Torque sensor also referred to as torque transducer is a device that is used to measure the torque of a rotating system such as electric motors, crankshaft, engine, and gearbox. Torque measurement and monitoring is an important parameter in all machines and engines. Depending upon the type of product, torque sensors are segmented into – rotary torque sensor, reaction torque sensor, optical torque sensor, surface acoustic wave (SAW) torque sensor, and other (magnetoelastic torque sensor).
The global torque sensor market is estimated to be valued at US$ 556.8 million in 2021 and is expected to exhibit a CAGR of 6.29 % over the forecast period (2021-2028).
Recent Developments:
Asia Pacific held dominant position in the global torque sensor market in 2020, accounting for 47.53% % share in terms of volume, followed by Europe and North America, respectively.
Figure 1. Global Torque Sensor Market Value (US$ 660.4 Mn), by Region, 2020
Market Dynamics- Drivers
Emerging applications of torque sensors are expected to drive growth of the global torque sensor market during the forecast period. Torque sensors are being used in a variety of applications across various industries. Torque sensors find applications in aerospace & defense, oil & gas, automotive & transportation, medical & healthcare, etc. Growing emphasis on performance optimization and quality control across various industries is encouraging the adoption of torque sensors for various applications.
High demand from automotive application segment is expected to propel the global torque sensor market growth over the forecast period. The automotive application segment is expected to maintain its dominance in the global torque sensor market during the forecast period. Torque sensors are widely used in automotive applications to measure torque of the engine, crankshaft, gearbox, and electric motors. Although other sectors such as medical and aerospace are increasingly using torque sensors, automotive application segment is expected to maintain its dominance in the near future. According to Coherent Market Insights’ analysis, the global torque sensor market was valued at US$ 574.63 million in 2014.
Market Opportunity
Development of non-contact & wireless sensors can present lucrative growth opportunities in the global torque sensor market. Manufacturers are focusing on the incorporation of novel torque sensing technologies namely wireless sensors and non-contact sensors based on surface acoustic wave (SAW), optical torque sensing technologies. Moreover, advancements in technology in sensor technology combined with a decline in prices have led to an increase in applications of torque sensors.
Rising implementation of quality standards specifications can provide major business opportunities in the global torque sensor market. Manufacturers are focused on adoption of international quality standard specifications such as ISO 9000 for the manufacture of torque sensors in order to ensure the production of optimal quality products and maintain a competitive edge in the market. This, in turn, is increasing adoption of torque sensors, especially for high precision applications.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 556.8 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 6.29% | 2028 Value Projection: | US$ 794.1 Mn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
ABB Ltd., Datum Electronics Limited, ATI Industrial Automation, Inc., HBM GmBH, FUTEK Advanced Sensor Technology, Inc., Kistler Holding AG, Interface Inc., and Crane Electronics Ltd. |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Market Trends
Revenue contribution of the rotary torque sensor segment is increasing continuously. It is due to the wide range of automotive applications of rotary torque sensors. Some of the vital applications of rotary torque sensors in the automotive sector include automotive engine testing, electric motor testing, efficiency testing, and engine & chassis dynamometers. Revenue contribution of the rotary torque sensor segment is increasing continuously. It is due to the wide range of automotive applications of rotary torque sensors. Some of the vital applications of rotary torque sensors in the automotive sector include automotive engine testing, electric motor testing, efficiency testing, and engine & chassis dynamometers.
SAW torque sensors have vital applications in the automotive industry, which include Kinetic Energy Recovery System (KERS), crankshafts, and drive shafts, among others. The SAW torque sensor is an advanced torque-sensing technology and, thus, are expected to drive growth of the overall torque sensor market. Moreover, SAW torque sensors provide more precise torque measurement as compared to their counterparts such as rotary torque sensors, as it is an advanced torque sensing technology. SAW torque sensors, which are a non-contact wireless sensing technology, deliver enhanced accuracy as compared to the other alternative product types, thereby leading to improved quality, efficiency, and cost-effectiveness. For instance, key market players, such as Sensor Technology Ltd., offer a series of torque sensors based on surface acoustic wave technology.
Figure 2. Global Torque Sensor Market Share, By 33.86%, 2020
Key Takeaways of the Graph:
Market Dynamics- Restraints
Technological anomalies due to diversity of applications are expected to restrain growth of the global torque sensor market during the forecast period. Torque sensors are used in a variety of applications including medical prosthetic, automotive, etc. The typical requirement of these applications varies significantly. This, in turn, makes it challenging for torque sensor manufacturers to produce custom-made torque sensors as per different designs.
High product cost for the advanced application is expected to hinder the global torque sensor market growth over the forecast period. The price of torque sensors depends upon its application and product type. For instance, in aerospace & defense applications, torque sensors are very crucial since tremendous torque is generated during the flight. Similarly, in medical applications, torque design and precise measurement are of utmost importance to ensure accuracy and efficiency of operation. These highly advanced application demand technically superior solutions, which significantly increases production costs of torque sensors. This hampers growth of the market to a certain extent.
Competitive Section
Key players operating in the global torque sensor market are ABB Ltd., Datum Electronics Limited, ATI Industrial Automation, Inc., HBM GmBH, FUTEK Advanced Sensor Technology, Inc., Kistler Holding AG, Interface Inc., and Crane Electronics Ltd.
Torque sensors, sometimes called rotary torque testers, are used in various applications where the torque measurement has to be taken at a turning shaft. Most such sensors are driven by an electrical motor (the driving unit), but there are some that are driven by a direct transmission shaft (ESD). These sensors provide the user with the ability to measure both rotary and straight thrust torque. They also have the ability to measure changes in velocity and acceleration. A rotary or ESD torque sensor is normally a wire wound spring-loaded by a variable resistance that is then activated by an electric current passing through it. This device produces a very weak magnetic signal as the wheel spins on the shaft. When the wire is twisted or bent it produces a much stronger signal. As the wheel moves on the shaft, the distance between the two ends of the wire is measured and this measured value is interpreted by the sensor.
Market Dynamics
Growing use of torque sensors in robotics is expected to boost the global torque sensor market growth over the forecast period. Apart from automobile applications, torque sensors are widely used in robotics. They measure the torque outputted during the arm movement. Generally, these torque sensors are mounted between the robot arm servo motor and its mounting points. With growing adoption of robotics across various sectors including healthcare, supply chain, automobile, e-commerce, etc. has increased the demand for torque sensors massively.
Furthermore, increasing demand for advanced high-performance vehicles is expected to accelerate growth of the global torque sensor market growth over the forecast period.
Key features of the study:
Detailed Segmentation:
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients