Market Scope
The global Torque Sensor Market Share is expected to reach USD 12.69 billion by 2023 at a CAGR of 7.82% over the forecast period. It was valued at USD 8.25 billion in 2017.
The market is driven by the increasing production of electric and hybrid vehicles and need for electric power steering. The cost-effective nature of torque sensors and its ability to assemble seamlessly with other components can bode well for the market in the coming years. Testing of components and rise of Industry 4.0 can drive the demand for torque sensors. The shift from hydraulic steering and demand for sensors for all processes can favor the Torque Sensor Market in the coming years.
Segmentation
By type, the market is segmented into rotary torque sensor and reaction torque sensor. Rotary torque sensor is further bifurcated into contact-based sensing and noncontact-based sensing. The installation of reaction torque sensors is cost effective as these do not comprise of slip-rings, bearings, and other rotating elements. High accuracy and revolutions per minute (RPM) ratings can beckon its demand. Rotary torque sensors are used for gearbox testing, electric motor testing, dynamometer testing, automotive engine testing and drive train measurements. Developments in wireless and non-contact torque sensors are expected to increase the application of torque sensors in robotics.
By technology, the market is segmented into surface acoustic wave (SAW), magnetoelastic, optical and strain gauge.
By application, the market is segmented into automotive, industrial, test & measurement, aerospace & defense and others. Among all the applications, the automotive segment is the largest revenue generating segment and expects to continue its dominance throughout the forecast period. The growing demand for better fuel efficiency, electrical power steering, and condition-based maintenance are key drivers of the global torque sensor market. Application of torque sensors in robotics is expected to create opportunities for the market during the forecast period. However, low reliability in high end applications is expected to hamper the growth of torque sensor market.
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Regional Analysis
Among the regions mentioned, Asia Pacific is expected to dominate the torque sensor market. Countries such as Japan, China, and South Korea are some of the major contributors to the market. Rise in industrial automation and production of light vehicles in this region are driving the torque sensor market. Furthermore, the growth of sectors such as aerospace and oil and gas in China and India is expected to propel the demand for torque sensors during the forecast period.
Europe has assumed the second position in the market owing to the presence of automotive manufacturers in the region. New standards such as corporate average fuel economy (CAFE) standards are enabling the development of electric and hybrid vehicles in the region along with improving fuel economy in vehicles. Rise in electric mobility owing to supportive infrastructure can spur demand for torque sensors.
Competitive Outlook
ABB, Sensor Technology, Crane Electronics, Norbar Torque Tools, FUTEK Advanced Sensor Technology, Hottinger Baldwin Messtechnik, Applied Measurements, Infineon Technologies, Honeywell International, and Kistler Holding are key players of the global torque sensor market.
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