The torque sensor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Torque Sensor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The torque sensor market size has grown exponentially in recent years. It will grow from $9.51 billion in 2023 to $11.48 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to automotive industry demand, industrial automation, renewable energy growth, aerospace and defense applications, space exploration..
The torque sensor market size is expected to see rapid growth in the next few years. It will grow to $22.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to electric vehicle expansion, industry 4.0 and iot adoption, robotic automation, emerging healthcare technologies, smart grid implementation. Major trends in the forecast period include miniaturization and integration, industry 4.0 and iot integration, non-contact torque sensing, digital calibration and self-diagnostics, wireless torque sensing..
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Scope Of Torque Sensor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Torque Sensor Market Overview
Market Drivers –
The increasing adoption of electric vehicles is contributing to the growth of the torque sensor market. Electric automotive manufacturers use torque sensors for measuring drive and braking torque and efficiency. As of 2020, there were 10 million electric vehicles on the roads globally For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the torque sensor market.
Market Trends –
Technology advancements are a key trend gaining popularity in the torque sensor market. For example, in September 2021, Sensor Technology Ltd. launched a range of non-contact torque sensors that use surface acoustic wave detection. The development of miniature and wireless torque sensors, non-contact sensing techniques, and integration with IoT and cloud computing are some of the technological advancements that have improved sensor accuracy, reliability, and ease of integration into various applications
The torque sensor market covered in this report is segmented –
1) By Type: Reaction Torque Sensor, Rotary Torque Sensor
2) By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
3) By Application: Automotive, Industrial, Aerospace and Defense, Healthcare
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Regional Insights –
North America was the largest region in the torque sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the torque sensor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the torque sensor market include ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., Infineon Technologies AG, Kistler Group, MagCanica Inc., Snap-On Inc., Datum Electronics Limited, Hottinger Baldwin Messtechnik GmbH, PCB Piezotronics Inc., Interface Inc., Teledyne Technologies Inc., TE Connectivity Ltd., Bota Systems, HITEC Sensor Solutions, KONUX, Mountz Inc., Robotiq Inc., S. Himmelstein & Company, Transense Technologies plc, ATI Industrial Automation Inc., HBK Benelux, Sensor Technology Ltd., Norbar Torque Tools Ltd., Magtrol SA, Kavlico Corporation, Scaime SAS, Lorenz Messtechnik GmbH, KTR Systems GmbH, Kuebler Inc., Manner Sensortelemetrie GmbH, SICK AG, Honsberg Instruments GmbH, RDP Electronics Ltd., Hohner Automáticos S.L., KOBOLD Messring GmbH
Table of Contents
1. Executive Summary
2. Torque Sensor Market Report Structure
3. Torque Sensor Market Trends And Strategies
4. Torque Sensor Market – Macro Economic Scenario
5. Torque Sensor Market Size And Growth
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27. Torque Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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