As per a new report published by Report Ocean, the global torque sensor market is likely to rise at a CAGR of nearly 7.9% between 2020 and 2027. The report is titled as “Global Torque Sensor Market Size study, by Type, by Technology, by Application, and Regional Forecasts 2020-2027.” In 2019, the market reported an overall value of US$10.1 Bn.
The global torque sensors market is anticipated to witness a significant rise over the next few years. The advent of new applications for torque sensors is likely to fuel their demand considerably. Robotics and medical prosthetics have emerged as the key application areas of torque sensors and the rising need for performance optimization and quality control in these applications is projected to maintain the high demand for torque sensors in the coming years as well.
The constant upgradation in sensing technology, together with the reduced prices, is reflected positively on the application of torque sensors, aiding the rise of the global torque sensors market. However, the lack of steadfast sensors for high-end applications will act as a hindrance in the growth trajectory of the worldwide market for torque sensors over the forecast period.
The demand for torque sensors is relatively higher in the automotive and transportation industry. The increased application of electric-powered steering systems in automobiles is driving the need for these sensors in this application segment.
North America to Remain Dominant on the Back of Existing Automotive and Industrial Markets
North America is the most prominent consumer and producer of torque sensors across the world. Due to the presence of huge automotive and industrial markets, the region is expected to continue dominating the global torque sensor market during the period of the forecast. The stringent government rules regarding vehicles is likely to boost the demand for high-quality components in automobiles, which in turn, will propel the regional market.
Asia Pacific is also anticipated to showcase a healthy CAGR between 2020 and 2027. The rising demand for advanced high-performance vehicles is anticipated to create lucrative growth opportunities for the torque sensor market across the Asia Pacific region.
Rising Application of New Sensing Technologies among Players to Boost Market’s Growth
With a large number of players, the competitive landscape of the global torque sensor market points towards a fragmented structure. Some of the leading players in this market are ABB, HBM, Crane Electronics, Honeywell International, and Kistler Holding. These players have taken up various strategies, such as new product launch, advancement in technologies, and mergers and acquisition, to gain a competitive edge over their peers.
New torque sensing technologies, such as optical, magnetoelastic, and surface acoustic wave-based wireless and non-contact sensors are gaining popularity among manufacturers due to their wide application bases. Recently, HBM introduced a strain-gauge technology-based torque sensor, T21WN. The response to this novel torque sensor was quite good and the company is committed to upgrading the technology in the coming years.
Other significant torque sensor producers are Futek Advanced Sensor Technology, Norbar Torque Tools, and Infineon Technologies.
Impact of COVID 19 on Global Torque Sensors Market
The coronavirus pandemic has a widespread impact on almost all the markets and the torque sensor market is no better. The demand for torque sensors is highest in the automotive, transportation, and the manufacturing markets. The lockdowns imposed by various governments across the world have forced these markets to slowdown and operate with minimal workforce. This has lowered the production efficiency and the procurement budget to a great extent, the impact of which is likely to reflect on the growth of the global torque sensors market in the near future.
- The demand for rotary torque sensors is expected to remain high throughout the forecast period.
- The flange style segment is likely to report the highest growth rate in the near future.
- The demand for torque sensors is significantly high in the automotive and transportation segment and is projected to continue on the same line.
- North America and Asia Pacific are the key regional torque sensors markets and are predicted to remain dominating over the next few years.
The Global Torque Sensor Market is segmented into:
- Rotary Torque Sensor
- Reaction Torque Sensor
- Strain Gauge
- Aerospace & Defense
- Test and Measurement
- North America
- Asia Pacific
- Latin America
- Rest of World
Companies Mentioned in this report:
- Crane Electronics
- Futek Advanced Sensor Technology
- Applied Measurements
- Honeywell International
- Kistler Holding
- Sensor Technology
- Norbar Torque Tools
- Infineon Technologies
Get Detailed Sample Pages with COVID-19 Impact Analysis at https://www.reportocean.com/industry-verticals/sample-request?report_id=bw1503
Company Name: Report Ocean
Contact Person: Nishi Sharma
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