DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The torque sensor market is expected to grow at a CAGR of 7.9%, to reach USD 14.8 billion by 2024 from USD 9.4 billion in 2018
The growth of this market can largely be attributed to factors such as 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, the low reliability of available torque sensors in high-end applications is expected to restrict the growth of the said market to a certain extent.
Rotary torque sensors to register the highest growth in torque sensor market during forecast period
The market for rotary torque sensors is expected to grow at the highest CAGR during the forecast period. Measuring and monitoring torque are the crucial parameters in most of all rotating parts, equipment, and machines to attain high-quality and optimum performance. These factors are expected to boost the adoption of rotary torque sensors in the automotive and industrial applications.
Automotive to hold the largest share to torque sensor market during forecast period
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. Recently, the top Formula 1 teams have started using magnetoelastic torque sensors in racing applications. Therefore, the increase in demand for precise and accurate torque measurement in automotive applications is expected to drive the torque sensor market in the coming years.
APAC to register the highest growth in torque sensor market during forecast period
APAC is an economically growing region owing to the presence of technologically strong countries such as China and Japan. The continuous rise in light vehicle manufacturing in APAC is a major contributor to the growth of the market in this region. A few of the world's largest consumer electronics companies have their manufacturing sites in China, Japan, and Taiwan. Moreover, China, India, etc., rapidly growing economies, are home to a large number of process industries. These factors are projected to fuel the growth of the torque sensor market in APAC in the coming years.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insight
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Advanced High-Performance Vehicles
5.2.1.2 Growing Importance of Torque Measurement
5.2.1.3 Rising Demand for Torque Sensors for Electric Power Steering (Eps) Systems
5.2.2 Restraints
5.2.2.1 Low Reliability of Available Torque Sensors in High-End Applications
5.2.3 Opportunities
5.2.3.1 Evolution of New Torque Measurement Technologies
5.2.3.2 Increase in Use of Torque Sensors in Robotics
5.2.4 Challenges
5.2.4.1 Diversity of Applications of Torque Sensors
5.3 Torque Sensors: Value Chain Analysis
6 Torque Sensor Market, By Type
6.1 Introduction
6.2 Rotary Torque Sensors
6.2.1 Contact-Based Sensing
6.2.1.1 Industrial Application Driving the Contact Based Sensing Rotary Torque Sensors
6.2.2 Noncontact-Based Sensing
6.2.2.1 Increasing Adoption of Noncontact-Based Sensing Rotary Torque Sensor in Automotive Application Driving the Market
6.3 Reaction Torque Sensors
6.3.1 Automotive Application Expected to Be the Major Application of Reaction Torque Sensor
7 Torque Sensor Market, By Technology
7.1 Introduction
7.2 Surface Acoustic Wave
7.2.1 Benefits Such as High Stability, High Sensitivity Driving the Adoption of Surface Acoustic Wave Technology in Torque Sensing Process
7.3 Magnetoelastic
7.3.1 Automotive is Major Application Area for Magnetoelastic Technology
7.4 Optical
7.4.1 Optical Technology Expected to Be the Fastest Growing Technology in Torque Sensor Market
7.5 Strain Gauge
7.5.1 High Precision Measurement Tasks Increase the Demand of Starin Gauge Technology in Torque Sensors
8 Torque Sensor Market, By Application
8.1 Introduction
8.2 Automotive
8.2.1 Electric Power System Boosting the Growth of Torque Sensor Market for Automotive Application
8.3 Test & Measurement
8.3.1 Product Testing Application is Expected to Drive the Torque Sensor Market in Test & Measurement Application
8.4 Industrial
8.4.1 Quality Control Specifications Play A Vital Role in the Growth of Torque Sensor Market in Industrial Application
8.5 Aerospace & Defense
8.5.1 Increasing Adoption of Torque Sensor for Monitoring and Measuring Aircraft Operations is Expected to Drive the Torque Sensor Market for Aerospace & Defesne Application
8.6 Others
8.6.1 Medical and Agriculture are Other Major Application Driving Torque Sensor Market
9 Geographic Analysis
10 Competitive Landscape
10.1 Introduction
10.2 Ranking Analysis of Players in Torque Sensor Market
10.3 Competitive Situations and Trends
11 Company Profiles
- ABB
- Aimco
- Applied Measurements
- Crane Electronics
- Datum Electronics
- FUTEK Advanced Sensor Technology
- HBM
- Honeywell International
- Infineon Technologies
- Interface
- Kistler Holding
- Magcanica
- Mountz
- Norbar Torque Tools
- PCB Piezotronics
- Sensor Technology
- SHimmelstein and Company
- TE Connectivity
- Teledyne Technologies
- Transense Technologies
For more information about this report visit https://www.researchandmarkets.com/research/33bwtr/torque_sensor?w=4
