Torque Sensor Market Overview
The global Torque Sensor Market is estimated to grow at a CAGR of 7.1% during the forecast period 2018–2023. The APAC Torque Sensor market is forecast to grow at the highest CAGR of 7.9% during the forecast period owing to the rise of the robotics sector in this region.
Torque Sensor Market Outlook
A torque sensor or a torque transducer is a device for measuring the torque of an engine or a rotating device. It converts mechanical input into an electrical output signal. According to IndustryARC findings, the Rotary Torque Sensor segment is estimated to grow at a CAGR of 7.1% during the forecast period. The growing demand for rotary torque sensors in the automotive sector coupled with increased testing of engine and other automotive parts is helping the market grow.
Torque Sensor Market Growth Drivers
The growth of Industry 4.0 has considerably increased the usage of different types of sensors. Increasing usage of rotary torque sensors in industrial automation coupled with the high demand for torque sensors from the robotic sector is driving the market for Torque Sensor. The shift from hydraulic power steering systems to electric steering systems owing to the rising environmental concerns is further boosting the demand for torque sensors.
Torque Sensor Challenges
The increased usage of torque sensors in various end user industries is helping the market grow. However, the downside to the large number of applications is the quality of torque sensors as well the orientation of the torque, which differs in different industries. This poses a major challenge for the market. The need to overcome dust, dirt, and adverse weather conditions while measuring the torque of heavy equipment is a major challenge in the torque sensor market
Torque Sensor Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Torque Sensor Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Torque Sensors, and their specific applications in different industry verticals.
Torque Sensor Market Report: Industry Coverage
Types of Applications of Torque Sensors: Automotive, Aerospace & Defense, Medical Sector, Agriculture, and Others
Types of Categories of Torque Sensors: Static and Dynamic
Types of Measurement Techniques: Reaction, In-Line, Infrared, Optical, and Others
The Torque Sensor market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Americas: The U.S., Canada, Brazil, Argentina, Mexico
- Europe: Germany, the U.K., France
- Asia-Pacific : China, Japan, Australia, South Korea
- RoW: Middle East and Africa
Torque Sensor Market Key Players Perspective
Bourns, headquartered in the U.S., is a leading company that offers non-contact torque sensors. The company launched its new non-contacting torque-only sensor (TOS) for automotive power steering systems in 2018. Commenting on the launch, the Vice President of Bourns, Jeff Pyle, said : “The addition of these new non-contacting torque sensors provides our customers with more versatile and cost-effective options that deliver the technologically-advanced solutions our customers have come to expect from Bourns.’’
Some of the other key players mentioned in this report are ABB, Kistler, Honeywell International Inc., Crane Electronics, and so on.
Torque Sensor Market Trends
- RISE Research Institutes of Sweden has introduced a new torque measurement standard which enables companies to perform calibrations of up to 5000Nm, thereby improving the calibration measurement techniques in laboratories.
- Advancements in torque sensors aimed at providing physical therapy to patients are driving the market towards growth. The Torque sensors developed by Sensing Systems are incorporated into PT machines to monitor and control the level of effort exerted by the patient.
- PCB Piezotronics launched the new PCB® Series 5300D TORKDISC® In-line Rotary Torque Sensor Systems specifically designed for applications where axial space is at a premium. It provides both static and dynamic torque measurement capability that can be recorded separately and independently scaled.