Torque Sensors Market to Reach US$ 3.4 Bn by 2030; Reduced Manufacturing Activities amidst COVID-19 Outbreak Leading to Declining Demand
Published On : Aug 19, 2020
The global torque sensors market is expected to witness significant growth during the forecast period (2020 to 2030), at a CAGR of around 6%. Various factors such as emerging applications of torque sensors, rising demand for precise torque measurement technology, and high demand for use in automotive applications are driving the growth of the torque sensors market. Furthermore, development of non-contact and wireless sensors, growing adoption of quality standard specifications (such as ISO 9000), and imposition of strict government regulations related to machine safety in developed countries are other important factors leading to increasing sales of torque sensors across the globe.
Key Takeaways from Torque Sensors Market Study
- The rotary torque sensor segment is expected to remain dominant throughout the forecast period, with high revenue contribution. However, the segment is expected to lose some of its market share to other product segments over the coming years.
- In terms of mechanical configuration, the flange style segment is expected to expand at the highest CAGR over the forecast period.
- On the basis of application, the automotive & transportation application segment holds the largest share of the global torque sensors market, and is expected to remain dominant throughout the forecast period. Increasing adoption of torque sensors in various automotive systems, introduction of new types of torque sensors by key players, and increasing demand for electric-powered steering systems in vehicles are factors driving this segment.
- Asia Pacific and North America are leading regions in the global torque sensors market.
“The COVID-19 pandemic has put the brakes on the manufacturing industry, and, as a result, the demand for torque sensors will be sluggish till the containment of the virus and opening up of economies,” says a PMR analyst.
Torque Sensors Market Competition Analysis
Key market players in the global torque sensors market include 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., and Datum Electronics Limited. These key players are focusing on product innovations and launch of new products to cater to the emerging needs of customers. For example, ATI Industrial Automation, Inc. launched Wireless F/T, for up to six ATI multi-axis force/torque transducers, which can be powered by an internal battery as well as an external power source. Crane Electronics Ltd. launched RFm, which enables the reading of torque and angle values in real time, and converts them into digital values.
Find More Valuable Insights on Torque Sensors Market
Persistence Market Research puts forward an unbiased analysis of the global torque sensors market, providing historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. To understand the opportunities in the torque sensors market, the market is segmented on the basis of product, mechanical configuration, application, and region.
For additional insights on how growth of the torque sensors market will unfold over the next decade, write to the analyst at email@example.com
About PMR – Electronics, Semiconductor, and ICT Division
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
Torque Sensors Market
Global Market Study on Torque Sensors: High Demand for Rotary Torque Sensors Complementing Market Expansion
Global Market Study on Torque Sensors: High Demand for Rotary Torque Sensors Complementing Market ExpansionRequest TOC