Global Torque Sensor market trends 2024, Forecast To 2033
13 Feb, 2024
The torque sensor market has exhibited exponential growth, progressing from $9.51 billion in 2023 to $11.48 billion in 2024, with a compound annual growth rate (CAGR) of 20.8%. The growth in the historical period is associated with the demand from the automotive industry, industrial automation, growth in renewable energy, applications in aerospace and defense, and utilization in space exploration. Looking ahead to the next few years, the market is expected to witness rapid growth, reaching $22.51 billion in 2028 at a CAGR of 18.3%. The forecasted growth is attributed to the expansion of electric vehicles, adoption of Industry 4.0 and IoT technologies, increased use in robotic automation, emerging healthcare technologies, and the implementation of smart grids. Key trends in this forecasted period include miniaturization and integration, integration of Industry 4.0 and IoT, non-contact torque sensing, digital calibration and self-diagnostics, and the adoption of wireless torque sensing.
Global Torque Sensor Market Key Driver
The increasing demand for electric vehicles is driving the growth of the torque sensor market. In 2021, sales of electric vehicles nearly doubled to 6.6 million, representing almost 9% of total sales. The growing demand for electric vehicles contributes to the growth of the torque sensor market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Torque Sensor Market ReportGlobal Torque Sensor Market Segments
The global torque sensor market covered in this report is segmented –
1) By Type: Reaction Torque Sensor, Rotary Torque Sensor
2) By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
3) By Application: Automotive, Industrial, Aerospace and Defense, Healthcare
By Geography: The regions covered in the Torque Sensor market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the torque sensor market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the torque sensor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Torque Sensor Industry Players
ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., Infineon Technologies AG, Kistler Group, MagCanica Inc., Snap-On Inc., Datum Electronics Limited, Hottinger Baldwin Messtechnik GmbH, PCB Piezotronics Inc., Interface Inc., Teledyne Technologies Inc., TE Connectivity Ltd., Bota Systems, HITEC Sensor Solutions, KONUX, Mountz Inc., Robotiq Inc., S. Himmelstein & Company, Transense Technologies plc, ATI Industrial Automation Inc., HBK Benelux, Sensor Technology Ltd., Norbar Torque Tools Ltd., Magtrol SA, Kavlico Corporation, Scaime SAS, Lorenz Messtechnik GmbH, KTR Systems GmbH, Kuebler Inc., Manner Sensortelemetrie GmbH, SICK AG, Honsberg Instruments GmbH, RDP Electronics Ltd., Hohner Automáticos S.L., KOBOLD Messring GmbH
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Torque Sensor Market Overview
A torque sensor is a transducer that converts mechanical torque to an electrical signal. There are two types of torque sensors – reaction and rotary. Torque sensors are used in numerous applications in the automotive, motorsports, aerospace, rail, and construction industries. Some of the applications of torque sensors include drag torque measurement, precision mechanics, screwing technology, and testing tools.
Torque Sensor Global Market Report 2023 provides data on the global torque sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The torque sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.