Torque sensors are devices that are used for measuring the torque of rotating systems such as electric motors, engines, gearboxes, craft shifts, etc. Torque measurement and monitoring is an important parameter as far as all machines and engines are concerned.
The global torque sensor market is expected to witness significant growth over the forecast period of 2020 to 2030, due to emerging applications of torque sensors, increasing demand for precise torque measurement technology, and high demand from the automotive application segment.
On the other hand, technological challenges due to diversity in the application of torque sensors is expected to be a major restraining factor for the expansion of the global torque sensor market size during the forecast period of 2020 to 2030.
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- ABB Ltd.
- ATI Industrial Automation, Inc.
- FUTEK Advanced Sensor Technology, Inc.
- Interface Inc.
- Honeywell International Inc.
- Crane Electronics Ltd.
- Kistler Holding AG
- HBM GmBH
- Sensor Technology Ltd.
- Datum Electronics Limited
Torque Sensors Market Trends
High Demand for Rotary Torque Sensors: Rotary torque sensors are used widely in automotive applications. Some of the important applications of rotary torque sensors in the automotive industry include automotive engine testing, electric motor testing, efficiency testing, etc. Additionally, rotary torque sensors are also witnessing the launch of advanced product offerings by key players in the torque sensors market in order to cater to the emerging needs of respective customers.
Rising Need for Accurate Torque Measurement Technology: The global torque sensors market is expected to witness significant growth over the forecast period, due to the emergence of new applications for torque sensors. Growing emphasis on performance optimization and quality control across various industries is encouraging the adoption of torque sensors for various applications. Emerging applications of torque sensors in robotics and medical prosthetics are expected to be a major driving factor for the growth of the market over the coming years.
Development of Non-contact & Wireless Sensors: Manufacturers are focusing on the integration of new torque sensing technologies such as development of non-contact and wireless sensors based on surface acoustic wave (SAW), magnetoelastic, and optical torque sensing technologies. Advancements in sensing technology along with reduction in prices have increased the application of torque sensors, and, as such, aided the growth of the global torque sensors market space.
Strict Government Regulations Related to Machine Safety in Developed Countries: Strict government regulations related to machine safety in developed countries such as the U.S., U.K., Canada, Germany, and France are significantly increasing the adoption of advanced systems such as torque sensors across various industries.
If the force generated along with torque is reduced, the safety of machines and operations can be significantly enhanced. Technological advancements in torque sensors have resulted in improvement in performance, accuracy, and reliability, while ensuring enhanced safety.
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Regional Outlook of Torque Sensors Market
East Asia holds a major global torque sensors market share of around 29%, and the region is expected to retain its dominance throughout the forecast period. The market in North America holds the second-largest share, and is expected to expand at the highest CAGR of nearly 8% through 2030. Europe and South Asia and Pacific follow next with decent sales of torque sensors.
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COVID-19 Impact on Torque Sensors Market
Lagging adoption in the manufacturing industry is likely to suppress market growth. Nationwide lockdowns across the globe due to the COVID-19 pandemic have forced end users in the manufacturing industry to operate at minimum workforce attendance, which has consequently lowered production efficiency and procurement budgets. These factors are set to hamper the growth of the torque sensors market in the near term.
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The global torque sensors market is set to witness steady growth at a CAGR of around 6% over the forecast period of 2020 to 2030. Stakeholders in this market space can look to Asia and North America for increasing their sales and profits over the coming years. Rotary torque sensors will experience a bulk of the demand pie, which is something manufacturers can look to capitalize on in the near future.
Torque Sensors Market: Segmentation
PMR’s research study on the global torque sensors market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the torque sensors market has been offered on the basis of product, mechanical configuration, application, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Torque Sensors Market: Key Questions Answered in Report
The research study on the torque sensors market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the torque sensors market report answer some of the most salient questions that assist stakeholders in gauging all the emerging possibilities.
- How has the rapidly changing business environment turned into a major growth engine for the torque sensors market?
- What are the underlying macroeconomic factors impacting the growth of the torque sensors market?
- What are the key trends that are constantly shaping the growth of the torque sensors market?
- Which are the prominent regions offering plentiful opportunities for the torque sensors market?
- What are the key differential strategies adopted by key players to command a significant chunk of the global market share?
- How is the COVID-19 pandemic impacting the global torque sensors market?