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

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.