Pune, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Torque Sensor Market Size & Overview:
“According to the SNS Insider, The Torque Sensor Market was valued at USD 7.28 billion in 2023 and is projected to reach USD 11.88 billion by 2032, growing at a robust CAGR of 5.64% from 2024 to 2032.”
The torque sensor industry is rapidly expanding as industries requiring precise torque measurement for quality control, improved performance, and safety verification are on the rise. Torque sensors are essential in the automotive industry as they guarantee the proper functioning of engines, transmissions, and drivetrains. Approximately 87 million vehicle sales are anticipated in the varied worldwide automotive industry, encompassing passenger cars, trucks, and buses, by 2024. Passenger cars continue to lead the way with around 60 million units sold globally. Around 20 million vehicles out of the total sales consist of commercial vehicles, like trucks and buses. There has been an increase in sales of electric vehicles (EVs) with 8 million units sold in 2024. The significance of accurate torque measurement is increasing as vehicles adopt electric and hybrid power systems. Torque sensors help to monitor and control power output to ensure the engine or motor delivers the right amount of torque in various operating conditions.
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Leading Players Covered in this Research Report are:
- Hottinger Baldwin
- Messtechnik
- Infineon Technologies
- FUTEK Advanced Sensor Technology
- Honeywell International
- Applied Measurements
- ABB
- Sensor Technology
- Crane Electronics
- Norbar Torque Tools
- Kistler Holding
Torque Sensor Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 7.28 Billion |
| Market Size by 2032 | USD 11.88 Billion |
| CAGR | CAGR of 5.64% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Growth Drivers | • Rising Demand for Torque Sensors in Electric and Hybrid Vehicles. • Growing Focus on Industrial Safety and Quality Control |
In-Depth Segment Analysis Unveils Key Drivers Shaping the Market's Growth Trajectory
By Type:
In 2023, the rotary segment accounted for over 54% of the market share due to the increasing use of these devices in the automotive, aerospace, and industrial machinery segments. Such sensors accurately measure the torque in different rotating systems such as motors, gearboxes, and crankshafts, simultaneously providing real-time monitoring of the measurements. As these applications are dynamic, the torque information shall also be continuous, which necessitates the use of rotary sensors in such equipment as electric drive test rigs and powertrain testing.
By Technology:
In 2023, the strain gauge segment dominated the market by capturing a 40% market share. This technology is at the forefront in its segment largely due to its widespread use across different industries like automotive, aerospace, and industrial machinery. Strain gauges are the most suitable technologies for determining the amount of torque in the rotating components such as engines and driveshafts. This is primarily because they are precise, reliable, and cheap. For instance, HBM and Kistler corporations use strain gauge technologies in their automotive testing, powertrain development, and engineering precision. Precisely, the technology can determine both static and moving amounts of torque.
By Application:
The automotive sector led the market in 2023 with more than 35% market share. The growth of the automotive sector is accelerated by the growing demand for electric and hybrid vehicles, necessary for accurate powertrain control. Torque sensors play a vital role in the testing of engines and transmissions, analyzing vehicle dynamics, and controlling the car’s steering systems. Moreover, as car manufacturers are trying to minimize fuel consumption and reduce emissions, the demand for accurate torque measurement has exponentially risen. Honeywell as well as TE Connectivity dominate the market by manufacturing state-of-the-art torque sensors for engine dynamometers, chassis dynamometers, as well as electric power steering systems.
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Key Market Segmentation
By Type
- Rotary
- Reaction
By Technology
- Strain Gauge
- Surface Acoustic Wave (SAW)
- Optical
- Magnetoelastic
By Application
- Automotive
- Test & Measurement
- Industrial
- Aerospace & Defense
- Others
Regional Analysis
In 2023, Asia-Pacific dominated the regionally, with a 36% market share. It can be attributed to APAC’s broad industrial base, rapid industrial development, and substantial infrastructure development investment. In particular, China and India are important because they have advanced manufacturing industries that rely on torque sensors to meet various machinery, automobile, and consumer electronic needs.
