USD 7 billion
Report ID:
SQMIG45N2066 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
66 |
Figures:
75
Global Torque Sensor Market size was valued at USD 7 billion in 2022 and is poised to grow from USD 7.65 billion in 2023 to USD 15.58 billion by 2031, growing at a CAGR of 9.30% during the forecast period (2024-2031).
The global torque sensor market has experienced significant growth in recent years, driven by various factors and presenting several opportunities. The purpose of the torque sensor market is to meet the growing demand for precise torque measurement in different applications. These sensors play a crucial role in ensuring accurate performance, quality control, and safety in various industries. The driving factors behind the growth of the torque sensor market is the rising adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). Torque sensors are essential components in electric powertrains, where they enable efficient power transfer and control. The torque sensor market presents significant opportunities. The expanding industrial automation sector, especially in emerging economies, offers immense growth potential. The increasing adoption of robotics and the demand for precise torque measurement in robotic applications create new avenues for market players. Moreover, advancements in sensor technology, such as the development of non-contact torque sensors and wireless connectivity options, open up opportunities for innovation and market expansion. The global torque sensor market is witnessing steady growth due to the rising demand for precise torque measurement across various industries. While cost and integration challenges exist, the market's driving factors, such as the adoption of electric vehicles, present substantial growth opportunities. The market is poised to expand further with the increasing emphasis on automation, robotics, and advancements in sensor technology.
US Torque Sensor Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 7 billion
Largest Segment
Rotary Torque Sensors
Fastest Growth
Rotary Torque Sensors
Growth Rate
9.30% CAGR
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The global torque sensor market is segmented on the basis of application, product, and region. Based on application, the market is segmented into automotive & transportation, aerospace & defense, medical & healthcare, and others. By product, the market is segmented into rotary torque sensors, reaction torque sensors, saw torque sensors, optical torque sensors, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Torque sensor Market Analysis by Application
The automotive & transportation segment dominates the torque sensor market due to the surge in demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs). As the world shifts towards sustainable transportation solutions, the automotive industry has witnessed a paradigm shift. Torque sensors play a vital role in EVs and HEVs, enabling precise power delivery and control, ensuring optimal performance and efficiency. This segment has experienced exponential growth, with a significant rise in the production and sales of electric and hybrid vehicles globally.
The market for torque sensors in the automotive & transportation segment is expected to continue its upward trajectory, primarily due to stringent emission regulations imposed by governments worldwide. These regulations have compelled automakers to develop eco-friendly vehicles, leading to increased adoption of EVs and HEVs. The torque sensors in these vehicles provide crucial data for monitoring powertrain performance, optimizing energy consumption, and enhancing driver experience. As a result, the demand for torque sensors in the automotive industry is projected to witness substantial growth in the coming years.
Torque sensor Market Analysis by Product
The rotary torque sensors segment dominate the market due to their versatile applications across various industries. These sensors are designed to measure torque in rotating systems, making them essential for precision control and monitoring in numerous applications. The versatility of rotary torque sensors enables their utilization in industries such as automotive, manufacturing, robotics, and aerospace, among others.
The reaction torque sensors segment is experiencing rapid growth due to the increasing demand for torque measurement in stationary systems. As industries focus on precision engineering and quality control, the need for accurate measurement and monitoring of torque in static applications becomes paramount. Reaction torque sensors enable industries to ensure proper torque distribution, detect anomalies, and optimize performance in stationary systems.
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North America holds a significant share in the torque sensor market and emerges as the dominating region. This dominance can be attributed to several factors. Firstly, North America has a well-established automotive industry, with major automobile manufacturers and technological advancements driving the demand for torque sensors. The region's focus on electric and hybrid vehicles, coupled with stringent emission regulations, has further fueled the adoption of torque sensors in the automotive sector.
Asia Pacific emerges as the fastest-growing region in the torque sensor market. The region's rapid economic growth, coupled with industrialization and technological advancements, has created a favorable environment for market expansion. Asia Pacific is witnessing a surge in automotive production, with countries like China, Japan, and South Korea being major contributors. The growing adoption of electric and hybrid vehicles in the region is driving the demand for torque sensors in the automotive industry.
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Torque sensor Market Drivers
Rise in Electric and Hybrid Vehicles
Automation and Industry 4.0
Torque sensor Market Restraints
High Cost
Technological Limitations
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The global torque sensor market exhibits a competitive landscape characterized by the presence of several established players and intense competition. These companies strive to strengthen their market position through various strategies such as product innovation, mergers and acquisitions, partnerships, and collaborations. The key player in the market is Honeywell International Inc., known for its extensive range of torque sensors catering to various industries. The company focuses on continuous product innovation to meet evolving customer demands and maintain its competitive edge. The competitive landscape of the global torque sensor market is characterized by intense competition among key players, each striving to offer innovative solutions and establish a strong market presence. The market dynamics are driven by continuous product development, technological advancements, and the ability to address diverse customer needs across industries. As the demand for torque sensors continues to grow, competition among market players is expected to remain fierce, fostering innovation and driving the market.
Torque sensor Market Top Player’s Company Profiles
Torque sensor Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global torque sensor market analysis, torque sensors find applications in various industries such as automotive, aerospace, manufacturing, and robotics, among others. The market analysis of the torque sensor industry involves studying factors such as market size, growth trends, drivers, restraints, and key players. In simpler terms, it involves understanding the current state and future prospects of the market for torque sensors, including what factors are influencing its growth, what challenges it faces, and who the major companies are in this industry. The analysis helps stakeholders make informed decisions regarding investment, product development, and market strategies.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 7 billion |
Market size value in 2031 | USD 15.58 billion |
Growth Rate | 9.30% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Torque Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Torque Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Torque Sensor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Torque Sensor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG45N2066