Torque Sensors Market size was valued at USD 6.9 Billion in 2021, registering a CAGR of 5.8% during the forecast period (2022-2030), and the market is projected to be worth USD 11.5 Billion by 2030.
Torque sensors, also known as torque transducers, are devices that measure the torque of rotating systems such as electric motors, crankshafts, engines, and gearboxes. Torque measuring and monitoring is an essential component of all machinery and engines. Torque sensors are classified into four types based on their application: rotational torque sensors, response torque sensors, optical torque sensors, surface acoustic wave (SAW) torque sensors, and others (magnetoelastic torque sensor).
Torque Sensors Market Research Report” was just released by Market Research Community. It is divided into several categories, including By type (Dynamic Torque Sensor, Rotary torque sensor, Non-contacting torque sensor, Static Torque Sensor), By application (Automotive, Industrial, Aerospace & Defense, Healthcare, Others), By Mechanical Configuration (Shaft Style, Flange Style) and companies (Futek Advanced Sensor Technology Inc., HBM, Kistler Group, PCB Piezotronics, Infineon Technologies, Sensor Technology, ABB Ltd., Honeywell International Inc., Crane Electronics, Datum Electronics), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 5.8%, over the forecast period of 2022–2030.
The increased adoption of Torque Sensors in the Sensors & Controls industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Torque Sensors also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Torque Sensors in many sectors also boosts the market growth during the forecast period.
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||11.5 Billion|
|By Type||Dynamic Torque Sensor, Rotary torque sensor, Non-contacting torque sensor, Static Torque Sensor|
|By Application||Automotive, Industrial, Aerospace & Defense, Healthcare, Others|
|By Mechanical Configuration||Shaft Style, Flange Style|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||Futek Advanced Sensor Technology Inc., HBM, Kistler Group, PCB Piezotronics, Infineon Technologies, Sensor Technology, ABB Ltd., Honeywell International Inc., Crane Electronics, Datum Electronics|
The COVID-19 pandemic has had a substantial negative influence on the Torque Sensors market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Futek Advanced Sensor Technology Inc., HBM, Kistler Group, PCB Piezotronics, Infineon Technologies, Sensor Technology, ABB Ltd., Honeywell International Inc., Crane Electronics, Datum Electronics
Market Segment Analysis:
- Dynamic Torque Sensor
- Rotary torque sensor
- Non-contacting torque sensor
- Static Torque Sensor
- Aerospace & Defense
By Mechanical Configuration
- Shaft Style
- Flange Style
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Torque Sensors industries in the region.
Key Torque Sensors Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Torque Sensors Market segments.
– Largest Market Share Held by Industry to Industry for Torque Sensors
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Torque Sensors Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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