Torque Sensor Market

Torque Sensor Market Size

             2020                         2024-2032      

Report	Details
Market Size Value	USD 8.19 billion in 2024
Market Size Value	USD 23.58 billion by 2032
CAGR	12.60%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Type, Mechanical Configuration, Technology, Application and Region
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Middle East & Africa

Major players Torque Sensors Market include: Honeywell International Inc., FUTEK Advanced Sensor Technology, Inc., 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. and Others.

The Growth of Torque Sensors Market Driven by Rise in Electric and Hybrid Vehicles

The torque sensor market is witnessing significant growth, mainly fueled by the global shift towards electric and hybrid vehicles. The growing adoption of sustainable transportation solutions, coupled with stringent emission regulations, is a key driving force behind the increased demand for torque sensors in electric powertrains. These sensors play a vital role in enabling accurate torque measurement, optimizing power distribution, and enhancing the overall performance of electric and hybrid vehicles.

Increasing integration of smart and wireless technologies in torque sensors

Managed services play a crucial role in maintaining customer experiences and securing strong market positions for companies. In the current business environment, organizations face challenges in balancing their focus between core processes and supporting various functions, which increases the importance of managed services. These services provide the necessary technical expertise to effectively maintain and update software within the AIoT ecosystem. Operators increasingly demand integrated facility management, consulting, 24/7 help desk support, finance, and accounting services to meet their evolving needs. The rising adoption of outsourced managed services within the AIoT market is a key driver for this segment's growth.

North America Dominated the Torque Sensors Market during the forecast period.

In 2022, Asia Pacific is poised for substantial growth in the torque sensor market. This projection is driven by key markets in the region, namely China, South Korea, and Japan, which are expected to be major contributors to this growth, benefiting from the presence of prominent players in the industry. The region's robust demand for energy production and the manufacturing of goods for export also play a significant role in driving market expansion. Furthermore, the increasing popularity of electric vehicles in major markets like Japan and China is anticipated to be a major revenue driver for the torque sensor market in the region. Additionally, manufacturers' heightened focus on research and development activities aimed at enhancing electronic technology for vehicles is expected to further bolster market growth in Asia Pacific. As a result of these factors, the Asia Pacific region is positioned to emerge as a significant player in the global torque sensor market during the forecast period.

On the other hand, North America has established itself as the global market leader in the torque sensor industry, holding the largest revenue share. The region is renowned for its robust technological capabilities and innovative achievements across various sectors. Notably, in the torque sensor market, North America has made significant advancements in sensor technologies, including torque sensors. The presence of prominent sensor manufacturers, research institutions, and technology companies fosters continuous innovation and the development of cutting-edge torque sensing solutions. Moreover, North America boasts well-established industries in automotive, aerospace, manufacturing, and robotics, all of which are major users of torque sensors. The strong presence of these industries further bolsters the demand and adoption of torque sensors, reaffirming North America's dominant position in the global market.

The Torque Sensors Market research report provides an in-depth overview of the industry including market segmentation by Type, Mechanical Configuration, Technology, Application and Region and Region. Analysis of the global market with special focus on high growth application in each vertical and fast-growing market segments. It includes detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and top players rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, game-changing developments such as new product launch, collaborations, expansions, investment analysis, mergers and acquisitions.

Torque Sensors Market is segmented by region and further by countries, Type, Mechanical Configuration, Technology, Application and Region. Players, stakeholders, and other participants in the global Torque Sensors Market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

Report further studies the market strategies of key players, recent development status, future plans and Torque Sensors Market trends across the world. Also, it splits Torque Sensors Market Segmentation by material, end-user and region to deep dive research and reveals company profile and prospects.

Major Classifications are as follows:

• By Type
  • Reaction torque sensors
  • Rotary torque sensors
• By Mechanical Configuration
  • Shaft Style
  • Flange Style
• By Technology
  • Strain Gauge
  • Surface Acoustic Wave (SAW)
  • Optical
  • Magnetoelastic
• By Application
  • Automotive
  • Test & Measurement
  • Industrial
  • Aerospace & Defense
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa
    • Rest of Middle East & Africa      

Reason to purchase this Torque Sensors Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global Torque Sensors Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different and Torque Sensors Market segments in the top spending countries across the world and identify the opportunities offered by each of them.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global Torque Sensors Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Torque Sensors Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Torque Sensors Market providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.