The market for India torque sensor is forecast to reach $437.8 million by 2025, growing at a CAGR of 6.84% from 2020 to 2025. 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. The rising demand for torque sensors owing to the increasing adoption of the electric vehicles is set to boost the torque sensor market.
The report: “India torque sensor Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the India torque sensor market.
By Measurement technique: Reaction, In-line, Infrared, Optical, Slip ring, Rotary torque sensors(contact based, non contact based sensing) Others
By Application: Automotive, Test and Measurement, Robotics, Manufacturing, Medical, Industrial, Aerospace & Defense, Others
By Geography: North, West, East, South
- Automotive is analysed to hold the highest share in 2019 owing to the wide spread applications due to the increasing efficiency in the electric steering systems.
- South Indian region is dominating the market as of 2019, mainly attributed to the increasing start-ups owing to the government regulations in the region.
- The trend in the adoption of the electric vehicles owing to the high efficiency is set to drive the India torque sensor market.
By Measurement Technique
Optical torque sensors are set to hold the highest market share in 2019 and are analysed to grow at highest rate during the forecast period 2020-2025 owing to low torque and high bandwidth applications. Optical sensors have greater sensitivity and better electrical passiveness when compared to other technologies, therefore these are highly deployed in various applications such as automotive, industrial and others, this is set to boost the market growth rate.
Automotive application is analysed to hold the highest share in 2019, and is analysed to grow it highest rate during the forecast period 2020-2025. This is mainly attributed to the high deployment of the torque sensors in the applications including real-time torque measurement, engine performance measurement, engine improvement, transmission, chassis performance and others. Adding to this, the growing adoption of the electric vehicles and the efficiency provided by the torque sensors owing to their efficiency due to the deployment of is set to boost the market growth rate. In 2017, Indian government has announced to manufacture the 100% electric vehicles by 2030.
Geography - Segment Analysis
South region is analysed to be the dominant one in 2019 and is analysed to grow at highest rate during the forecast period 2020-2025. This is majorly attributed to the growing start-ups for the electric vehicles in the region. Invest in India has stated that Ather Energy, a Bengaluru-based EV start-up, develops and manufactures its own e-scooters, offers charging infrastructure through its ‘Ather Grid’. As stated by government of India, Investments in Indian EV start-ups by corporate, venture capital and private equity firms has seen a growth of 170% with a total of $376M being invested in 2019, as compared to $147M in 2018. In July, 2019, Ola Electric mobility has stated that it has raised $250M for the development of the electric vehicles. All these developments aiming at the development of electric vehicles are set to escalate the torque sensors market during the forecast period 2020-2025.
Drivers – India torque sensor market
- Increasing trend towards adoption of the electric vehicles
The deployment of torque sensors in electric vehicles increases the efficiency of the vehicles as they provide huge advantages when utilized for motor characterization. Therefore the increasing adoption of the electric vehicles globally is set to impact the growth of the torque motors as EV manufacturers strive for increased efficiency. As stated by Society of Manufacturers of Electric Vehicles, the Indian EV sales stood at 126,000 units for electric two-wheelers and 3,600 units for electric four-wheelers in FY19. The rapid growth witnessed in the electric mobility sector in conjunction with the government’s push towards electric mobility is set to drive the market for India torque sensor market during 2020-2025.
- Rise of Industrial automation
Industry 4.0's development has considerably increased the use of various sensors. Growing use of rotary torque sensors in industrial automation coupled with the high demand from the robotic sector for torque sensors is driving the Torque Sensor market. Adding to this, 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.
Challenges – India torque sensor market
- Low reliability of the torque sensors
The available torque sensors are less reliable when compared to other sensors in the high end applications. The increased usage of torque sensors in various end user industries is boosting 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.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the India torque sensor market. India torque sensor driver market is expected to be dominated by major companies such as ABB, Crane electronics, FUTEK Advanced Sensor Technology, Applied Measurements, Honeywell International, Kistler Holding, Sensor Technology, Hottinger Baldwin Messtechnik, Norbar Torque Tools among others.
- In 2019, Himmelstein launched MCRT 79800V dual range digital torque sensors that measure low running and high load torques without the inconvenience of swapping conventional sensors.