Torque Sensor Market To Attain USD 12.69 Billion | Market Report Covers Market Analysis, Size, Trends, Growth, Revenue – Forecast to 2023
Market Research Future (MRFR), in its recently published research report, asserts that the global torque sensor market is likely to secure a substantial market valuation from USD 8.25 billion in 2017 to reach USD 12.69 billion by 2023 at healthy 7.82% CAGR in the review period.
Drivers and Restraints
The torque sensor industry developments are the increasing awareness of the value of torque calculation in different fields, such as hybrid and electric car engines and medical prosthetics, which have used torque sensors in their operations. The global torque sensor market for torque sensors is primed to gain from several potential applications, which are projected to be the vital force behind their production. The industry will get a further boost with the advent of wireless and non-contact torque sensors such as surface acoustic waves (SAW), optical torque sensors, and magnetoelastic.
Segmental Analysis
Based on the type, the torque sensors market is bifurcated into the rotary torque sensor and reaction torque sensor. The rotary torque sensor is further segmented 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 torque sensors market is segmented into automotive, industrial, test & measurement, aerospace & defense, and others. The automotive sector is the dominant application segment to the market growth driven by the penetration of electric billion steerings (EPAS) systems in automobiles, and torque sensors are witnessing high demand over the review period.
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Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
The Asia Pacific region holds a significant market share and is also expected to lead in the analysis period. Asia Pacific's developing economies, such as China and India, are the main contributors to the markets. The increase in the number of manufacturing enterprises in China, and the advancement of India's oil and gas and aerospace enterprises, has powered business growth. Growing industrial automation development adoption by companies throughout the world has, therefore, improved growth opportunities in this world.
Competitive Analysis
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 significant 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.
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TABLE OF CONTENTS:
1. MARKET INTRODUCTION
2. RESEARCH METHODOLOGY
3. MARKET DYNAMICS
4. EXECUTIVE SUMMARY
5. MARKET FACTOR ANALYSIS
6. TORQUE SENSORSS MARKET, BY SEGMENTS
7. COMPETITIVE ANALYSIS
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