Torque Sensor Market Size, Share, Growth Analysis, By Application(Automotive & Transportation, Aerospace & Defense), By Product(Rotary Torque Sensors, Reaction Torque Sensors) - Industry Forecast 2024-2031

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 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 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. 'Honeywell International Inc. (US)', 'FUTEK Advanced Sensor Technology, Inc. (US)', 'Kistler Group (Switzerland)', 'Infineon Technologies AG (Germany)', 'Sensor Technology Ltd (UK)', 'Datum Electronics Ltd (UK)', 'TE Connectivity Ltd (Switzerland)', 'ABB Ltd (Switzerland)', 'HBM Test and Measurement (Germany)', 'PCB Piezotronics, Inc. (US)', 'Applied Measurements Ltd (UK)', 'Interface, Inc. (US)', 'Crane Electronics Ltd (UK)', 'Magtrol, Inc. (US)', 'Transense Technologies plc (UK)', 'Futek Japan Co., Ltd (Japan)', 'Mountz, Inc. (US)', 'Lorenz Messtechnik GmbH (Germany)', 'KTR Systems GmbH (Germany)', 'DATCOM Inc. (US)'

The shift towards electric and hybrid vehicles is a significant driver for the torque sensor market. Stringent emission regulations and the increasing adoption of sustainable transportation solutions drive the demand for torque sensors in electric powertrains. These sensors enable precise torque measurement, supporting efficient power distribution and enhancing overall vehicle performance.

Miniaturization and Integration: There is a growing trend towards miniaturization and integration of torque sensors into compact and multifunctional systems. This trend allows for easier integration into various applications and reduces the overall size and weight of the torque sensing solution. The focus on miniaturization and integration enables torque sensors to be deployed in space-constrained environments and facilitates the development of advanced applications.

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.