North America is expected to have the fastest CAGR between 2024-2032. The main reason for the region’s growth is its high levels of automation, advanced technology, and the increased demand for precise measurement in various industries. The region’s growth is supported by the expansion of the automotive and aerospace upholstery industries, which use advanced torque sensors to assess quality engines and ensure safety.
Recent Developments
- April 2024: Omega Engineering introduced a new range of high-precision rotary torque sensors for automotive testing. Sensors by Omega Engineering have improved accuracy and facilitate durability in the most severe conditions.
- July 2024: Hitec Products presented a comprehensive strain gauge-based torque sensor, which has improved sensitivity and enhanced the range of applications in robotics and industrial automation.
- August 2024: Vishay Precision Group launched a new selection of reaction torque sensors for aerospace applications. The devices’ Holocaust sensors provide improved accuracy and higher performance in harsh conditions.
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Key Takeaways
- Advancements in technology and increasing demand across different industries are fueling substantial growth in the Torque Sensor Market.
- The market is mainly controlled by the Asia-Pacific region, with North America showing the highest growth rate.
- Recent advancements in products demonstrate the continuous innovation and adjustment of torque sensors to cater to the changing demands of the automotive, industrial, and aerospace industries.
TABLE OF CONTENTS – Analysis of Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Torque Sensor Key Vendors and Feature Analysis, 2023
5.2 Torque Sensor Performance Benchmarks, 2023
5.3 Torque Sensor Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
7. Torque Sensor Market Segmentation, by Type
7.1 Chapter Overview
7.2 Rotary
7.2.1 Rotary Market Trends Analysis (2020-2032)
7.2.2 Rotary Market Size Estimates and Forecasts to 2032 (USD Billion)
7.3 Reaction
7.3.1 Reaction Market Trends Analysis (2020-2032)
7.3.2 Reaction Market Size Estimates and Forecasts to 2032 (USD Billion)
8. Torque Sensor Market Segmentation, by Application
8.1 Chapter Overview
8.2 Automotive
8.2.1 Automotive Market Trends Analysis (2020-2032)
8.2.2 Automotive Market Size Estimates and Forecasts to 2032 (USD Billion)
8.3 Test & Measurement
8.3.1 Test & Measurement Market Trends Analysis (2020-2032)
8.3.2 Test & Measurement Market Size Estimates and Forecasts to 2032 (USD Billion)
8.4 Industrial
8.4.1 Industrial Market Trends Analysis (2020-2032)
8.4.2 Industrial Market Size Estimates and Forecasts to 2032 (USD Billion)
8.5 Aerospace & Defense
8.5.1 Aerospace & Defense Market Trends Analysis (2020-2032)
8.5.2 Aerospace & Defense Market Size Estimates and Forecasts to 2032 (USD Billion)
8.6 Others
8.6.1 Others Market Trends Analysis (2020-2032)
8.6.2 Others Market Size Estimates and Forecasts to 2032 (USD Billion)
9. Torque Sensor Market Segmentation, by Technology
9.1 Chapter Overview
9.2 Strain Gauge
9.2.1 Strain Gauge Market Trends Analysis (2020-2032)
9.2.2 Strain Gauge Market Size Estimates and Forecasts to 2032 (USD Billion)
9.3 Surface Acoustic Wave (SAW)
9.3.1 Surface Acoustic Wave (SAW) Market Trends Analysis (2020-2032)
9.3.2 Surface Acoustic Wave (SAW) Market Size Estimates and Forecasts to 2032 (USD Billion)
9.4 Optical
9.4.1 Optical Market Trends Analysis (2020-2032)
9.4.2 Optical Market Size Estimates and Forecasts to 2032 (USD Billion)
9.5 Magnetoelastic
9.5.1 Magnetoelastic Market Trends Analysis (2020-2032)
9.5.2 Magnetoelastic Market Size Estimates and Forecasts to 2032 (USD Billion)
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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