Coherent Market Insights

Torque Sensors Market is Expected to Surpass US$ 10.48 Bn by 2031

Torque Sensors Market is Expected to Surpass US$ 10.48 Bn by 2031 - Coherent Market Insights

Publish In: Jul 23, 2024

Global torque sensors market is estimated to witness steady growth, due to rising demand from automotive industry and growing adoption of industrial robotics

Global torque sensors market is estimated to be valued at US$ 6.61 Bn in 2024, exhibiting a CAGR of 6.81% over the forecast period of 2024-2031. Increased adoption of torque sensors in industrial robots and automated functions can drive the market growth. Furthermore, growing demand from the automotive industry for precision torque measurement during engine assembly and quality inspection can also drive the market growth.

Market Dynamics:

Global torque sensors market growth is driven by growing demand from the automotive industry and rising adoption of industrial robotics. Rising implementation of automation across manufacturing facilities and quality assessment procedures can boost adoption of torque sensors in industrial robots. Torque sensors help robots perform repetitive tasks precisely and consistently, improving productivity. Meanwhile, increasing demand for electric vehicles and hybrid vehicles boosts usage of torque sensors in the automotive industry for battery pack assembly and engine diagnostic functions. Growing emphasis on safety, quality, and fuel efficiency in the automotive industry can drive the market growth over the forecast period.

Growing Demand from Automotive Industry Boosts Adoption of Torque Sensors

The automotive industry is  one of the largest consumers of torque sensors globally. With rising vehicle production volumes worldwide, especially in key emerging markets like India and China, there has been huge demand for torque sensors from automakers. Torque sensors play a critical role in modern vehicles as it is being used for applications like engine torque measurement, transmission control, ECU programming, EPS system testing and others. Their ability to precisely measure torque loads ensure optimal vehicle performance and fuel efficiency. Leading automakers are also integrating more advanced driver assistance and safety features in new vehicles, further, boosting need for high-quality torque sensors.

Industrial Machinery Manufacturing Boosts Torque Sensor Sales

Industrial machinery manufacturing is can drive the global torque sensors market growth. Various types of machinery used across different industries rely on torque sensors for critical monitoring and feedback functions. For example, in heavy equipment, sensors optimize machine operations and prevent damage. These are also used in industrial robotics, material handling systems and factory automation equipment. With ongoing industrialization and demand for more automated production processes, torque sensors play a vital role in enabling condition monitoring, predictive maintenance and performance analysis of machinery. Their deployment allows achieving increased operational efficiency, higher product quality and reduced downtime in industrial facilities.

Availability of Alternative Technologies Can Hamper Market Growth

While torque sensors have several advantages, the availability of some alternative measurement technologies can hamper the market growth. For example, strain gauges are commonly used for torque measurement in some applications instead of dedicated sensor units. Moreover, technologies like infrared sensors and ultrasonic sensing are gaining popularity in non-contact torque measurement in certain industries. This can limit demand for conventional torque sensors. High initial costs involved in sensor installation, particularly for customized solutions, discourage some price-sensitive end users. However, torque sensors continue to be the primary choice for applications requiring high accuracy, repeatability and overload protection.

Volatility in Prices of Raw Materials Raises Production Costs

Fluctuating raw material costs can pose challenge for torque sensor manufacturers. Key materials used in their manufacturing include metals like steel, aluminum, and copper, in addition to electronics components. Unstable raw material pricing environments increases sensor production costs. This can decrease profit margins for suppliers and also impact the affordability of sensors for some customer. While price increases may be passed on to a certain extent, high and variable components prices pose financial planning difficulties. It can hinder the scale-up of volume-driven applications of torque sensors.

Growing Electric Vehicle Sales Open New Avenues in E-Powertrain Testing

The electric vehicles industry can offer opportunities for torque sensor providers. Advanced testing requirements of e-motors, gearboxes, battery packs and other e-powertrain components can boost demand. Torque sensors play an indispensable role in ensuring high quality, repeatability and safety of electric drive systems. Their deployment allows for regulated torque control and overload protection. As EV production volumes increase globally to meet environmental targets, it will boosts demand from automakers and their suppliers for specialized sensing solutions.

Increasing Automation Levels in Manufacturing Create Need for Sensor Integration

Rising focus on automation, robotics and smart factory technologies can offer growth opportunities for torque sensor companies. Advanced applications like condition monitoring, predictive maintenance, automated quality control, collaborative robotics demand sensors that can adapt to predictive controls. This spurs innovations around AI-enabled, feedback-integrated products. Integrating sensors with IIoT platforms allows remote accessing diagnostics. Such digital capabilities are gaining prominence as manufacturers strive for enhanced visibility across production floors. The evolving needs of automation offer opportunities to enhance existing sensor technology and drive new use cases.

Link: https://www.coherentmarketinsights.com/market-insight/torque-sensors-market-2303

Key Developments:

  • In August 2023, ATI Industrial Automation, a prominent supplier of robotic tooling and sensing solutions, revealed that its Multi-Axis Force/Torque (F/T) Sensors are now interoperable with FANUC Robots and FANUC's Force Control Software. These sensors are esteemed for their precision in measuring forces and torques across various axes, empowering robots to possess tactile sensitivity and execute intricate tasks with agility.
  • In March 2023, Sensor Technology Ltd, a top producer of torque sensors, broadened its TorqSense series by introducing the new SGR 510/520 model with lower capacities. This addition expands Sensor Technology's torque sensor lineup from 0.2Nm to 1Nm, augmenting their total range to encompass measurements from 0.2Nm up to 13,000Nm.
  • In October 2022, Infineon Technologies, a prominent semiconductor manufacturer, launched the XENSIV Connected Sensor Kit (CSK), a platform for IoT sensors designed to expedite the prototyping and customization of IoT solutions. The CSK integrates Infineon's efficient and high-performance XENSIV sensors—such as radar, environmental, and pressure sensors—with the PSoC 6 microcontroller. This integrated platform enables sophisticated IoT applications and drastically reduces the time required to bring IoT products to market.
  • In December 2020, Sensor Technology, a sensor manufacturer headquartered in the U.K., unveiled a next-generation of non-contact torque sensors. These new sensors employ a four-element strain gauge bridge design, enhancing the company's existing lineup which utilizes surface acoustic wave (SAW) detection technology. The strain gauge-based sensors deliver improved accuracy, achieving up to ±0.1%, compared to the ±0.25% accuracy of the previous SAW-based models, all at the same price point.

Key Players:

ABB Ltd., Applied Measurements Ltd., Crane Electronics Ltd., Datum Electronics Ltd. (Indutrade AB), HBK Benelux (Spectris PLC), Honeywell International Inc., Infineon Technologies AG, Kistler Instrumente AG, MagCanica, Inc., Norbar Torque Tools Ltd., PCB Piezotronics, Inc., TE Connectivity Ltd., Teledyne Technologies, Inc., Transducers Direct, LLC, Wipro Infrastructure Engineering

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports


Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail


Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Created billion dollars of revenue impact on thousands of clients

trusted clients logo
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.