Torque Sensor Market by Manufacturers, Type and Application, Regions, Segmentation and Forecast to 2023
Market Overview
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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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 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.
Segmental Analysis
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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Detailed Regional Analysis
The regional examination of torque sensor market covers regions such as Europe, North America, Asia Pacific, and the rest of the world regions, which include Africa, the Middle East, and Latin America. The global market is projected to develop at a momentous rate throughout the forecast period owing to positive market cues. Among the regions studied, the Asia Pacific region is anticipated to control the torque sensor market. Nations such as Japan, China, and South Korea are a few of the chief suppliers to the market. Furthermore, the increase in industrial automation and manufacturing of light vehicles in this region is motivating the torque sensor market. Also, the evolution of sectors such as oil & gas and aerospace in China and India is anticipated to boost the demand for torque sensors in the forecast period. The Asia Pacific region is trailed by the European region due to the incidence of automotive producers in the region. The innovative standards concerning corporate average fuel economy (CAFE) standards are empowering the expansion of the hybrid and electric vehicles in the region along with increasing fuel economy in vehicles, which is compelling the demand for torque sensors.
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