Torque Sensor Market Share, To Reach USD 14.8 Billion by 2024

The Torque Sensor Market is expected to reach USD 14.8 billion by 2024 from USD 9.4 billion in 2018, at a CAGR of 7.9%. Major drivers for market growth are increasing demand for advanced high-performance vehicles, growing importance of torque measurement, and rising demand for torque sensors for electric power steering (EPS) systems. Further, the underlying opportunities in the torque sensor market include the evolution of new torque measurement technologies and increase in use of torque sensors in robotics. Major restraint for the market growth is the low reliability of available torque sensors in high-end applications. Moreover, the diversity of applications of torque sensors poses a major challenge to the torque sensor market.

A lot of new technologies for torque measurement, primarily magnetoelastic, optical, and SAW, have been introduced in the past few years. Apart from being compact and lightweight, the sensors based on these technologies have good linearity, considerable resolution, and fair electromagnetic noise immunity. The battery-less and wireless operations of SAW-based torque sensors allow for flexible package design and easy integration with existing system designs. Magnetoelastic torque sensors have a much higher frequency response and are resistant to environmental effects, making them ideal for automotive and aerospace applications.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1114

The torque sensor market has been segmented, on the basis of type, into rotary torque sensor and reaction torque sensor. Among these types, the rotary torque sensors segment is expected to grow at a higher CAGR during the forecast period. The technological advancements in the automotive industry and proliferation of electric vehicles are fueling the adoption of rotary torque sensors. Based on technology, the market has been segmented into strain gauge, magnetoelastic, SAW, and optical. Among these technologies, the market for optical technology is expected to grow at the highest CAGR during the forecast period.

Additionally, the torque sensor market has been segmented on the basis of application into aerospace & defense, automotive, industrial, test and measurement, and others. The automotive application is expected to dominate the torque sensor market during the forecast period. Moreover, on the basis of geography, the market has been segmented into 4 main regions—North America, Europe, APAC, and RoW. APAC is expected to hold the largest share of the market throughout the forecast period.

APAC is currently following a prosperous growth curve in terms of the adoption of torque sensors for various applications. The continuous growth in the production of light vehicles in APAC is a major contributor to the growth of this market. Rapidly growing economies, such as China and India, are home to a large number of process industries. These factors are projected to fuel the torque sensor market in APAC in the coming years. Further, Europe holds the third largest share in the torque sensor market. Companies such as HBM (Germany), Applied Measurements (UK), and Kistler (Switzerland) are focusing on the product development strategy to tap the opportunities in Europe.

The following are the major objectives of the study.

• To describe and forecast the torque sensor market, in terms of value, by type, technology, application, and geography
• To describe and forecast the market, in terms of value, for various segments, based on 4 major regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the torque sensor market growth
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall market
• To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, and detail the competitive landscape for market leaders
• To analyze growth strategies such as product launches and developments, expansions, mergers, and acquisitions in the torque sensor market.

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA : 1-888-600-6441

Email: sales@marketsandmarkets.com

Provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.