Almost every industry vertical looks for sensors. Smartphones do incorporate sensors like ambient light sensor, accelerometer, temperature sensors, gyroscopes, and proximity sensors for keeping a track on the parameters. The sensors market is growing on an unabated note in IT & telecom, automotive, consumer electronics vertical and the trend is expected to continue even going forward.
Torque Sensors Market to Reach US$ 3.4 Bn by 2030; Reduced Manufacturing Activities amidst COVID-19 Outbreak Leading to Declining Demand
The global torque sensors market is expected to witness significant growth during the forecast period (2022 to 2030), at a CAGR of around 6%.
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Various factors such as emerging applications of torque sensors, rising demand for precise torque measurement technology, and high demand for use in automotive applications are driving the growth of the torque sensors market. Furthermore, development of non-contact and wireless sensors, growing adoption of quality standard specifications (such as ISO 9000), and imposition of strict government regulations related to machine safety in developed countries are other important factors leading to increasing sales of torque sensors across the globe.
Key Players:
The report has profiled some of the Important players prevalent in the global like – ABB Ltd., ATI Industrial Automation, Inc., FUTEK Advanced Sensor Technology, Inc., Interface Inc., Honeywell International Inc., Crane Electronics Ltd., Kistler Holding AG, HBM GmBH, Sensor Technology Ltd., Datum Electronics Limited and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Torque Sensors.
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Key Takeaways from Torque Sensors Market Study
- The rotary torque sensor segment is expected to remain dominant throughout the forecast period, with high revenue contribution. However, the segment is expected to lose some of its market share to other product segments over the coming years.
- In terms of mechanical configuration, the flange style segment is expected to expand at the highest CAGR over the forecast period.
- On the basis of application, the automotive & transportation application segment holds the largest share of the global torque sensors market, and is expected to remain dominant throughout the forecast period. Increasing adoption of torque sensors in various automotive systems, introduction of new types of torque sensors by key players, and increasing demand for electric-powered steering systems in vehicles are factors driving this segment.
- Asia Pacific and North America are leading regions in the global torque sensors market.
Torque Sensors Market Competition Analysis
Key market players in the global torque sensors market include ABB Ltd., ATI Industrial Automation, Inc., FUTEK Advanced Sensor Technology, Inc., Interface Inc., Honeywell International Inc., Crane Electronics Ltd., Kistler Holding AG, HBM GmBH, Sensor Technology Ltd., and Datum Electronics Limited. These key players are focusing on product innovations and launch of new products to cater to the emerging needs of customers. For example, ATI Industrial Automation, Inc. launched Wireless F/T, for up to six ATI multi-axis force/torque transducers, which can be powered by an internal battery as well as an external power source. Crane Electronics Ltd. launched RFm, which enables the reading of torque and angle values in real time, and converts them into digital values.
Key Stakeholders
Torque Sensors Market Manufacturers
Torque Sensors Market Distributors/Traders/Wholesalers
Torque Sensors Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Torque Sensors Market – Report Highlights
- A detailed overview of parent market of Torque Sensors Market
- Changing Torque Sensors Market dynamics in the industry
- In-depth segmentation of the Torque Sensors Market
- Historical, current, and projected Torque Sensors Market size regarding volume and value
- Recent industry trends and developments in Torque Sensors Market
- Competitive landscape of the Torque Sensors Market
- Strategies for key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Torque Sensors Market performance
- Must-have information for Torque Sensors Market players to sustain and enhance their market footprint
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