Torque Sensor Market

Torque Sensor Market Size, Growth, Forecast (2023-2028)

The Global Torque Sensor Market size was worth US$ 7.2 billion in 2022, and it is estimated to reach a valuation of US$ 9.4 billion by the end of 2028, expanding at an annual growth rate of 5.6% between 2023 and 2028.

Market Overview:

The Torque Sensor is a device that is used to record and measure the torques in a rotating system like gearboxes, craft shifts, electric motors, engines, etc. Torque sensors ensure the quality and performance optimization of the system. The torque sensors are of two types, i.e., Rotary torques sensor and Reaction torque sensor. The Rotary Torque Sensor is expected to dominate the torque market in the future.

The Torque Sensors are used in a wide range of applications like Automotive, Test & Measurement, Industrial, Aerospace & Defense, and Medical, etc. The automation segment has a high demand for torques sensors in the market. Asia Pacific Region is expected to hold the largest market with a CAGR of 43% in the future.

The technological improvement and the combination of the wireless and digital components in torque sensors will boost the growth of the torques sensor market in the forecasted period between 2022 and 2027.

Drivers:

The driving force of the Torque Sensor Market is the wide range of applications and technological advancement in the products increases the demand for torque sensors in the market. The torque sensor is used in a variety of applications for engine and transmission testing, gearbox testing, pump testing, power measurement with propulsion testing, electric motor testing, efficiency testing, etc. Furthermore, torque is one of the vital parameters in developing combustion engines and industrial motors. Moreover, turbines, generators and some power tools make use of torque sensors, which further propels the market demand forward. The wide use of rotary torque sensors in the automation segment drives the growth of torque sensors in the market.

Another primary factor that is responsible for the global torque sensor market growth is the improvement in technology and the combination of the wireless and digital components in torque sensors. Furthermore, industrial automation, smart robotics, and smart factory concept are expected to boost the growth of the Torque Sensor Market in the period between 2022 and 2027. Moreover, the key players are continuously upgrading their products according to the need of applications which helps in increasing the growth of the Global Torque Sensor Market in the future. 

Restraints:

The major restraint of the Torque Sensor Market growth is the error caused by the fluctuation of temperature. The torques sensor is used in aerospace, marine, and racing applications with the highest accuracy and reliability for smooth and dependable measurement. Still, the few torque sensors can cause an error when any temperature fluctuation is induced by shaft rotation.

Recent Developments in Torque Sensor Industry:

• In November 2020, Datum Electronics launched the “Datum Connect App,” which is live now. This app can provide access to wireless torque monitoring directly from smart devices (IOS and Android).
• It is a standard feature available for all new sensors order similarly; customer can easily upgrade their existing sensor hardware. With the help of this LIVE App, one can easily connect to a torque sensor with a single click of a button, enabling instant wireless and access to Torque Monitoring and Logging. Moreover, one can get live data in real-time through emails.
• In January 2020, TE connectivity announced its new innovation on Torque Sensors in order to improve safety performance in Cobots (collaborative robots). Advanced torque sensors can increase efficiency and productivity. The advancement of automated Technology has helped drive the development of collaborative robots. Therefore, these Collaborative robots can work alongside or with human beings.

TORQUE SENSOR MARKET REPORT COVERAGE:

Torque Sensor Market Segmentation Analysis:

Torque Sensor Market By Type:

• Rotary Torque Sensor 
• Reaction Torque Sensor

Based on type, the global Torque Sensor Market is segmented into Rotary Torque Sensor and Reaction Torque Sensor. The rotary sensor has a wide range of applications, such as automotive engine testing and efficiency testing, electric motor testing, gearbox testing, drive train testing, dynameters testing, etc. Therefore, this rotary sensor is highly used in the automotive sector. Additionally, the key players are working on technical advancements of rotary torque sensors for the improvement of fuel economy, efficiency, and electrification. Owing to these factors, the Rotary Torque Sensors is expected to dominate the global market in the period between 2022 and 2027.

Torque Sensor Market By Technology:

• Surface Acoustic Wave
• Magneto elastic
• Optical 
• Strain Gauge

Based on Technology, the global Torque Sensor Market is segmented into Surface Acoustic Wave, Magnetoelastic, Optical, Strain Gauge. The Strain Gauge torque sensor is expected to dominate the market in the future due to the signal produced by the strain gauge being compatible with a wide range of instruments like analog or digital display and digital amplifiers. Moreover, they are much cost-effective as compared to other torque sensors. The continuous improvement in the modern strain gauge sensors further fuels the growth of the global Torque Sensor Market in the forecasted period between 2022 and 2027. 

Torque Sensor Market By Application:

• Automotive
• Test & Measurement
• Industrial
• Aerospace & Defense
• Medical

Based on Applications, the global Torque Sensor Market is segmented into Automotive, Test & Measurement, Industrial, Aerospace & Defense, and Medical. The torques sensors are widely used in different sectors, but it has a broad range of applications in the automotive sector. For example, the torque sensor is commonly used in automobile manufacturing for calibrating automatic transmission and mapping engine torque. In addition, they are used to test clutches, gearboxes as well as to measure strain in order to determine the dynamic torque in the engine. They are owing to these factors, the demand for torque sensors in the Automobile segment increases, which fuels the growth of the global Torque Sensor Market in the forecasted period. 

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Asia Pacific region is the dominating region of the global Torque Sensor Market. China is the largest vehicle manufacturers, while Japan and South Korea are key exporters of motor vehicles around the globe. India is also expecting a large market of torque sensors because of the rapid growth of the automotive industry in this region. Moreover, the increasing manufacturing of electric vehicles will also increase the demand for toque sensors in the future. The Indian government policies favoring heavy investment for automakers fuels the growth of the global torque sensor market in the future. Japan is the global leader in manufacturing robots and factory automation systems, and it holds the 31% share of the global robot market. Hence the Asia Pacific region will expect to account for the highest growth for the Global Torque Sensor Market with a CAGR of 43% between 2022 and 2027.

After the Asia Pacific, North America is expected to hold the largest market of Torque sensors across the globe with a CAGR of 29% in the period between 2022 and 2027 because of the increasing demand for torque sensors in the industry.

Europe will follow next with decent sales of torques sensor in future.

Covid-19 Impact on Global RF Test Equipment Market: 

The Global Torque Sensor Market has been significantly impacted by the COVID-19 outbreak. Due to pandemics, industrial activity is reduced with a minimum workforce, resulting in lower production, affecting efficiency and procurement budget. Therefore, it affects the demand for torque Sensor is also reduced in the Industry. But the COVID -19 positively impacts the torque sensor market in collaborative robots (cobots). COVID– 19 is a highly communicable and deadly spread disease; the demand for torque sensors for collaborative robots arises in the medical sector in order to avoid direct contact with patients. Thus, the COVID-19 has some positive impact on the global torque sensor market, and with the recovering economy, the demand for torque sensors in other segments also increases which will boost the growth of the Global Torque Sensor Market in the forecasted period between 2022 and 2027.

Leading Company:

Datum Electronics had the largest share of the world’s Torque Sensor in terms of sales revenue in 2020.

Key Players in the Market:

Major Key Players in the Global Torque Sensor Market are

• TE Connectivity (Switzerland)
• Crane Electronics (UK)
• FUTEK Advanced Sensor Technology (US)
• HBM (Germany)
• Applied Measurements (UK)
• Honeywell (US)
• Kistler Holding (Switzerland)
• Sensor Technology (UK)
• Norbar Torque Too (UK)
• Infineon Technologies (Germany)