Torque Sensor Market 2019 with Focus on Opportunities, Challenges and Growth Factors 2023
Market Synopsis:
The Torque Sensor Global Market is expected to strike a CAGR of 7.82% over the forecast period 2018 to 2023.
The Torque Sensor Global Market is further expected to touch a valuation of USD 12.69 Bn by the close of the review period up from USD 8.25 Bn in 2017. These sensors are excessively in demand across the major revenue generating industries such as aerospace, automotive and manufacturing among others. A boom is being observed in the end-user verticals which has been prognosticated to drive the growth of the torque sensor market over the next couple of years.
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Torque sensors are likely to witness proliferating applications in crankshafts, electric motors, and gearboxes in the forthcoming years. In addition, the key players are focusing on technological innovations and product development to capitalize on the growth opportunities signified by the torque sensor market. The report suggests that the market is set to attract a massive inflow of investments over the next couple of years.
Competitive Dashboard:
Some of the important players operating in the torque sensor market are Honeywell International (US), ABB (Switzerland), Infineon Technologies (Germany), Messtechnik (Germany), Applied Measurements (UK), Crane Electronics (UK), Kistler Holding (Switzerland), Sensor Technology (UK), Norbar Torque Tools (UK), Hottinger Baldwin and FUTEK Advanced Sensor Technology (US). Other key players who contribute towards the development of the global torque sensor market are Datum Electronics Ltd. (UK), TE Connectivity (Switzerland), PCB Piezotronics Inc. (US), and HBM Test and Measurement (US),
Industry News:
In April 2019, China based Forsentek has initiated offering load cell sensors & rotary torque sensors which can be customized for various applications.
In March 2019, Germany based Thun has announced the launch of X-CELL RT torque sensor for e-bikes which senses rotational direction, torque values, and cadence with extreme precision.
In November 2018, TT Electronics Plc, a global manufacturer of electronic components, has announced the launch of SX-4462 Hall effect magnetic non-contact torque sensor. The new addition is a cost-effective and flexible sensor for electronic power steering (EPS) applications.
Market Segmentation:
By type, the global torque sensor market has been segmented into rotary torque sensor and reaction torque sensor. The rotary torque sensor segment is further sub-segmented into contact-based sensing and noncontact-based sensing.
By technology, the torque sensor market has been segmented into surface acoustic wave (SAW), magnetoelastic, optical and strain gauge.
By application, the global torque sensor market has been segmented into automotive, industrial, test & measurement, aerospace & defense and others.
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Regional Analysis:
The global torque sensor market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is poised to exhibit a steep rise in the growth curve and secure the leading position through the forecast period. The increasing production of light vehicles in conjunction with the rising adoption of industrial automation has been projected to drive the expansion of the torque sensor market in the upcoming years. Also, the growth of the end-user industry verticals in the region such as aerospace, automotive, etc. is likely to reflect on the proliferation of the torque sensor market positively. The major country-level markets of the region are China, Japan and South Korea. Europe trails the Asia Pacific in terms of market size. The consolidation of automotive manufacturers is anticipated to aid the proliferation of the regional torque sensor market.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
LIST OF TABLES
Table 1 Torque Sensor Market, By Region, 2018–2023
Table 2 North America: Torque Sensor Market, By Country, 2018–2023
Table 3 Europe: Torque Sensor Market, By Country, 2018–2023
Continued….
LIST OF FIGURES
FIGURE 1 Global Torque Sensor Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Torque Sensor Market
Continued….
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