Global Torque Sensor Market to Garner USD 16 Billion with 9% CAGR from 2023 to 2030
Research Reports
Nov 09, 2023
The Torque Sensor Market is growing rapidly witnessing increasing demand across industries. With growing technological advances, torque sensors are evolving rapidly, offering greater benefits in integrating wireless and digital features. Market Research Future (MRFR) states that the global torque sensor market value is poised to escalate from USD 7 BN in 2022 to USD 16 BN by 2030, growing at a 9% CAGR during the review period (2023-2030).
Technical innovations and advances in automotive electronics, electric vehicles, and artificial intelligence are key driving forces improving the performance of these torque sensors. Increasing demand from industries is a key market driver enhancing market growth. Torque sensors offer real-time monitoring of various systems, optimizing their performance and identifying potential issues before they become major problems.
Torque sensors also improve the safety of systems by monitoring multiple system components and detecting any sudden changes that can indicate potential safety issues leading to a catastrophic failure. Further, torque sensors help reduce costs and improve efficiency by monitoring systems’ energy-inefficient areas, improving their performance & efficiency and reducing running costs over time.
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Major Players
Leading torque sensor market players are
- Honeywell International
- ABB
- Infineon Technologies
- Applied Measurements
- Crane Electronics
- Kistler Holding
- Sensor Technology
- Norbar Torque Tools
- FUTEK Advanced Sensor Technology
- Hottinger Baldwin Messtechnik
Global Torque Sensor Market – Segmentation
The market report is segmented into type, application, and region. The type segment is bifurcated into rotary torque sensor and reaction torque sensor. The application segment is bifurcated into automotive, industrial, test & measurement, aerospace & defense, and others. By region, the torque sensor market is divided into the Asia-Pacific, Americas, Middle East & Africa, Europe, and the rest of the world.
Global Torque Sensor Market – Regional Analysis
Asia-Pacific accounts for the highest torque sensor market shares. The rapid growth in the automotive industry and the increasing demand for advanced torque sensors drive the regional market growth. Besides, the rising adoption of torque sensors in the automotive, industrial, and aerospace & defense sectors across the region influences market revenues.
The penetration of IoT devices and communication networks in several industries boosts the torque sensor market demand in the region. Growing investments in product developments and automotive technologies foster market revenues. Simultaneously, the continually rising demand for automated systems boosts the torque sensor market size. Countries such as China, India, Japan, and South Korea are key growth contributors to the regional market.
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Global Torque Sensor Market – Competitive Analysis
The highly competitive torque sensor market appears fragmented. Well-established players initiate strategies, such as acquisition, collaboration, partnership, expansion, and technology launch, to gain a larger competitive share. Market players adopt other strategies: greater product commercialization, promotion initiatives through trade exhibitions, and increased collaboration. Matured industry players are also strategically investing in R&D activities and fostering expansion plans.
Industry/ Innovation/ Related News
Sept.0 6, 2023 — Bota Systems, a leading provider of multi-axis force-torque sensors, launched a highly sensitive robotics force-torque sensor, the MiniONE Pro. It is an advanced six-axis force-torque sensor offering exceptional sensitivity & compactness and empowering small robotic systems with enhanced feedback capabilities. The MiniONE Pro is a crucial connector between robot arms and probes, providing highly sensitive feedback for improved performance.
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