Torque Sensor Market 2019 Insights by size, share, trends, segments, Business Strategies, Opportunities, Leading Companies and Emerging Technologies till 2023
Jun 17, 2019
The Torque Sensor Global Market is expected to strike a CAGR of 7.82% over the forecast period 2019 to 2023
pune, India - June 17, 2019 /MarketersMedia/ —
Market Synopsis:
The Torque Sensor 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.
Among all the application segments, automotive segment is the largest revenue generating segment and is expected to continue its dominance throughout the forecast period. The growing demand for better fuel efficiency, electrical power steering and condition-based maintenance is one of the major factors impacting the growth of torque sensor market. Application of torque sensors in robotics is expected to create opportunities for the market during the forecast period. However, low reliability in high end applications is expected to hamper the growth of torque sensor market.
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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.
Segmentation
By type, the torque sensor market is segmented into rotary torque sensor and reaction torque sensor. Rotary torque sensor is further bifurcated into contact-based sensing and noncontact-based sensing. By technology, the market is segmented into surface acoustic wave (SAW), magnetoelastic, optical and strain gauge. By application, the market is segmented into automotive, industrial, test & measurement, aerospace & defense and others.
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Regional Analysis
The global market for torque sensor is driven by its accuracy and low cost. The market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of torque sensor market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). Asia-Pacific is the largest revenue generating segment and is expected to continue its dominance during the forecast period. Factors such as increase in production of light vehicles and rising growth in oil and gas and aerospace in countries such as China and India are driving the need for torque sensors. Asia-Pacific is followed by Europe owing to the presence of automotive manufacturers in the region. New standards such as corporate average fuel economy (CAFE) standards are enabling the the development of electric and hybrid vehicles in the region along with improving fuel economy in vehicles, which is driving the demand for torque sensors.
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Source: MarketersMedia
Release ID: 525318
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