Torque Sensor Market Overviews
Global Torque Sensor Market size was valued at USD 8.75 Bn in 2023 and is expected to reach USD 13.46 Bn by 2030, at a CAGR of 6.34 %.
A torque sensor, also known as a torque transducer or torque meter, converts mechanical torque into an electrical signal for measurement. It relies on a sensing element to detect strain or deformation caused by applied torque, providing crucial data for accurate and reliable torque measurement in various industrial applications. The Global Torque Sensor Market, valued at USD 8.75 billion in 2023, is projected to grow at a CAGR of 6.34% from 2024 to 2030, reaching nearly USD 13.46 billion. This growth is driven by the rising demand for precise torque measurements in various applications, such as aerospace, marine, and racing. The shift towards electric and hybrid electric vehicles (EVs and HEVs) is a significant factor propelling the market.
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Torque Sensor Market Scope and Methodology:
The burgeoning electric vehicle market is a crucial driver for torque sensor demand. EVs require precise torque measurement for efficient motor control and battery management, making torque sensors essential components. As governments worldwide push for greener transportation solutions and consumers increasingly adopt EVs, the need for high-performance torque sensors grows. This trend is expected to continue, driven by ongoing investments in EV technology and infrastructure to bolster the Torque Sensor Market.
Torque Sensor Market Regional Insights
North America held the largest market share in 2023. This region have advanced automotive sector, which requires high-precision measuring technologies to enhance vehicle performance and comply with stringent emissions regulations. The region's robust industrial automation and manufacturing sectors drive high demand for torque sensors. Significant investments in Research and Development, coupled with the presence of major industry players and technological innovators, bolster North America's market position. Also, the aerospace, defense, and medical industries in the region are increasingly using torque sensors for critical applications, maintaining North America's dominance in the global Torque Sensor Market.
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Torque Sensor Market Segmentation
In the ever-evolving manufacturing industry, automation has emerged as a game-changer, revolutionizing production processes and driving efficiency. The global industrial automation market is expected to reach $395.09 billion by 2030, growing at a CAGR of 8.6%. This shift is fueled by the falling costs of robotics and sensors, combined with the increasing sophistication of artificial intelligence that allows machines to perform tasks previously thought to require human expertise. The benefits are undeniable: studies by the MMR suggest that automation increases productivity by up to 35% and reduces manufacturing costs by 20%. The trends indicate that manufacturers harness the power of automation to enhance their operations, improve productivity, and stay ahead of the competition. The surge in industrial automation is a significant driver for the Torque Sensor Market. Automated manufacturing processes rely heavily on precise torque measurement for quality control, machinery maintenance, and operational efficiency. The adoption of Industry 4.0 and smart manufacturing practices has amplified the demand for advanced torque sensors capable of providing real-time feedback and integration with IoT systems. This shift towards automation is set to drive sustained growth in the Torque Sensor Industry as industries strive for higher productivity and reduced downtime.
Torque Sensor Market Key Players
TE Connectivity Ltd (Switzerland)
NSK Global (Japan)
HBK Benelux (Spectris PLC) (Netherlands)
Applied Measurements Ltd (United Kingdom)
Honeywell International (USA)
Norbar Torque Tools Ltd (United Kingdom)
Infineon Technologies AG (Germany)
Teledyne Technologies, Inc. (USA)
Datum Electronics Ltd (United Kingdom)
PCB Piezotronics, Inc. (USA)
Kistler Instrumente AG (Switzerland)
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Key questions answered in the Torque Sensor Market are:
- What is Torque Sensor ?
- What was the Torque Sensor market size in 2023?
- What is the growth rate of the Torque Sensor Market?
- Which are the factors expected to drive the Torque Sensor market growth?
- What are the different segments of the Torque Sensor Market?
- What growth strategies are the players considering to increase their presence in Torque Sensor ?
- What are the upcoming industry applications and trends for the Torque Sensor Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Torque Sensor Market?
- Who are the leading companies and what are their portfolios in Torque Sensor Market?
- What segments are covered in the Torque Sensor Market?
- Who are the key players in the Torque Sensor market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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