USD 7 billion
Torque Sensor Market Size, Share, Growth Analysis, By Type(Rotary Torque Sensors [Contact-based Sensing, Noncontact-based Sensing], Reaction Torque Sensor), By Technology(Strain Gauge, Magnetoelastic, Optical, Surface Acoustic Wave (SAW)), By Application(Automotive & Transportation, Test & Measurement, Industrial, Aerospace & Defense), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45N2066 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
66
|Figures:
75
Torque Sensor Market Insights
Global Torque Sensor Market size was valued at USD 6.99 billion in 2022 and is poised to grow from USD 7.65 billion in 2023 to USD 15.58 billion by 2031, growing at a CAGR of 9.30% during the forecast period (2024-2031).
The global torque sensor market has experienced significant growth in recent years, driven by various factors and presenting several opportunities. The purpose of the torque sensor market is to meet the growing demand for precise torque measurement in different applications. These sensors play a crucial role in ensuring accurate performance, quality control, and safety in various industries. The driving factors behind the growth of the torque sensor market is the rising adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). Torque sensors are essential components in electric powertrains, where they enable efficient power transfer and control. The torque sensor market presents significant opportunities. The expanding industrial automation sector, especially in emerging economies, offers immense growth potential. The increasing adoption of robotics and the demand for precise torque measurement in robotic applications create new avenues for market players. Moreover, advancements in sensor technology, such as the development of non-contact torque sensors and wireless connectivity options, open up opportunities for innovation and market expansion. The global torque sensor market is witnessing steady growth due to the rising demand for precise torque measurement across various industries. While cost and integration challenges exist, the market's driving factors, such as the adoption of electric vehicles, present substantial growth opportunities. The market is poised to expand further with the increasing emphasis on automation, robotics, and advancements in sensor technology.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Rotary Torque Sensors
Fastest Growth
Rotary Torque Sensors
Growth Rate
9.30% CAGR
Global Torque Sensor Market ($ Bn)
Country Share for North America Region (%)
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Torque Sensor Market Segmental Analysis
The global torque sensor market is segmented by application, product, and region. Based on product, the market is segmented into Rotary Torque Sensors, and Reaction Torque Sensor. Based on technology market is segmented into Strain Gauge, Magnetoelastic, Optical, Surface Acoustic Wave (SAW). Based on application, the market is segmented into automotive & transportation, Test & Measurement, Industrial, aerospace & defense, medical & healthcare, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
The automotive & transportation segment dominates the torque sensor market due to the surge in demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs). As the world shifts towards sustainable transportation solutions, the automotive industry has witnessed a paradigm shift. Torque sensors play a vital role in EVs and HEVs, enabling precise power delivery and control, ensuring optimal performance and efficiency. This segment has experienced exponential growth, with a significant rise in the production and sales of electric and hybrid vehicles globally.
The market for torque sensors in the automotive & transportation segment is expected to continue its upward trajectory, primarily due to stringent emission regulations imposed by governments worldwide. These regulations have compelled automakers to develop eco-friendly vehicles, leading to increased adoption of EVs and HEVs. The torque sensors in these vehicles provide crucial data for monitoring powertrain performance, optimizing energy consumption, and enhancing driver experience. As a result, the demand for torque sensors in the automotive industry is projected to witness substantial growth in the coming years.
Analysis by Product
The rotary torque sensors segment dominate the market due to their versatile applications across various industries. These sensors are designed to measure torque in rotating systems, making them essential for precision control and monitoring in numerous applications. The versatility of rotary torque sensors enables their utilization in industries such as automotive, manufacturing, robotics, and aerospace, among others.
The reaction torque sensors segment is experiencing rapid growth due to the increasing demand for torque measurement in stationary systems. As industries focus on precision engineering and quality control, the need for accurate measurement and monitoring of torque in static applications becomes paramount. Reaction torque sensors enable industries to ensure proper torque distribution, detect anomalies, and optimize performance in stationary systems.
Analysis by Technology
Digital displays, analogue and digital amplifiers, and other instruments are compatible with the signals generated by strain gauge torque sensors. In addition, their cost is lower than that of other torque sensors. Because advances in contemporary strain gauge torque sensors are making it possible to measure with extreme precision, the strain gauge torque sensor segment is predicted to develop at the fastest CAGR over the projection period.
Global Torque Sensor Market By Product
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Torque Sensor Market Regional Insights
North America holds a significant share in the torque sensor market and emerges as the dominating region. This dominance can be attributed to several factors. Firstly, North America has a well-established automotive industry, with major automobile manufacturers and technological advancements driving the demand for torque sensors. The region's focus on electric and hybrid vehicles, coupled with stringent emission regulations, has further fueled the adoption of torque sensors in the automotive sector.
Asia Pacific emerges as the fastest-growing region in the torque sensor market. The region's rapid economic growth, coupled with industrialization and technological advancements, has created a favorable environment for market expansion. Asia Pacific is witnessing a surge in automotive production, with countries like China, Japan, and South Korea being major contributors. The growing adoption of electric and hybrid vehicles in the region is driving the demand for torque sensors in the automotive industry.
