0
2020
Torque Sensor Market

Torque Sensor Market

by Type (Dynamic Torque Sensor and Static Torque Sensor) and Application (Automotive, Industrial, Aerospace & Defense, HealthCare, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026.
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Report Code: A06075
Pages: 200
Mar 2020 | 6488 Views
Author(s) : Asavari & Monica Chhabra , Vineet Kumar
Tables: 77
Charts: 57
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Torque Sensor Market Outlook - 2026

The global torque sensor market size was valued at $8.39 billion in 2018 and is estimated to reach $16.82 billion by 2026, registering a CAGR of 7.7% from 2019 to 2026. A torque sensor, also known as torque transducer or torque meter, is a device that measures and records the torque, i.e., force on a rotating system, such as an engine, crankshaft, gearbox, transmission, rotor, a bicycle crank, or cap torque tester. 

A torque sensor is a transducer that converts a mechanical input into an electrical output signal. There are two types of torque sensor namely, dynamic torque sensor and static torque sensor. A reaction torque sensor measures static torque, and rotary measures dynamic torque. Torque measurements are critical to process control and monitoring.

Torque Sensor Market

The growth of the torque sensor market is driven by substantial growth in the demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new measurement technologies. However, high installation cost is expected to restrain the growth of the torque sensor market. Furthermore, emerging application of torque sensor in healthcare vertical and evolution in the use of torque sensor in industrial application offer lucrative opportunities for the torque sensor market growth.

There are various applications that require repeatable and accurate torque measurements such as tightening torque of threaded fasteners, motor output horsepower measurement, and industrial automation processes. Torque meter or Torque transducer performs an extremely vital role in ensuring torque is measured accurately. This ensures the integrity of safety. 

For instance, within the automotive industry in particular, incorrectly tightened fasteners will produce joint failures and damage to a manufacturers reputation. If cars interior trim panel screw was failed, the result would be a quality issue and lead to disappointment to both customers and manufacturers. If a seat belt bolt or wheel nut was failed, a safety issue arises and the end result could mean end-user injury or even a fatality. So, it is very necessary to have correct and reliable torque sensor.

The torque sensors are widely used in various industries and automotive applications, where reliability of the connection is a very important concern. Further, the industrial torque sensor provides reliability of operation in harsh environments.

Torque Sensor Market
By Type

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Dynamic Torque Sensor segment would exhibit the highest CAGR of 9.3% during 2019-2026

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Segmentation

The torque sensor market is segmented on the basis of type, application, and region. On the basis of type, the market is bifurcated into dynamic torque sensor and static torque sensor. These dynamic torque sensors are sub-segmented into rotary torque sensor and Non-contacting torque sensor. 

Torque Sensor Market
By Application

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Automotive segment is expected to secure a leading position during the forecast period

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Applications covered in the study include automotive, industrial, aerospace & defense, healthcare, and others (agriculture, mining, and test & measurement). Based on region, the torque sensor market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Torque Sensor Market
By Geography

2026
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific region holds a dominant position in 2018 and is expected to grow at a highest rate of 8.8% during the forecast period

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The key market players profiled in the report include ABB Ltd., Honeywell International corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Piezotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their torque sensor market share.

Top Impacting Factors

The notable factors positively impacting on the torque sensor market include growth in demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new torque measurement technologies. However, high installation cost hampers the market growth. 

Moreover, emerging torque sensor application in healthcare vertical and evolution in the use of torque sensor in industrial applications offer lucrative market opportunities during the forecast period.

Rise in Demand for High Performance Vehicles

The automotive industry is witnessing a steady increase in demand for high-performance vehicles. With increase in disposable income of consumers followed by high standard of living influences consumers to spend more on luxury vehicles. Sensors have become an intrinsic part of the production process, as they help increase the efficiency and precision through automation. 

Torque sensors are used in vehicles in the automobile industry to provide benefits such as safety and fuel efficiency. For instance, the automobile manufacturer Ford, an American-based company, introduced high-performance models of two of its highest selling vehicle models, one is Fiesta in 2014 and other is Focus in 2016.

