Torque Sensor Market Overview:
The Torque Sensor market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Torque Sensor Market as well as the factors influencing regional variations in the growth of the sector.
Torque Sensor Market size was valued at US$ 6.7 Bn. in 2021 and the total Torque Sensor revenue is expected to grow by 5.5% from 2022 to 2029, reaching nearly US$ 10.28 Bn.
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Market Scope:
After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.
Market Dynamics:
Numerous technological applications, such as the testing of engines and gearboxes, generators, compressors, and rocket engines, can benefit from torque monitoring. One of the most crucial factors in the design of diesel engines and the production of motors is torque. To maximise mechanical properties, torque measurement is also required for almost every machine that generates angular momentum, such as bolt tops on drug containers and automobiles. One method for increasing the effectiveness of machinery, actuators, and integrated devices is torque sensing. Additionally, power drills, wind turbines, and power systems are all inspected using torque sensors. Because of this, the market for torque sensors has been growing recently, and this trend is anticipated to continue throughout the forecast period.
Market Segmentation:
The automotive application segment is anticipated to expand at a CAGR of 6.1% during the forecast period. Rotational torque sensors are used for inspecting gearboxes, strain assessment, clutches, braking, rear suspension, powertrain, and dynamic torque inside the engine. Torque sensors have long been used in the automotive industry. The market has potential for innovation with increased automotive production. Electric vehicles also do not need a transmission or clutch. However, the engines generate the torque required for acceleration as well as a specific range of engine speed or gears. This raises the need for torque sensors globally in the production of EVs.
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Key Players:
To identify the market’s leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the influential thought leaders and subject matter experts who are included in the main study’s in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and market breakdowns. The results of these calculations are then compared to primary data. The Torque Sensor market is dominated by the following businesses:
• ABB Ltd
• Crane Electronics Ltd
• HBK Benelux (Spectris PLC)
• Applied Measurements Ltd.
• Honeywell International
• Norbar Torque Tools Ltd
• Infineon Technologies AG
• Teledyne Technologies, Inc.
• TE Connectivity Ltd
• Datum Electronics Ltd
• PCB Piezotronics, Inc.
• Kistler Instrumente AG
• MagCanica, Inc.
• FUTEK Advanced Sensor Technology
• Interfaceforce
Regional Analysis:
The regional overview of market research for Torque Sensor also discusses key market-influencing elements and legal developments that have an impact on current and future market trends. Current and upcoming trends are investigated in order to evaluate the whole market potential and find lucrative patterns in order to establish a better footing. The basis for evaluating the regional market is the current environment and expected trends.
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COVID-19 Impact Analysis on Torque Sensor Market:
Owing to a halt in operations, the growth of end-user industries using Torque Sensor decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Torque Sensor manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market’s expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Torque Sensor has been severely decreased.
Key Questions Answered in the Torque Sensor Market Report are:
- Which market segment accounted for the most percentage of Torque Sensor in 2021?
- How competitive is the market environment?
- What are the primary factors influencing the Torque Sensor market’s growth?
- Which region dominates the Torque Sensor market in terms of market share?
- What is the expected market CAGR from 2022 to 2029?
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