Global Torque Sensor Market By Region
- Largest
- Fastest
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Torque Sensor Market Dynamics
Drivers
- Rise in Electric and Hybrid Vehicles
The global shift towards electric and hybrid vehicles is a significant driver for the torque sensor market. Stringent emission regulations and the increasing adoption of sustainable transportation solutions drive the demand for torque sensors in electric powertrains. These sensors enable precise torque measurement, supporting efficient power distribution and enhancing overall vehicle performance.
- Automation and Industry 4.0
The trend of automation and Industry 4.0 initiatives across industries is driving the demand for torque sensors. Torque sensors are essential in automated systems for precise control, monitoring, and quality assurance. As industries embrace automation to improve productivity and efficiency, the demand for torque sensors in robotic applications and manufacturing processes is expected to increase.
Restraints
- High Cost
The cost of torque sensors can be a significant restraint in their widespread adoption, particularly for small and medium-sized enterprises. The complexity of sensor technology and the need for high accuracy and reliability contribute to the relatively higher cost of torque sensors. Price sensitivity among certain market segments can hinder their adoption to some extent.
- Technological Limitations
Torque sensors are subject to certain technological limitations, such as sensitivity to external factors like temperature variations, vibrations, and electromagnetic interference. These limitations can impact the accuracy and reliability of torque measurements, especially in demanding industrial environments. Overcoming these technological challenges remains a key area of focus for torque sensor manufacturers.
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Torque Sensor Market Competitive Landscape
The global torque sensor market exhibits a competitive landscape characterized by the presence of several established players and intense competition. These companies strive to strengthen their market position through various strategies such as product innovation, mergers and acquisitions, partnerships, and collaborations. The key player in the market is Honeywell International Inc., known for its extensive range of torque sensors catering to various industries. The company focuses on continuous product innovation to meet evolving customer demands and maintain its competitive edge. The competitive landscape of the global torque sensor market is characterized by intense competition among key players, each striving to offer innovative solutions and establish a strong market presence. The market dynamics are driven by continuous product development, technological advancements, and the ability to address diverse customer needs across industries. As the demand for torque sensors continues to grow, competition among market players is expected to remain fierce, fostering innovation and driving the market.
Torque sensor Market Top Player’s Company Profiles
- ABB (Switzerland)
- Crane Electronics (UK)
- FUTEK Advanced Sensor Technology (US)
- Applied Measurements (UK)
- Teledyne Technologies (US)
- TE Connectivity (Switzerland)
- Honeywell (US)
- Infineon Technologies (Germany)
- Kistler Holding (Switzerland)
- Sensor Technology (UK)
- Datum Electronics (UK)
- MagCanica (US)
- Interface (US)
- AIMCO (US)
- Mountz (US)
- S. Himmelstein and Company (US)
- Transense Technologies (UK)
- Magtrol, Inc. (US)
- Transense Technologies plc (UK)
- Futek Japan Co., Ltd (Japan)
- Mountz, Inc. (US)
- Lorenz Messtechnik GmbH (Germany)
- KTR Systems GmbH (Germany)
- DATCOM Inc. (US)
Torque sensor Market Recent Developments
- In May 2024, Bota Systems, a provider of multi-axis force-torque sensors, launched the PixONE, a which it describes as “a cutting-edge through-hole sensor that integrates high-performance Electronics within a compact, ultra-lightweight design”.
- In February 2024, Vitesco Technologies, a provider of advanced drive technologies for e-mobility, unveiled a range of innovative electrification and powertrain solutions at the ACMA Global Summit and Exhibition for EVs – Transforming Mobility. Held on February 26 and 27, at the Manekshaw Center in Delhi, the event aimed to position India as a global manufacturing hub for EV components amidst the country's burgeoning EV market,
- In January 2024, positioned as a "full-size high-performance eco-technology sedan," Xiaomi SU7 aims to push the limits of performance, ecosystem, and mobile smart space. Here are the five core EV tech from Xiaomi that are set to debut with the company's first-ever vehicle.
Torque Sensor Key Market Trends
- Miniaturization and Integration: There is a growing trend towards miniaturization and integration of torque sensors into compact and multifunctional systems. This trend allows for easier integration into various applications and reduces the overall size and weight of the torque sensing solution. The focus on miniaturization and integration enables torque sensors to be deployed in space-constrained environments and facilitates the development of advanced applications.
- Wireless and Non-contact Torque Sensors: The demand for wireless and non-contact torque sensors has been on the rise. These sensors eliminate the need for physical connections, offering advantages such as reduced maintenance, improved measurement accuracy, and enhanced flexibility. The development and adoption of wireless and non-contact torque sensors enable seamless integration into diverse applications, supporting the trend of wireless connectivity and non-intrusive sensing technologies.
Torque Sensor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global torque sensor market analysis, torque sensors find applications in various industries such as automotive, aerospace, manufacturing, and robotics, among others. The market analysis of the torque sensor industry involves studying factors such as market size, growth trends, drivers, restraints, and key players. In simpler terms, it involves understanding the current state and future prospects of the market for torque sensors, including what factors are influencing its growth, what challenges it faces, and who the major companies are in this industry. The analysis helps stakeholders make informed decisions regarding investment, product development, and market strategies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.99 billion |
| Market size value in 2031 | USD 15.58 billion |
| Growth Rate | 9.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Torque Sensor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Torque Sensor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Torque Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Torque Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Torque Sensor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Torque Sensor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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