The Global Torque Sensor Market was valued at USD 6.5 Bn in 2020 and is expected to reach USD 12.2 Bn by 2027, with a growing CAGR of 9.5% during the forecast period.
A torque sensor or torque transducer or torquemeter is a device that is used for measuring and recording the torque on a rotating system, such as an engine, crankshaft, gearbox, transmission, rotor, bicycle crank or cap torque tester. It is used in marine, offshore, automotive, and aerospace engineering. Torque sensors are categorized into two types i.e. reaction torque sensor and rotating torque sensor.
Global Torque Sensor Market Dynamics:
The increasing use of torque sensors in the automotive sector, coupled with the growing demand for high-performance cars are a major influencing factor that drives the growth of the torque sensor market. The availability of diverse types of torque sensors for different applications and rising awareness related to the importance of torque measurement contributed to the growth of the torque sensor market.
In addition, the advent of industry 4.0 is the considerable factor that drives the torque sensor market during the forecast period. Increasing usage of rotary torque sensors in industrial automation coupled with the rising demand for torque sensors from the robotic industries propels the demand for torque sensors. Moreover, the shift from hydraulic power steering systems to electric power steering systems increases the demand for torque sensor market because it is used for highly precise measurement of the steering torque for exacting safety requirements placed on electric steering systems.
By Type
By Technology
By Application
By Region
Torque Sensor Market Company Profiles and Competitive Intelligence:
Based on the type, the rotary torque sensor segment is expected to grow at the highest CAGR during the forecast period owing to the broad range of applications in automotive industries
Based on the type, the torque sensor market has been segmented into rotary torque sensor and reaction torque sensor. The rotary torque sensor segment in torque sensor industry is expected to grow at the highest CAGR during the forecast period due to broad range of applications such as automobile engine testing, drivetrain measurement, dynamometer testing, and others. Moreover, rotary torque sensors are also witnessing the launch of advanced product offerings by prominent players in the torque sensor industry, proliferating the segment growth during the forecast period.
Based on the application, the automotive segment is growing at the highest CAGR during the forecast period because most automobile manufacturers use torque sensors for calibrating automatic transmissions and mapping engine torque
Based on the application, the torque sensor market is segmented into automotive, test & measurement, industrial, aerospace & defense, others. The automotive segment in torque sensor industry is growing at the highest CAGR during the forecast period owing to various applications in the automotive industry such as strain measurement, testing of clutch and gearboxes, and dynamic torque within the engine. Moreover, powertrain, brake, and suspension systems are tested using torque sensors, which are also used to measure horsepower in the demand of improving fuel efficiency. For instance, NSK Ltd., the U.S. based company, stated that torque sensor can help deliver shock-free gear shifting enabling the use of a larger step ratio to deliver 7 percent increased fuel economy.
Based on region, North America is expected to dominate the torque sensor market during the forecast period
North America is expected to dominate the torque sensor market during the forecast period owing to the increasing presence of prominent system suppliers, leading semiconductors companies, competitive aerospace & defense, and medical Original Equipment Manufacturers (OEMs). Medical applications which is currently a niche market segment for torque sensors is expected to witness considerable growth with the emergence of medical robotics, and the increasing demand for better healthcare services, proliferating the torque sensor market growth in the region.
The report also provides an in-depth analysis of torque sensor market dynamics such as drivers, restraints, opportunities, and challenges:
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Torque Sensor Market Analysis:
The torque sensor market was impacted negatively due to the adverse impact on the automotive industry during the COVID-19 pandemic. The automotive and aerospace & defense industries are the major end-users of torque sensors. Both these industries have been adversely affected due to the decline in demand for motor vehicles and the reduced number of aircraft orders due to travel restrictions and lack of consumer confidence. For instance, according to the International Organization of Motor Vehicle Manufacturers, the global auto production in 2020 severely hit by COVID-19 pandemic with a 16% drop in world auto production.
*Note: A detailed analysis is specific to the market will be provided in the report.
The report also provides an in-depth analysis of key trends in the torque sensor market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
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Table of Contents Torque Sensor Market:
Market Introduction
Research Methodology
Executive Summary
Premium Insights
Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
Market Dynamics
COVID – 19 Opportunity Mapping
Regional Market Analysis
Company Profiles
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