Torque Sensor Market Trends, Capacity, Production, Analysis And Forecast 2024
According to the new research report "Torque Sensor Market by Type (Rotary Torque Sensors and Reaction Torque Sensors), Application (Test & Measurement, Automotive, Industrial, Aerospace & Defense, and Others), Technology, and Geography - Global Forecast to 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 the market growth are the increasing demand for advanced high-performance vehicles, growing importance of torque measurement, and rising demand for torque sensors for electric power steering (EPS) systems. However, low reliability of available torque sensors in high-end applications is the major restraint for the growth of the market.
Automotive to hold largest size of torque sensor market during forecast period
The applications of torque sensors in the automotive industry contribute a maximum share to the market, and the trend is likely to continue in the coming years. The ever-increasing demand for small cars and increased use of EPS are expected to drive the growth of the market for this application. Torque sensors find application in real-time torque measurement, engine performance measurement, engine improvement, transmission, chassis performance, and driveline of an automobile. Additionally, the high-performance commercial vehicles also require torque sensors for engine calibrations, safety, and transmission.
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Torque sensor market for optical technology to grow at highest CAGR during forecast period
Of all the torque sensing technologies, optical technology is expected to witness the highest CAGR in the torque sensor market. This technology employs a pair of gratings that are attached at a short distance on a strain-sensitive shaft to modulate a light source. Optical torque sensors have greater sensitivity and electrical passiveness, but their cost is higher than other torque sensing technologies. Hence, a lot of research work is being done in this area to develop the advanced and affordable technologies.
APAC to hold the largest size of torque sensor market during 2018–2024
The torque sensor market in APAC is further segmented into China, Japan, India, and South Korea. The market in APAC is currently following a prosperous growth curve in terms of the adoption of torque sensors in various applications. The region witnesses continuous growth in the production of light vehicles, which is a major contributor to the growth of the market in APAC. A few of the world’s largest consumer electronics players have their manufacturing units in China, Japan, and Taiwan. 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.
Key players in the torque sensor market include ABB (Switzerland), Crane electronics (UK), FUTEK Advanced Sensor Technology (US), Applied Measurements (UK), Honeywell International (US), Kistler Holding (Switzerland), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), and Infineon Technologies (Germany).
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