Torque Sensor Market to Reach Nearly US$10.3 Billion by 2029, Driven by Growth in Automotive and Manufacturing Sectors
The global torque sensor market is expected to reach US$10.28 billion by 2029, growing at a steady CAGR of 5.5% from 2023, according to Maximize Market Research (MMR). This growth is fueled by the increasing demand for precision measurement and control across various industries.
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Overview
Torque sensors play a critical role in measuring the twisting force applied to an object. They are widely used in industrial automation, automotive testing, robotics, and other applications requiring precise measurement of rotational force.
Market Scope
The MMR report offers a comprehensive analysis of the torque sensor market landscape, exploring key trends, influencing factors, and growth opportunities. It delves into market segmentation by product type (reaction torque, rotational torque), application (automotive, aerospace, manufacturing, medical), and mechanical configuration (shaft style, flange style).
Segmentation Highlights
- Rotational Torque Leads the Way: The rotational torque segment is expected to capture the largest market share due to its extensive application in various industries, including automotive, manufacturing, and aerospace.
Factors Driving Growth
- Advancements in Automation: The growing adoption of automation across industries is driving the demand for torque sensors for precise control and monitoring of robotic systems.
- Rise of Electric Vehicles: The increasing popularity of electric vehicles (EVs) is creating a demand for torque sensors for measuring motor torque and optimizing performance.
- Focus on Quality Control: Stringent quality control measures in manufacturing necessitate the use of torque sensors to ensure consistent product quality.
Competitive Landscape
The torque sensor market is a dynamic space with a mix of established players like ABB and Honeywell, alongside innovative niche manufacturers.
- Key Players:
- ABB Ltd (Switzerland)
- Crane Electronics Ltd (UK)
- HBK Benelux (Spectris PLC) (Netherlands)
- Applied Measurements Ltd (UK)
- Honeywell International Inc. (USA)
- Norbar Torque Tools Ltd (UK)
- Infineon Technologies AG (Germany)
- Teledyne Technologies, Inc. (USA)
- TE Connectivity Ltd (Switzerland)
- [Add 5 more companies from the list]
Regional Analysis
North America is expected to hold a dominant market share initially due to the presence of major automotive and manufacturing industries. However, Asia Pacific is anticipated to witness the fastest growth due to factors like rising automation adoption and increasing production in this region.
COVID-19 Impact
The COVID-19 pandemic caused temporary disruptions to the supply chain and manufacturing of torque sensors. However, the long-term outlook remains positive as automation and electrification trends continue to drive demand.
Addressing Key Questions
The MMR report addresses critical questions concerning the torque sensor market, including:
- Market size and growth projections
- Key market segments and their performance
- Factors influencing market dynamics
- Competitive landscape and leading players
- Emerging trends and future outlook
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