Global Torque Sensor Market Size to Reach $16.82 Billion by 2026: Says AMR
Portland, Nov. 18, 2020 (GLOBE NEWSWIRE) -- According to latest published report by AMR, The global torque sensor market size was valued at $8.39 billion in 2018 and is estimated to reach $16.82 billion by 2026, growing at CAGR of 7.7% from 2019 to 2026.
The Torque meters or Torque transducers are used to measure the torque of the systems that are rotating such as electric motors, gear box, craft shifts, and others. An important parameter in all the machines and engines is torque, which requires constant monitoring and measurement. The market is growing, owing to rise in application of torque sensors in the automotive sector. The market has a great opportunity to grow, owing to the development in the non-contact and wireless sensors.
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The global torque sensor market is expected to witness high growth rate during the forecast period, owing to increase in demand for rotary and linear force torque sensors due to their wide usage in automotive application. Manufacturers of automotive are incorporating more torque sensors in their tools to add additional features and keep ahead of other players in the highly competitive market.
The sensors have penetrated in almost every industry vertical but have highest usage in automotive, followed by industrial and aerospace & defense, among others. Cars incorporate torque sensors such as rotary, reaction, pressure, and force, among others, to keep a track on parameters and provide a centralized system for automatic control. Increase in the trend of robotics in the production process is anticipated to boost the overall torque sensor market growth.
The torque sensors are used to keep a track of various parameters such as temperature, pressure, flow, level, and others to make the control of the whole process suitable and easy going through a robot. This is because the torque sensors measure and feed their values to a centralized unit, which controls these parameters automatically.
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On the basis of torque sensor types, the dynamic torque sensor segment generated the highest revenue in 2018, followed by the static torque sensor segment. The torque sensor market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to witness substantial growth in the global automotive steering torque sensor market. This is attributed to increase in demand for such vehicles in various countries such as Germany and the U.K.
The major factors that affect the adoption rate of torque sensor in North America include technological advancements and ongoing R&D activities in autonomous vehicles and in the automotive industry for the adoption of advanced technology. Moreover, rapid developments in the Middle East, in terms of technological developments and medical facilities fuel the growth of the LAMEA market.
The growth of the torque sensor market is driven by substantial growth in the demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new measurement technologies. However, high installation cost is expected to restrain the growth of the market. Furthermore, emerging application of torque sensor in healthcare vertical and evolution in the use of torque sensor in industrial application offer lucrative opportunities for the market growth.
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The key market players profiled in the report include ABB Ltd., Honeywell International corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Peozotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their torque sensor market share.
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