High Installation Cost

The addition of torque sensors does help increase automation in the automotive industry; however, it incurs extra cost, which is expected to restrain the market growth. Certain automotive components such as wheel, steering, and other power tools are continuously used for long time, therefore, there are possibilities of component getting wear out. Thus, torque sensor gets extremely important to detect heating issues and other related problems. This in turn increases the overall lifetime of a vehicle. Thus, installation of torque is necessity for next-generation automobiles. 

However, this installation increases the overall cost of vehicle, impacting the vehicle sales. This increase in price is expected to significantly impact the developing regions particularly in countries such as India and China as well as Southeast Asian region. 

Emerging Application of Torque Sensor in the Healthcare Vertical 

Technological advancements in torque sensor technologies offer innovative and additional features to the medical devices and equipment.  Moreover, the medical sector is witnessing fastest growth due to torque sensor as it has ability to provide accurate results in robotic surgical systems, pharmaceutical tablet forming, surgical stapler testing, fitness & rehabilitation equipment, and others. These torque sensors also provide medical facilities by means of telemedicine in the rural and underdeveloped areas. These factors are anticipated to provide lucrative opportunities for the market expansion.

Key Benefits For Stakeholders:

  • This study includes the analytical depiction of the global torque sensor market outlook along with the current trends and future estimations to determine the imminent investment pockets.
  • The market size is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact on the torque sensor market analysis.
  • The current torque sensor market forecast is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the torque sensor industry.
  • The report includes the torque sensor market trends and market share of key vendors.

Torque Sensor Market Report Highlights

Aspects Details
By Type
  • Dynamic Torque Sensor
    • Rotary torque sensor
    • Non-contacting torque sensor
  • Static Torque Sensor
By Application
  • Automotive
  • Industrial
  • Aerospace & Defense
  • Healthcare
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, Italy, UK, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ABB Ltd., Honeywell International Inc., Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., HBM, Kistler Group, PCB Piezotronics, Infineon Technologies, Sensor Technology
 

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A torque sensor is a transducer that converts a torsional mechanical input into an electrical output signal. In other words, a device used for recording and measuring the torque of a rotating system is called torque sensor. Machines such as engines, gearboxes, electric motors, and crankshafts are part of the rotating system, and torque sensors ensure high quality and performance optimization of this system.

The demand for torque sensor in the commercial sector is expected to increase rapidly during the forecast period, owing to various factors such as rise in demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand of new torque measurement technologies. However, high installation cost is expected to hamper the market growth globally. The market for torque sensor in the commercial sector is analyzed and estimated in accordance with the impacts of drivers, restraints, and opportunities. 

The U.S. is the fastest adopter of technology, owing to which the growth of electronics device, upcoming automobile technologies such as electric & hybrid vehicles, healthcare monitoring systems, and others is high. Moreover, increase in disposable income of the people in the U.S. drives the sale of torque sensor in this region. In addition, growth in the semiconductor industry along with rise in trends of advanced devices among industries boost the growth of the U.S. torque sensors market.

The key players profiled in the report include ABB Ltd., Honeywell International corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Peozotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM.

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FREQUENTLY ASKED QUESTIONS?

A. The Global Torque Sensor Market is expected to grow at a CAGR of 7.7% from 2019 to 2026.

A. The Global Torque Sensor Market is projected to reach $16.82 billion by 2026.

A. To get the latest version of sample report

A. Rise in demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new torque measurement technologies drives the growth of Torque Sensor Market.

A. The key players profiled in the report include ABB Ltd., Honeywell International corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Piezotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Torque Sensor Market is segmented on the basis of type, application, and region.

A. The key growth strategies of Torque Sensor market players include product launch, partnership, acquisition, expansion, product enhancement, and collaboration.

A. Automotive segment would exhibit the highest CAGR of 9.2% from 2019 - 2026.

A. Asia-Pacific region holds a dominant position in 2018 and is expected to maintain the lead during the forecast period.

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