Global Torque Sensor Market: Growing Demand from Automotive and Transport Sector to Expand Market at 9.3% CAGR
Published On : Jan 04, 2016
Torque sensors or torque transducers are used to measure the torque of rotating systems such as the gearbox, electric motors, craft shifts, and others. Torque is an important parameter in all engines and machines and needs constant measurement and monitoring. The global torque sensor market is expected to expand at a CAGR of 9.3% during the period of 2015 to 2021. The market was worth US$1,105.9 mn by the end of 2015 and is expected to reach US$1,889.9 mn by 2021.
The global torque sensors market has been driven by increasing applications of torque sensors, rising demand from the automotive sector, and the introduction of precise torque measurement technology. The market has a huge opportunity to grow through the development of wireless and non-contact sensors, along with an increasing adoption rate of quality standard specifications.
Demand for Rotary Torque Sensors to Fall Considerably by 2021
On the basis of product type, the global torque sensor market has been segmented into reaction/static torque sensors, optical torque sensors, rotary torque sensors, surface acoustic wave (SAW) torque sensors, and others including the magnetoelastic torque sensors. In 2014, the rotary torque sensor segment accounted for the largest market share. Towards the end of 2015, the segment was anticipated to hold over 53% of the market. However, by 2021, the demand for rotary torque sensors is expected to fall considerably.
According to mechanical configuration, the global torque sensor market has been classified into shaft style and flange style. In terms of value, the flange style segment is estimated to expand at the highest rate between 2015 and 2021.
Automotive and Transport Sector to Drive Demand from Global Torque Sensor Market
In terms of applications, the global torque sensor market has been segmented into medical and healthcare, automotive and transportation, aerospace and defence, and others including oil and gas. Compared to other application segments, the automotive and transport segment is projected to generate the highest revenue in the coming years, due to a growing adoption of torque sensors in various automotive systems and an increasing demand for electric-powered steering systems. However, the segment is expected to register the slowest growth during the period from 2015 to 2021.
Torque Sensor Market in Middle East and Africa to Witness Fastest Growth during 2015-2021
The global torque sensor market has been segmented into five key regions: the Middle East and Africa, North America, Asia Pacific, Europe, and Latin America. Asia Pacific is anticipated to dominate the global torque sensors market. The region is expected to hold 31.9% market share by the end of 2015 and lead the market till 2021. However, between 2015 and 2021, the Middle East and Africa market is expected to register the fastest growth rate.
Key Players in Global Torque Sensor Market
Key players in the global torque sensor market are ABB Ltd., Crane Electronics Ltd., Interface Inc., ATI Industrial Automation Inc., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., HBM GmBH, Kistler Holding AG, Sensor Technology Ltd., and Datum Electronics Ltd.
The key players in the market are focusing on the development of innovative products. For example, in 2013, ATI Industrial Automation Inc. introduced Wireless F/T for up to six ATI torque transducers, which can be powered by an internal battery and an external power source. In April 2015, Crane Electronics Ltd. launched RFm. The sensor enables reading of torque and angle values in real time and converts them into digital values.
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