The Torque Sensor Market size was USD 7.55 billion in 2023 and is expected to Reach USD 11.86 billion by 2031 and grow at a CAGR of 5.8 % over the forecast period of 2024-2031.
It determines how torque machines spin an object based on its power. Torque sensors are now employed in a wide range of applications. Torque sensors are becoming more advanced as technology progresses. The torque sensors gain greatly from the addition of a wireless and digital element. The torque sensor market is being driven by rising industrial demand. In addition, the aerospace, medical, and automotive industries are generating significant demand for torque sensors.
Get more information on Torque Sensor Market - Request Sample Report
Furthermore, as the number of integrated vehicles grows, the torque sensor market will expand. Tests with fan torque technologies, motor dynameters, electric pumps, and electric car terminal testing are all conceivable. Wireless torque sensors are undergoing new advancements. All of these elements are thought to improve torque sensor market conditions. The rotating torque sensor will also have the highest demand from the end user in the future. Regulatory measures will enhance the overall market condition as fuel and power efficiency improves.
KEY DRIVERS:
Growing Demand for Electric Vehicles (EVs) and Hybrids
Electric vehicles rely heavily on electric motors, and torque sensors are crucial for testing and monitoring the performance of these motors. They also play a role in optimizing energy efficiency and ensuring smooth operation of the entire powertrain system.
Growing Focus on Industrial Safety and Quality Control
RESTRAINTS:
Environmental Factors and Sensor Durability
Torque sensors are often deployed in harsh environments with extreme temperatures, vibrations, or exposure to chemicals. Ensuring the durability and reliability of sensors under such conditions can be challenging and requires the development of robust and specialized sensor designs.
OPPORTUNITIES:
Advancements in Sensor Technology
The development of smaller, lighter, and wireless torque sensors allows for easier integration into compact devices and complex machinery. This opens doors for broader application in various industries, including medical devices, robotics, and consumer electronics.
Development of Autonomous Vehicles and Advanced Driver-Assistance Systems (ADAS)
CHALLENGES:
Calibration and Maintenance Requirements
Ensuring the accuracy and optimal performance of torque sensors necessitates regular calibration and maintenance. This can be a recurring cost for businesses, and the requirement for skilled personnel can be a challenge, especially for smaller companies.
Decline in demand from automotive Industry.
IMPACT OF RUSSIAN UKRAINE WAR
The Russia-Ukraine conflict poses immediate and long-term challenges for the torque sensor market. Immediate concerns stem from supply chain disruptions, as Ukraine supplies 70% of the world's neon crucial for sensor production, while Russia accounts for 44% of global palladium used in sensor components. This could lead to production hampering by 10-15% and a surge in raw material prices by 20-30%, potentially increasing sensor costs by 5-7%. Long-term repercussions include potential project delays (worth $100s of billions globally) and investment hesitation in infrastructure and industrial automation initiatives (estimated $200 billion market by 2025) reliant on torque sensors. The conflict might also reshape global supply chains, impacting partnerships and possibly leading to price adjustments of 5-10% due to new trade routes. However, mitigating efforts such as diversifying suppliers and focusing on innovative sensor technologies could lessen these impacts.
IMPACT OF ECONOMIC SLOWDOWN
The torque sensor market faces significant challenges amidst a looming economic slowdown. Reduced demand is a key concern, especially in industries like manufacturing and automotive. In manufacturing, businesses tend to cut capital expenditure during downturns, potentially causing a 5-10% decline in torque sensor demand for industrial automation and robotics. Similarly, decreased car sales during economic hardships can impact the automotive sector, leading to a potential 3-5% contraction in sensor demand for engine management and emission control systems. Moreover, the pressure on profit margins intensifies with potential price wars among manufacturers striving to maintain market share. This could result in reduced margins, hindering investments in research and development. Additionally, economic uncertainty might lead to project delays or cancellations of infrastructure projects reliant on torque sensors, stalling growth in this market segment. These factors collectively highlight the complex challenges the torque sensor market faces in navigating an uncertain economic landscape.
The torque sensor market is divided into three categories: type, application, and region. On the basis of type, the market is divided into Rotary Torque Sensors, Reaction Torque Sensors. Applications covered in this market are Automotive, Test & Measurement, Industrial, Aerospace & Defense, Others. Also, technologies covered in this market are Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic and Other.
BY TYPE
Rotary Torque Sensors
Reaction Torque Sensors
Rotary torque sensors have diverse applications across automobile industry. This versatility is expected to drive a higher CAGR in the market, particularly due to the rising focus on enhancing fuel economy, efficiency, and electrification. As these trends continue to grow, the demand for rotary torque sensors is anticipated to increase significantly throughout the forecast period.
BY TECHNOLOGY
Surface Acoustic Wave (SAW)
Optical
Magnetoelastic
The strain gauge torque sensors produce signals that are compatible with various instruments including digital displays, analog, and digital amplifiers. Additionally, they are cost-effective when compared to alternative torque sensors. Consequently, the segment of strain gauge torque sensors is projected to exhibit the highest CAGR throughout the forecast period. This growth is attributed to advancements in modern strain gauge torque sensors, enabling highly precise measurements.
BY APPLICATION
Automotive
Test & Measurement
Industrial
Aerospace & Defense
Others
Torque sensors play a crucial role for automobile manufacturers, particularly in calibrating automatic transmissions and mapping engine torque. They are integral in testing clutches, gearboxes, measuring strain, and assessing dynamic torque within engines. The automotive sector is witnessing a significant impact from stringent emission regulations, evolving buyer preferences, and the rise of electrification technology. These factors are driving a notable surge in demand for torque sensors within automotive applications, leading to substantial growth in this sector.
