Yahoo Finance Torque Sensor Market to Benefit from Rapid Technological Advancements During the Forecast Period 2021-2027
The increasing significance of torque measurement is expected to drive the global torque sensor market growth over the forecast period
PLEASANTON CA, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The Global Torque Sensor Market is expected to grow from USD 6.5 Bn in 2020 to USD 12.2 Bn by 2027, at a CAGR of 9.5%.
The increasing focus regarding the significance of torque measurement has been stated in numerous fields which include hybrid & electric vehicle engines and medical prosthetics. The global torque sensor market is expected to benefit owing to the numerous capability applications that are projected to be the important factor that drive the market growth. With the development of wireless and non-contact torque sensors along with optical torque sensors, Surface Acoustic Waves (SAW), and magnetoelastic, proliferating the market growth. Moreover, the demand for accurate torque measurement solutions is developing tremendously, supplementing the huge growth possibilities for the torque sensor market.
The growing trend toward automation throughout all end-user industries is fueling the demand for industrial robots. The torque measurement is a major parameter in rotating components of the industrial robots that might increase the adoption of the torque sensors in the robots. Furthermore, with the growing need to enhance safety, control, and pilot operations, aerospace organizations are anticipated to undertake torque sensors because these sensors measure torque in-flight controls, actuation systems, and braking systems.
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The most demanding applications, which include aerospace, marine, and racing, require torque sensors with the highest accuracy and reliability for clean and reliable measurements. However, resistive and piezo-resistive strain gauge techniques are recognized to introduce errors due to temperature fluctuation precipitated through the shaft rotation, which is an area of challenge in the global market. Sensors used in aerospace applications need to control high-temperature sturdiness so they may be included in close areas to the combustion chamber. Although the current attempts to enhance the existing torque measurement technology for advanced accuracy were successful, it remains a challenge in large-scale applications, restraining the torque sensor market growth.
The key players operating in the torque sensor market are:
Crane Electronics Ltd, ABB, FUTEK Advanced Sensor Technology, Inc., Applied Measurements Ltd., HBK, Honeywell International Inc., Kistler Group, Norbar Torque Tools, Sensor Technology Ltd, Infineon Technologies AG, Teledyne Technologies Incorporated, Interface, Inc., MagCanica, Inc., PCB Piezotronics, Inc., TE Connectivity
The automotive sector uses torque sensors throughout an extensive range of applications which encompass performance, transmission, driveline, testing for fuel performance that in turn is expected to increase the torque sensor market growth over the forecast period. The increasing trend towards automated transmission cars especially small and medium scale passenger vehicles is being found in developing countries such as China, India and others.
Global Torque Sensor Market by Region Outlook (Revenue, USD Million, 2021-2027)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
In terms of geography, Asia Pacific is growing at the highest CAGR during the forecast period owing to high growth in the automotive sector. Moreover, the region is also expected to hold the largest market for industrial applications. For instance, according to the Indian Brand Equity Foundation, in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories. The increasing need for energy production and large-scale manufacturing of different types of goods for export are propelling the market for torque sensors.
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The Global Torque Sensor Industry Segmentation:
Global Torque Sensor Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
Rotary Torque Sensor
Reaction Torque Sensor
Global Torque Sensor Market by Technology Industry Outlook (Revenue, USD Million, 2021-2027)
Strain Gauge
Surface Acoustic Wave (SAW)
Optical
Magnetoelastic
Global Torque Sensor Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
Automotive
Test & Measurement
Industrial
Aerospace & Defense
Others
Key Findings:
Based on the type, the reaction torque sensor segment is growing at a significant rate during the forecast period
Based on the application, the industrial segment held the largest market share in 2020
Based on region, Asia Pacific is growing at the highest CAGR during the forecast period
Recent News:
In November 2020, HBK launched a brand new torque transducer T40CB offering a central borehole that makes it ideal for checking out vehicle components in limited spaces. It also features analog and digital interfaces, which ensure it integrates with many different test bench systems.
April 2021, Datum Electronics Ltd partnered with Nautils Labs to offer shipowners, operators, technical managers, and charterers a comprehensive vessel digitalization and predictive decision support solution.
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