#torquesensormarket

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Torque Sensor Market Size, Share, Trends, Demand and Forecast 2024-2032

The global torque sensor market size reached US$ 8.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.8% during 2024-2032. 

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Torque Sensor Market Drivers & Restraints, Market Segmentation, Region-wise Outlook and Key Players 2021

According to the latest market report published by Persistence Market Research, titled “Global Market Study on Torque Sensor: Rotary Torque Sensor Expected To Be the Most Valuable Product Type Segment throughout the Forecast Period”, the global torque sensor market is estimated to be valued at US$ 1,105.9 Mn by the end of 2015, and is anticipated to expand at a CAGR of 9.3% from 2015 to 2021 to reach US$ 1,889.9 Mn by 2021.

The torque sensor is a device used for measuring the torque of rotating systems such as electric motors, engine, gearbox, draft shaft, etc. Torque measurement and monitoring are an important parameter in all machines and engines.

The global torque sensor market is expected to witness a significant growth during the forecast period (2015-2021). Various factors, such as emerging applications of torque sensors, rising demand for precise torque measurement technology, and high demand from the automotive application segment, are driving the growth of the global torque sensor market currently. Furthermore, trends that follow with the growth of torque sensor market include: development of non-contact & 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.

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The global torque sensor market is segmented on the basis of product type, mechanical configuration, application, and region. On the basis of product type, the global torque sensor market is segmented into different types of torque sensor products. The rotary torque sensor segment is expected to remain dominant throughout the forecast period, with high revenue contribution. By the end of 2015, the rotary torque sensor segment is expected to hold more than 53% share of the global torque sensor market. However, by 2021, the segment is expected to lose its market share to other product types segments.

In terms of mechanical configuration, the flange style segment is expected to expand at the highest CAGR over the forecast period. However, in 2014, revenue generated by the flange segment was low as compared to the other segments.

On the basis of application, the automotive & transportation application segment held the largest share of the global torque sensor market in 2014, and it is expected to remain dominant throughout the forecast period. Factors which are driving the growth of the global torque sensor market in the automotive & transportation application segment include increasing adoption of torque sensors in various automotive systems, the introduction of new types of torque sensors by key players, and increasing demand for electric-powered steering systems in vehicles.

The report provides in-depth information about various factors and trends affecting each market segment and provides analysis and insights about the potential of the torque sensor market in specific regions. On the basis of region, the global torque sensor market is segmented into five regions. Among these, APAC is expected to dominate the market, accounting for 31.9% value share of the market by the end of 2015, and it is expected to remain dominant till 2021. However, the Middle East & Africa market is anticipated to expand at the highest CAGR during the forecast period.

Browse Research Report: https://www.persistencemarketresearch.com/market-research/torque-sensors-market.asp

Key market players in the global torque sensor 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. Key market players are focusing on product innovations and launch of new products to cater to the emerging needs of the customers. For example, in June 2013, ATI Industrial Automation, Inc. launched Wireless F/T, for up to six ATI multi-axis force/torque transducers, which can be powered by internal battery as well as an external power source. In April 2015, Crane Electronics Ltd. launched RFm, which enables reading of torque and angle values in real time and converts them into digital values.

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Torque Sensor Market Size, Share, Growth and Report 2024-2032

The global torque sensor market size reached US$ 8.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.8 Billion by 2032, exhibiting a growth rate (CAGR) of 7.8% during 2024-2032. The market is experiencing steady growth driven by the increasing demand from the automotive industry's shift towards electric vehicles, expanding applications in industrial automation and robotics, and the rising prominence of these sensors in renewable energy projects worldwide.