New York, United States, Oct. 08, 2024 (GLOBE NEWSWIRE) -- A torque sensor, also called a torque cell, is a device that measures, records, and controls the torque of rotating systems using mechanical processes. The torque sensor has numerous applications in the global mining, agriculture, defense, and healthcare industries due to its small size, precision, consistency, durability, and resistance to high temperatures. It can measure rotating forces in either a clockwise or counterclockwise direction and is typically available in static or dynamic forces.
The increase in the sales of hybrid and electric vehicles (EVs) due to urbanization and rising incomes are among the most important factors favoring the use of torque sensors in the automotive industry. It can also be attributed to the increased demand for high-performance, fuel-efficient automobiles, and worldwide petroleum prices.
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Market Dynamics
Rise in Demand for High-Performance Vehicles Drives the Global Market
According to several experts in the automotive industry, there is no reason to be concerned that the demand for high-performance vehicles will decrease shortly. This is a tremendously uplifting new development. Customers are encouraged to spend more on luxury automobiles by increasing their disposable income after taxes and enhancing their already high quality of life. In other words, the increase in after-tax income encourages consumers to spend more on luxury vehicles. As an outcome of automation's increased precision and productivity, sensors have become indispensable to manufacturing. This is because sensors can monitor and analyze data in real-time.
One of the causes is that sensors contribute to the growth of automation. Due to their myriad benefits to the automotive industry, torque sensors are becoming increasingly prevalent. These benefits include increased vehicle safety and fuel efficiency. As a result of these benefits, torque sensors are becoming more and more pervasive. Automobiles are increasingly implementing torque sensors for various reasons, including the one stated here.
Emerging Application of Torque Sensor in the Healthcare Vertical Creates Tremendous Opportunities
Recent advancements in torque sensor technology have enabled the incorporation of cutting-edge functionality into various medical devices and other types of equipment. The newest technological advancements are responsible for making this possibility a reality. In addition, the medical industry is the one that benefits the most from the torque sensor, making it the industry sector that is expanding at the fastest rate. This is because various applications, including manufacturing pharmaceutical tablets, testing surgical staplers, evaluating fitness and rehabilitation apparatus, and many others, can utilize the torque sensor to produce accurate results. This is the justification for the current circumstance.
Torque sensors, when combined with telemedicine technology, have the potential to provide access to medical care in areas with less-developed infrastructure and greater geographical isolation. Something similar can be extremely advantageous in developing nations. It is predicted that these factors will result in the formation of opportunities, which are desirable because they facilitate market growth.
Regional Analysis
Asia-Pacific is the most significant global torque sensor market shareholder and is estimated to exhibit a CAGR of 8.8% over the forecast period. One of the most significant regions for this industry is the Asia-Pacific region, which has a sizable portion of the global market share for torque sensors. It might be related to a quickening of technology development and a rise in automotive standards in underdeveloped nations. The region known as "Asia-Pacific" includes, but is not limited to, China, Japan, India, South Korea, and other nations. Japan and China, two countries with among the most advanced technological infrastructures in the world, have a significant need for torque sensors.
Additionally, the numerous governmental organizations based in the Asia-Pacific region are engaged in various projects to expedite the growth of the automotive sensor market. For instance, the national governments of the Asia-Pacific region's economies prioritize the domestic production of autos and the components that go into them. Through the "Made in China 2025" project, the Chinese government supports local enterprises to help them compete more effectively with foreign automakers.
LAMEA is anticipated to exhibit a CAGR of 7.9% over the forecast period. Technological developments in South America and the Middle East are expected to supplement the market growth in LAMEA. Moreover, rapid developments in the Middle East in terms of technological developments and medical facilities fuel the growth of the LAMEA market. Many countries in LAMEA are emerging economies. LAMEA holds a relatively smaller market share of the global torque sensor market. The growth of the torque sensors market in LAMEA is attributed to infrastructural developments and technological innovations. Torque sensors are widely used in the Middle East for controlling, measuring, and monitoring the performance of electric and hybrid car engines, medical prosthetics, and robotics.
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Key Highlights
- Based on the type, the global torque sensor market is bifurcated into Dynamic and static Torque Sensors. The Static Torque Sensor segment dominates the global market and is projected to exhibit a CAGR of 6.8% over the forecast period.
- Based on application, the global torque sensor market is bifurcated into Automotive, Industrial, Aerospace and Defense, Healthcare, and Others. The automotive segment owns the highest market share and is predicted to exhibit a CAGR of 9.2% over the forecast period.
- Asia-Pacific is the most significant global torque sensor market shareholder and is estimated to exhibit a CAGR of 8.8% over the forecast period.
Competitive Players
- ABB
- Honeywell International
- Infineon Technologies
- Crane Electronics
- Applied Measurements
- Kistler Holding
- Norbar Torque Tools
- Sensor Technology
- Hottinger Baldwin Messtechnik
- FUTEK Advanced Sensor Technology
Recent Developments
- November 2023- With the purchase of Vourity, ABB E-mobility streamlines the payment for electric car charging.
- October 2023- Sensor Technology's new torque sensors have capabilities ranging from 0.2Nm to 1Nm, for a total range of 0.2Nm to 13,000Nm.
Segmentation
- By Type
- Rotary Torque Sensor
- Reaction Torque Sensor
- By Application
- Automotive
- Industrial
- Test and Measurement
- Aerospace and Defense
- Others
- By Region
- North America
- Europe
- APAC
- LAMEA
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