Get Customized Report as per your Business Requirement - Request For Customized Report
Asia-Pacific led the Torque Sensor Market with a 35% share in 2023 and is expected to maintain dominance. The region's growth is bolstered by key player presence and robust infrastructure development. Countries like Japan, South Korea, China, and India are rapidly automating industries, particularly in industrial automation and robotics, boosting demand for rotational torque sensors. In India, the automotive sector is a major torque sensor market driver, especially with the rise of electric vehicles.
North America, with the US, Canada, and Mexico, is at the forefront of torque sensor technology, driven by increased demand for tracking system efficiency.
Europe's market, including the UK, Germany, France, and Spain, is thriving due to a focus on torque and force measurement, particularly in electric power steering systems.
The Middle East, Africa, and South America are also experiencing rapid growth, fueled by advancements in technology and increasing industrialization.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The key players in Global Torque Sensor Market are Hottinger Baldwin, Messtechnik, Infineon Technologies, FUTEK Advanced Sensor Technology (US), Honeywell International, Applied Measurements (UK), Sensor Technology, Sensor Technology , Crane Electronics (UK), Norbar Torque Tools, Kistler Holding (Switzerland), ABB (Switzerland) and Other.
RECENT DEVELOPMENT
March 2023 saw the unveiling of Sensor Technology Ltd's latest addition to their lineup, the TorqSense SGR 510/520 torque sensor low-capacity model. This new offering from Sensor Technologies provides a wide range of capacities, spanning from 0.2Nm to 1Nm, with an extended range reaching up to 13,000Nm.
October 2022 witnessed the introduction of Infineon's latest offering, the XENSIV connected (CSK) sensor kit, a new IoT sensors platform designed for the prototyping and development of tailor-made IoT solutions.
Sensor Technology-Company Financial Analysis
Report Attributes | Details |
---|---|
Market Size in 2023 | US$ 7.55 Billion |
Market Size by 2031 | US$ 11.86 Billion |
CAGR | CAGR of 4.2% From 2023 to 2030 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • by Type (Rotary Torque Sensors, Reaction Torque Sensors) • by Technology (Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic) • by application (Automotive, Test & Measurement, Industrial, Aerospace & Defense, Others) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Company Profiles | Hottinger Baldwin, Messtechnik, Infineon Technologies, FUTEK Advanced Sensor Technology (US), Honeywell International, Applied Measurements (UK), Sensor Technology, Sensor Technology , Crane Electronics (UK), Norbar Torque Tools, Kistler Holding (Switzerland), ABB (Switzerland) and Other. |
Key Drivers |
• Growing Demand for Electric Vehicles (EVs) and Hybrids • Growing Focus on Industrial Safety and Quality Control |
RESTRAINTS | • Environmental Factors and Sensor Durability |
The Torque Sensor Market size was valued at 7.55 billion in 2023 at a CAGR of 5.8%.
The key players in Global Torque Sensor Market are Hottinger Baldwin, Messtechnik (Germany), Infineon Technologies (Germany), FUTEK Advanced Sensor Technology (US), Honeywell International (US), Applied Measurements (UK), Sensor Technology (UK), Sensor Technology (UK), Crane Electronics (UK), Norbar Torque Tools , Kistler Holding (Switzerland), ABB (Switzerland) and Other.
Torque measurement is the driving factor of the Torque Sensor Market.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Torque Sensor Market Segmentation, By Type
9.1 Introduction
9.2 Trend Analysis
9.3 Rotary Torque Sensors
9.4 Reaction Torque Sensors
10. Torque Sensor Market Segmentation, By Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Strain Gauge
10.4 Surface Acoustic Wave (SAW)
10.5 Optical
10.6 Magnetoelastic
11. Torque Sensor Market Segmentation, By Application
11.1 Introduction
11.2 Trend Analysis
11.3 Automotive
11.4 Test & Measurement
11.5 Industrial
11.6 Aerospace & Defense
11.7 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13. Company Profiles
13.1 Hottinger Baldwin
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Messtechnik
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Infineon Technologies
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 FUTEK Advanced Sensor Technology
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Honeywell International
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Applied Measurements
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Sensor Technology
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Crane Electronics
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Norbar Torque Tools
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Kistler Holding (
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
Flame Arrestor Market size was valued at USD 923.8 million in 2022 and is expected to grow to USD 1540.4 million by 2030 and grow at a CAGR of 6.6% over the forecast period of 2023-2030.
Blockchain Devices Market Size was valued at USD 0.69 billion in 2022, and is expected to reach USD 8.36 billion by 2030, and grow at a CAGR of 36.5% over the forecast period 2023-2030.
The Cable Connector Market Size was valued at USD 87.1 Billion in 2023 and is expected to reach USD 163.6 billion by 2031 and grow at a CAGR of 8.2% over the forecast period 2024-2031.
The Electronic Toll Collection Market Size was valued at USD 8.38 billion in 2022 and is expected to reach USD 13.57 billion by 2030 and grow at a CAGR of 6.2% over the forecast period 2023-2030.
The Automated Sortation System Market size was valued at USD 5.50 billion in 2022 and is expected to grow to USD 8.20 billion by 2030 and grow at a CAGR of 5.13 % over the forecast period of 2023-2030.
The DC-DC converter Market Size was valued at USD 11.02 billion in 2022 and is expected to reach USD 28.28 billion by 2030 and grow at a CAGR of 12.5% over the forecast period 2023-2030.
Hi! Click one of our member below to chat on Phone