Torque Sensor Market | Emerging Trends, Growth Prospects, and Forecast 2023-2029: ABB, Crane Electronics, HBK Benelux Setting the Pace

Torque Sensor Market to Reach US$10.28 Billion by 2029, Driven by Growth in Automation and Electric Vehicles

Market Overview:

The global torque sensor market is expected to reach US$10.28 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2029. This growth is driven by the increasing importance of torque measurement in various industries, including automotive, aerospace, and manufacturing.

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Market Introduction:

Torque sensors are used to measure and monitor the twisting force applied to a rotating shaft. They play a crucial role in various applications, such as engine and gearbox testing, power measurement in rocket engines, and optimizing mechanical characteristics of machines.

Market Dynamics:

Several factors are driving the growth of the torque sensor market:

• Growing demand for torque measurement: Torque measurement is becoming increasingly critical in diverse industries due to its impact on efficiency, safety, and performance.
• Rise of automation and robotics: The increasing adoption of automation and robotics in manufacturing is driving the demand for torque sensors for precise control and monitoring.
• Growth of the electric vehicle (EV) market: Electric vehicles require torque sensors for various functions, including motor control and powertrain monitoring, creating new market opportunities.

Market Segmentation:

The torque sensor market is segmented by product type, application, and region:

• Product Type: Reaction torque sensors and rotational torque sensors
• Application: Automotive, aerospace, manufacturing, medical, and others
• Region: North America, Europe, Asia Pacific, Middle East & Africa, and South America

Market Players:

Key players in the torque sensor market include ABB Ltd, Crane Electronics Ltd, HBK Benelux (Spectris PLC), Applied Measurements Ltd., Honeywell International, and Norbar Torque Tools Ltd.

Regional Insights:

• Asia Pacific: The Asia Pacific region is expected to hold the largest market share due to the rapid growth of its automotive and manufacturing sectors.
• North America and Europe: These regions are expected to witness steady growth driven by the presence of established players, technological advancements, and increasing demand for high-performance torque sensors.

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