Torque sensor also called a torque transducer, is a device that is used to measure the torque of a rotating system such as machines such as electric motors, engine, gearbox, and crankshaft. Torque measurement and monitoring is an important parameter in all machines and engines. The rotary torque sensor and reaction torque sensor are the most widely used sensors. Optical torque sensors, surface acoustic wave (SAW) torque sensors, and magnetoelastic torque sensors are the latest development in torque sensing technology.
Market Statistics:
The global torque sensor market is expected to surpass US$ 794.1 Mn in terms of value by the end of 2028.
Market Driver
Rising adoption of electric power steering & hydraulic systems is expected to boost the global torque sensor market growth over the forecast period. The demand for eco-friendly steering systems has increased significantly in the recent past globally. Electric power steering systems that deploy torque sensors are very power efficient as compared to hydraulic systems, with energy consumption approximately one-sixth that of the latter. Furthermore, in the electric power steering system, torque sensors are used to detect steering turning direction and read resistance. The introduction of electric and lightweight vehicles is expected to further encourage the adoption of the electric power steering system.
Market Opportunity
Increasing adoption of torque sensors in automation and transportation application can present lucrative growth opportunities in the global torque sensor market. Automotive & transportation are currently the largest application segment in the global torque sensor market and are expected to remain dominant throughout the forecast period. This is owing to increasing adoption of torque sensors in various automotive systems such as hydraulic actuators, steering systems, engine dynamometers, and chassis performance. According to Coherent Market Insights’ analysis, automation and transportation application segment is expected to be valued at US$ 968.09 by 2021, increasing from US$ 613.43 in 2015.
Global Torque Sensor Market: Recent Developments
- In March 2020, HBM (Germany) launched T21WN torque transducers based on the strain-gauge technology. It is ideal for laboratory, test shop, and testing applications as well as for use in production and process monitoring and quality assurance.
- April 2021 - Datum Electronics Ltd has partnered with Nautils Labs to provide shipowners, operators, technical managers, and charterers with a comprehensive vessel digitalization and predictive decision support solution.
- January 2020 - TE Connectivity (TE) designed a safety torque sensor with integrated and improved functional safety, including increased accuracy and speed, in advance human-robot collaboration to address the growing demand for safe and collaborative robots in manufacturing.
Market Restraint
Low reliability of existing torque sensors in high-end applications is expected to hamper the global torque sensor market growth over the forecast period. Although torque sensors are widely used in various end-use sectors, they are not highly reliable when it comes to high-end applications. Existing torque sensors are not reliable to use in high-end applications such as aerospace and defense. These end-use industries require specifically designed sensors.
Global Torque Sensor Market - Impact of Coronavirus (Covid-19) Pandemic
The global torque sensor market witnessed major negative impact due to the outbreak of COVID-19 pandemic. After the pandemic, many countries suspended international travel temporarily, which led to massive disruption in economic activities. Since many countries adopted stringent lockdown policies, manufacturing activities across automobile and other sectors were suspended. This, in turn, impacted the demand for torque sensors as they are typically used in testing of clutch and gearbox, strain measurement, powertrain, suspension system, and other automobile-related parts. However, the market is expected to regain its traction with the rollout of vaccines and relaxation in the COVID-19 regulations.
Key Takeaways:
- The global torque sensor market was valued at US$ 517.3 Mn in 2020 and is forecast to reach a value of US$ 794.1 Mn by 2028 at a CAGR of 6.29% between 2021 and 2028. This is owing to demand for rotary torque sensors and reaction torque sensors.
To know the latest trends and insights prevalent in the Global Torque Sensor Market for Hospitals & Ambulatory Settings, click the link below:
https://www.coherentmarketinsights.com/market-insight/torque-sensors-market-2303
Market Trends
In North America, demand for rotary torque sensors and reaction torque sensors is high as compared to that for other sensors, mainly due high adoption of these sensors in automotive and medical applications. According to Coherent Market Insights’ analysis, in 2015, North America accounted for 85.92% share in the global torque sensor market. Medical & healthcare application is currently the niche market segment for torque sensors. However, this segment is expected to witness high growth over the forecast period, due to the emergence of new technologies such as medical prosthetic or robotic surgery and growing demand for better healthcare services in the region. The Medical & healthcare application segment is expected to expand at a CAGR of 9.8% over the forecast period in the North America torque sensor market.
Demand for torque sensors is high in Brazil, mainly due to switch to electric power steering system as this is one of the prominent applications of torque sensors in the automotive & transportation segment. Economic development in Brazil and Argentina further encourages the growth of the Latin America Torque Sensor Market. By the end of 2015, revenue contribution from Brazil is estimated to be US$ 30.99 Mn and it is expected to increase up to US$ 52.92 Mn by 2021. Increasing production and demand for automobiles in the region is driving the adoption of torque sensors in Latin America. The automotive industry in Mexico and Brazil has witnessed robust growth in the recent past. In the Latin America torque sensor market, the automotive & transportation application segment accounted for the largest market share of 54.1% in 2014 and is expected to remain dominant throughout the forecast period.
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.