Westford, USA, Feb. 21, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest report, the global torque sensor market has witnessed substantial growth in recent years, propelled by many driving factors and accompanied by a host of promising opportunities. The fundamental purpose of the market is to cater to the rising need for precise torque measurement in a wide array of applications.
Browse in-depth TOC on the "Torque Sensor Market"
- Pages - 157
- Tables - 66
- Figures – 75
The expansion of the global torque sensor market is reinforced by pivotal driving factors, with the increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) standing out prominently. Torque sensors play a vital role in electric powertrains, enabling the precise and efficient transfer and control of power.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 7.65 Billion |
| 2030 Value Projection | USD 15.58 Billion |
| CAGR | 9.30% |
| Forecast Period | 2024-2031 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in Global Torque Sensor Market
- Kistler Group
- Infineon Technologies AG
- Sensor Technology Ltd
- Datum Electronics Ltd
- TE Connectivity Ltd
- ABB Ltd
- HBM Test and Measurement
- PCB Piezotronics, Inc.
- Applied Measurements Ltd
- Interface, Inc.
- Crane Electronics Ltd
- Magtrol, Inc.
- Transense Technologies plc
- Futek Japan Co., Ltd
- Mountz, Inc.
- Lorenz Messtechnik GmbH
- KTR Systems GmbH
- DATCOM Inc.
Automotive & Transportation Segment has Risen Significantly due to Upsurge in Demand for Electric Vehicles
Automotive & transportation segment has established its dominance within the global torque sensor market, primarily driven by the remarkable upsurge in demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs). The global shift toward sustainable and environmentally friendly transportation solutions has ushered in a transformative phase for the automotive industry.
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North America has asserted its dominance within the global torque sensor market, securing a substantial share in the industry. This regional prominence can be attributed to a combination of compelling factors. North America boasts a well-established and thriving automotive industry to major automobile manufacturers and characterized by a strong emphasis on technological advancements.
Rotary Torque Sensors Segment to Dominate Market due to their Remarkable Versatility and Applicability
Rotary torque sensors segment has taken center stage within the global torque sensor market, primarily due to their remarkable versatility and applicability across various industries. These sensors are purpose-built to measure torque in rotating systems, making them indispensable for precision control and monitoring in multiple applications.
Asia Pacific has emerged as the most rapidly advancing region within the global torque sensor market. This sudden growth can be attributed to a confluence of factors. The region has experienced rapid economic expansion driven by robust industrialization and significant technological advancements.
A comprehensive analysis of primary global torque sensor market players has been conducted recently. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Global Torque Sensor Market
- Infineon Technologies AG recently made a significant announcement with the expansion of its torque sensor portfolio. The company introduced a new family of high-precision magnetic torque sensors. These sensors have been designed to offer enhanced sensitivity and accuracy, effectively meeting the rising demand for precise torque measurement across various industries. Infineon's innovation in torque sensor technology aims to provide advanced measurement solutions that enhance the accuracy of torque measurement, thereby supporting the optimization of performance in various industrial applications.
- In 2022, Kistler Group introduced a compact and high-precision torque sensor tailored for applications within electric powertrains. This sensor incorporates advanced measurement technology, enabling it to measure torque in electric and hybrid vehicles accurately.
Key Questions Answered in the Global Torque Sensor Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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