Torque Sensor Market – Overview

The market is projected to gain market share with a CAGR of 7.82 % while potentially earning USD 12.69 billion by the end of the forecast period.

The increased demand for torque sensors in automotive, industrial, aerospace sectors is a key factor encouraging the market. Reports that review the semiconductor and electronics industry has been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects.

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The elevated investment levels witnessed in the automobile sector, driven by surging consumer demand and increased disposable income availability is expected to benefit the market in the approaching period. Moreover, the demand for electrical power steering and better fuel efficiency is expected to motivate the market in the upcoming period. The progress in robotics is expected to enhance the market further in the coming period.

Key players

The prime contenders in the torque sensor market are Honeywell International (US), Infineon Technologies (Germany), Crane Electronics (UK), Hottinger Baldwin Messtechnik (Germany), Applied Measurements (UK), Norbar Torque Tools (UK), ABB (Switzerland), Kistler Holding (Switzerland), Sensor Technology (UK), and FUTEK Advanced Sensor Technology (US).

Competitive Analysis

The improvements in the extraction of natural resources are further reinforcing market expansion. The development of alternative raw material sources is expected to further address the supply demands in the market. Moreover, breakthroughs in technology are expected to exert a positive influence on the development of the market. The impact of governmental plans is inspiring additional progress in the market. The improvements in the logistic chain are expected to create favorable prospects for growth in the coming period. The fluxes in the currency are projected to steady and therefore leave a favorable effect on the market. The advancement of investment into physical capital is anticipated to reinforce the market’s expansion in the forecast period. The market is being defined by the driving forces that are exerting an authoritative influence. The upgrading of the production facilities is anticipated further the market’s growth pace in the coming years.

Segmental Analysis

The segmentation evaluation of the torque sensor market is carried out on eh basis of type, technology, application, and region. Based on the types, the torque sensor market is segmented into reaction torque sensor and rotary torque sensor. The Rotary torque sensor segment is further divided into noncontact-based sensing and contact-based sensing. On the basis of technology, the torque sensor market is segmented into magnetoelastic, surface acoustic wave (SAW), optical and strain gauge. By application, the torque sensor market is segmented into industrial, aerospace & defense, test & measurement, automotive, and others. Based on the regions, the torque sensor market comprises of as Europe, North America, Asia Pacific, Africa, the Middle East, and Latin America.

Detailed Regional Analysis

The regional examination of torque sensor market covers regions such as Europe, North America, Asia Pacific, and the rest of the world regions, which include Africa, the Middle East, and Latin America. The global market is projected to develop at a momentous rate throughout the forecast period owing to positive market cues. Among the regions studied, the Asia Pacific region is anticipated to control the torque sensor market. Nations such as Japan, China, and South Korea are a few of the chief suppliers to the market. Furthermore, the increase in industrial automation and manufacturing of light vehicles in this region is motivating the torque sensor market. Also, the evolution of sectors such as oil & gas and aerospace in China and India is anticipated to boost the demand for torque sensors in the forecast period. The Asia Pacific region is trailed by the European region due to the incidence of automotive producers in the region. The innovative standards concerning corporate average fuel economy (CAFE) standards are empowering the expansion of the hybrid and electric vehicles in the region along with increasing fuel economy in vehicles, which is compelling the demand for torque sensors.

TABLE OF CONTENTS

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.3 Research Objectives

2.4 Markets Structure

3 Market Research Methodology

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3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model

Continued…

LIST OF TABLES

Table 1 Torque Sensor Market, By Region, 2018–2023

Table 2 North America: Torque Sensor Market, By Country, 2018–2023

Table 3 Europe: Torque Sensor Market, By Country, 2018–2023

Continued…

LIST OF FIGURES

FIGURE 1 Global Torque Sensor Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis Of Global Torque Sensor Market

Continued…

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