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

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 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.  '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)'

Rise in Electric and Hybrid Vehicles 

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.

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.