A device used for recording and measuring the torque of a rotating system is called torque sensor. Machines such as engines, gearboxes, electric motors, and crankshafts are a part of the rotating system and torque sensors ensure high quality and performance optimization of this system.
On the basis of technology, the market can be classified into magneto elastic torque sensors, static torque sensors, surface acoustic wave torque sensors, and others. Based on application, the market can be segmented into medical, industrial, automotive, aerospace and defense, and others.
In the report, Transparency Market Report (TMR) presents a comprehensive analysis of drivers and restrictions in the global torque sensor market. It also provides insight into the major segments and regions of the market.
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Global Torque Sensor Market: Trends and Prospects
The growing awareness in regards to the importance of torque measurement has been noted in various fields such as hybrid and electric automobile engines and medical prosthetics and they have included torque sensors in their operations. The global torque sensor market is likely to benefit from the several potential applications, which is projected to be the key driving force behind its growth. With the development of wireless and non-contact torque sensors such as optical torque sensors, surface acoustic waves (SAW), and magnetoelastic, the market will get a further push. Moreover, the demand for accurate torque measurement solutions is growing in a remarkable manner, supplementing the enormous growth prospects for torque sensors. On the contrary, less reliable torque sensors for high-end applications might limit the growth of the market.
Based on application, the automotive sector is the chief contributor to the market growth. Due to the penetration of electric power assisted steering (EPAS) systems in automobiles, torque sensors are in high demand. EPAS systems in automobiles – when compared with standard steering systems – provide the much desired fuel efficiency and also consume less energy. In EPAS systems, the steering column is fitted in line with a torque sensor, thereby increasing the demand and favoring the growth of this market.
Global Torque Sensor Market: Regional Overview
The market for torque sensors can be geographically segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. The Asia Pacific region accounts for a large share in the market and is expected to lead in the forecast period as well. The developing economies of Asia Pacific – China and India – are the key market contributors. A rise in the number of manufacturing industries in China and development of the oil and gas and aerospace industries in India have propelled the growth of the market. In addition, increasing implementation of industrial automation technologies by industries all over the region has augmented the growth prospects in this region.
On the other hand, Europe is pegged to be a major contributor to the market growth in the future. Technological advancements made in the field of torque sensing and rising demand for better fuel efficiency are the factors supplementing the market growth. In Europe, the new corporate average fuel economy (CAFE) standards have put enormous pressure on auto manufacturers to accelerate the development of electric and hybrid vehicles as well as radically improve the fuel economy on their largest selling models, thereby increasing the demand for torque sensors.
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Companies Mentioned in Report
The global market for torque sensors is highly fragmented and with the growing demand, the competition is expected to get intense in the coming years. Kistler Instrumente AG, Crane Electronics Ltd, Honeywell International Inc., Datum Electronics Ltd., and PCB Piezotronics Inc. are some of the prominent players in the global torque sensor market.