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 billion by 2023 and a healthy 7.82% CAGR in the forecast period.
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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 major 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.
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.
Based on the type, the market is bifurcated into the rotary torque sensor and reaction torque sensor. The rotary torque sensor is further divided 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 market is segmented into automotive, industrial, test & measurement, aerospace & defense and others. the automotive sector is the leading application segment to the market growth driven by the penetration of electric billion steerings (EPAS) systems in automobiles, torque sensors are witnessing high demand over the review period.
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The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
The Asia Pacific region accounts for a considerable share in the market and is slated to lead in the review period as well. The emerging economies of Asia Pacific such as China and India are the leading market contributors. A rise in the number of manufacturing industries in China and the development of the oil and gas and aerospace industries in India have driven the growth of the market. In addition, increasing the implementation of industrial automation technologies by industries all over the region has augmented the growth prospects in this region.
On the other hand, Europe is assessed to be a major contributor to the market growth in the near future. Technological developments made in the field of torque sensing and growing demand for better fuel efficiency are the factors supplementing the torque sensor market size. In Europe, the new corporate average fuel economy (CAFE) standards have put enormous pressure on auto manufacturers to accelerate the growth of electric and hybrid vehicles as well as drastically improve the fuel economic dynamics on their prime selling models, thus increasing the torque sensor market demand.
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