Global Torque Sensor Market to Grow at 9.2% During 2023-2028, Bolstered by Technological Advancements

January 03, 2022 | Electronics and Semiconductors

The latest report by IMARC Group, titled “Torque Sensor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global torque sensor market reached a value of US$ 8.2 Billion in 2022. A torque sensor is an electronic device that records and measures the torque of a rotating system through mechanical processes. It ensures the high quality and performance optimization of machines such as engines, gearboxes, electric motors, and crankshafts of the rotating system. It is also essential in technological applications, such as engine and transmission testing, turbine testing, pump testing, and power measurement, within propulsion systems. A torque sensor enhances the efficiency of machines, engines, and embedded systems. As a result, it finds applications across automotive, aerospace, defense, agriculture, mining, and healthcare industries.

Global Torque Sensor Market Trends:

The market is primarily driven by the increasing demand for high-performance hybrid vehicles, owing to the rising awareness regarding carbon emissions. In addition to this, the advent of Industry 4.0 has resulted in the growing emphasis on performance optimization and quality control across various industries, thereby increasing the adoption of torque sensors in new applications. Nowadays, torque sensors are also utilized in the fields of robotics and medical prosthetics. As a result, key manufacturers are developing non-contact and wireless sensors, which can be merged with surface acoustic wave (SAW) detection systems. Moreover, technological advancements have resulted in the integration of wireless and digital features in torque sensors. Furthermore, the growing need for electric vehicles that run on electrical power and offer fuel efficiency are creating positive opportunities for the market. On account of these factors, the market is expected to grow at a CAGR of 9.2% during 2023-2028.

Market Summary:

Based on the type, the market has been segmented into rotary and reaction torque sensors.
On the basis of technology, the market has been classified into surface acoustic wave (SAW), optical, strain gauge, and others.
The market has been categorized based on the application into aerospace and defense, automotive, testing and measurement, healthcare, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being Applied Measurements Limited, Crane Electronics Inc., Datum Electronics Limited (Indutrade AB), FUTEK Advanced Sensor Technology Inc., Hitachi Limited, Honeywell International Inc., Hottinger Baldwin Messtechnik GmbH (Spectris plc), Infineon Technologies AG, Kistler Holding AG, Norbar Torque Tools Limited (Snap-on Incorporated), and PCB Piezotronics Inc. (MTS Systems Corporation).

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Type, Technology, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Applied Measurements Limited, Crane Electronics Inc., Datum Electronics Limited (Indutrade AB), FUTEK Advanced Sensor Technology Inc., Hitachi Limited, Honeywell International Inc., Hottinger Baldwin Messtechnik GmbH (Spectris plc), Infineon Technologies AG, Kistler Holding AG, Norbar Torque Tools Limited (Snap-on Incorporated), and PCB Piezotronics Inc. (MTS Systems Corporation)
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Torque Sensor Market to Grow at 9.2% During 2023-2028, Bolstered by Technological Advancements

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