected to restrict the growth of the said market to a certain extent.
“Rotary torque sensors to register highest growth in torque sensor market during forecast period”
The market for rotary torque sensors is expected to grow at the highest CAGR during the forecast period. Measuring and monitoring torque are the crucial parameters in most of all rotating parts, equipment, and machines to attain high-quality and optimum performance. These factors are expected to boost the adoption of rotary torque sensors in the automotive and industrial applications.
“Automotive to hold largest share to torque sensor market during forecast period”
Torque sensors find application in real-time torque measurement, engine performance measurement, engine improvement, transmission, chassis performance, and driveline of an automobile. Additionally, the high-performance commercial vehicles also require torque sensors for engine calibrations, safety, and transmission. Recently, the top Formula 1 teams have started using magnetoelastic torque sensors in racing applications. Therefore, the increase in demand for precise and accurate torque measurement in automotive applications is expected to drive the torque sensor market in the coming years.
“APAC to register highest growth in torque sensor market during forecast period”
APAC is an economically growing region owing to the presence of technologically strong countries such as China and Japan. The continuous rise in light vehicle manufacturing in APAC is a major contributor to the growth of the market in this region. A few of the world’s largest consumer electronics companies have their manufacturing sites in China, Japan, and Taiwan. Moreover, China, India, etc., rapidly growing economies, are home to a large number of process industries. These factors are projected to fuel the growth of the torque sensor market in APAC in the coming years.
Breakdown of primary participants’ profile:
By Company Type: Tier 1 = 20%, Tier 2 = 55%, and Tier 3 = 25%
By Designation: C-Level Executives = 45%, Directors = 30%, and Others = 25%
By Region: North America = 45%, Europe = 30%, APAC = 20%, and RoW = 5%
Key players in the torque sensor market include ABB (Switzerland), Crane electronics (UK), FUTEK Advanced Sensor Technology (US), Applied Measurements (UK), Honeywell International (US), Kistler Holding (Switzerland), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), and Infineon Technologies (Germany). The study includes in-depth competitive analysis of these key players in the torque sensor market, with their company profiles, recent developments, and key market strategies.
This study involves the torque sensor market size estimation as well as the growth potential of this market, across different segments, such as type, technology, application, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key growth strategies.
Key Benefits of Buying the Report:
The report would assist the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall torque sensor market and the subsegments. It would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report would also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.