LONDON--(BUSINESS WIRE)--Technavio has announced the top nine leading vendors in their recent global torque sensor market report until 2020. The vendors are identified taking into account their revenue, technology, geographical presence, and end-users.
The global torque sensor market was valued at USD 1.20 billion in 2015 and is likely to reach USD 1.92 billion by 2020, growing at a CAGR of almost 10% during the forecast period. The market is largely driven by the automotive industry, as torque sensors are widely used in various automobile components for torque measurement.
Competitive vendor landscape
The global torque sensor market is a highly technology intensive market. Vendors compete with each other on the basis of technological advances in their products and the delivery of high-quality and accuracy in measurement of torque. Industries require customized torque sensors to monitor and measure the torque acting on a variety of machine components. While large scale industries and MNCs prefer to procure torque sensors through well established players in the market, SMEs and small scale industries usually face budget constraints in procurement from larger vendors. Consecutively, SMEs focus on procurement of torque sensors via smaller domestic or local players, as they get customized solutions at affordable prices.
Due to the presence of a large number of vendors, both large scale and small scale, the global torque sensor market is highly fragmented. The lack of technological standardization in the market further intensifies the competition, as vendors are open to use their preferred technologies for torque sensors. These technologies are governed by quality and safety standards. “Industries also have the flexibility to get customized torque sensors based on their preferences and thus, the scope of expansion in providing customized torque measurement solutions to industries is extensive,” says Navin Rajendra, an industry expert at Technavio for sensors research.
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Top nine torque sensor market vendors
ABB is a global manufacturer of power and automation technologies with geographical presence across 100 countries worldwide. The company extensively focuses on innovation and thrives to enhance customer productivity and quality of operation with minimal impact on the environment.
ATI Industrial Automation
ATI Industrial Automation is a developer of industrial automation tools such as automatic tool changers, multi-axis force/torque sensing systems, utility couplers, robotic deburring tools, robotic collision sensors, manual tool changers, and compliance devices. The company is also a global manufacturer of robotic accessories and robot arm tooling.
Crane Electronics manufactures and sells power-conversion and custom products for the aerospace, military, space, medical, industrial, and commercial markets. They offer direct current to direct current (DC-to-DC) converters; electromagnetic interference filters; radiation tolerant power conversion products for space and custom DC-to-DC converters; and special hold-up modules, line conditioning modules, and accessories. Crane Electronics was formerly known as Interpoint Corporation.
FUTEK Advanced Sensor Technology
FUTEK Advanced Sensor Technology engages in the design, development, manufacture, and supply of test and measurement products. The company offers load cells, pressure sensors, torque sensors, force sensors, multi-axis load cells, and custom sensors; related instruments and software, including panel mount displays, hand-held displays, strain gauge, and amplifiers.
HBM Test and Measurement
HBM Test and Measurement is one of the worldwide manufacturers of precision measurement products for applications across industries. The company also provides services for measurement applications. HBM operates as a subsidiary of the multinational group Spectris, which specializes in the manufacture of precision instrumentation and electronic controls. HBM operates through 29 subsidiaries. The company has sales offices in over 60 countries across the globe with production and engineering facilities in Marlborough, (Massachusetts, US), Champaign (Illinois, US), Suzhou (China), and Porto (Portugal).
Honeywell Sensing and Control
Honeywell Sensing and Control is a business unit of Honeywell International, a multinational conglomerate company. Honeywell S&C manufactures a variety of products, such as switches, sensors (airflow, humidity, infrared, torque, oxygen, and position), machine safety equipment, operator control equipment, aerospace and defense products, and wireless products.
Interface Advanced Force Measurement
Interface Advanced Force Measurement is a prominent supplier of torque sensors to companies such as Boeing, Airbus, NASA, Ford, GM, Johnson & Johnson, NIST, and thousands of measurement labs throughout the world. The company manufactures load cells, torque transducers, multi-axis sensors, instruments, calibration systems, custom load cells, loadpins, and other accessories.
In FY2015-2016, Kistler Holding posted revenue of USD 341 million, about 10% of which was reinvested in innovation and research. The company manufactures and sells force sensors, accelerometer sensors, torque sensors, pressure sensors, and signal conditioning.
Sensor Technology is a solutions provider for load and torque measurement across industries. The company develops its own technologies for testing, instrumentation, and OEM markets worldwide and has a global distribution network.
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