Torque Sensor Market worth $9.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 6, 2021 /PRNewswire/ -- According to the new market research report "Torque Sensor Market with COVID-19 Impact Analysis by Type (Rotary Torque Sensors and Reaction Torque Sensors), Application (Automotive, Test & Measurement, Industrial, Aerospace & Defense), Technology, and Geography – Global Forecast to 2026", published by MarketsandMarkets™, the Torque Sensor Market is projected to grow from USD 6.8 billion in 2021 to USD 9.0 billion by 2026; it is expected to grow at a CAGR of 5.7% during the forecast period. Owing to COVID-19, the torque market is estimated to face headwinds for 2020–2021. The growth of the torque sensor market is driven by factors such as increasing demand for advanced high-performance vehicles and the growing importance of torque measurement. The electric power steering (EPS) system is one of the largest application areas of torque sensors in the automotive industry. EPS systems need high-precision torque sensors for the accurate measurement of force applied by the driver to provide the necessary feedback as steering is one of the essential parts in automobiles. Moreover, torque sensors are being increasingly used in various robotics applications, such as force-controlled processes, robotics assembly, telemanipulation, and human augmentation. The growing adoption of robotics in various applications, mainly medical (rehabilitation robotics systems, surgical robots, and others) and industrial, is likely to create lucrative opportunities for torque sensor manufacturers in the near future.
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Rotary torque sensors segment to account for larger size of torque sensor market in 2021
Reaction torque sensors are often used in equipment that are permanently mounted and have no moving parts, where measurement is limited to 360° or less. Although they are cheaper than rotary torque sensors, a majority of applications involving torque sensors involve moving and rotating parts where a rotary torque sensor is required. The rotary torque sensors find a wide range of applications, such as in automobile engine testing, drivetrain measurement, dynamometer testing, electric motor testing, and gearbox testing.
Strain gauge technology segment to dominate torque sensor market during forecast period
The most common torque sensor measurement principle utilizes bonded strain gauge technology, where the strain gauges are bonded to a suitably designed shaft. Torque sensors or transducers designed with a circular shaft and with strain gauges applied at 45° have been in use for many years. Signals produced by strain gauge torque sensors are compatible with a wide range of instruments, such as digital displays and analog and digital amplifiers. Besides, they are cost-effective compared to other torque sensors.
Automotive application to register highest share for torque sensor market in 2021
Most automobile manufacturers use torque sensors for calibrating automatic transmissions and mapping engine torque. They are used for testing clutches and gearboxes, as well as measuring strain and determining the dynamic torque within an engine. Rotary torque sensors are used for strain measurement, testing of major components, including clutch and gearboxes, and dynamic torque within the engine. Hence, their demand is high compared to reaction torque sensors. They are deployed in automotive testing as well as in manufactured vehicles. Due to the wide scope of rotary torque sensors in automotive applications, it held the largest market share in 2020. Besides, stringent emission regulations, changing buyer preference, and electrification technology are expected to have a large impact on the demand and use of torque sensors for automotive applications.
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Market in APAC estimated to have largest share during forecast period
APAC is expected to account for the largest share of the torque sensor market for various types of torque sensors throughout the forecast period. China is the largest vehicle manufacturer in the world. Japan and South Korea are also the major exporters of motor vehicles globally. Due to large-scale manufacturing and significant investments in new vehicle technologies, the automotive industry is expected to play a vital role in the growth of the torque sensor market in the region. APAC is also expected to be the largest market for industrial applications. The growing need for energy production and large-scale manufacturing of various types of goods for export are facilitating the market for torque sensors.
North America is the adversely affected region due to the pandemic. The North American automotive market witnessed a sharp decline in 2020, resulting in fewer vehicle sales despite the introduction of new vehicle models by major automobile manufacturers. Many existing and potential vehicle buyers in North America are deferring their purchases due to travel restrictions as a result of growing cases of COVID-19 across the country. Work from home policies and lower consumer confidence in purchases have led to a decline in the sale of commercial and transport vehicles. The commercial aerospace market has also been highly affected, particularly in the US. The decline in the number of passengers traveling by air has led to airlines holding out on the purchase of new aircraft. These factors are expected to lead to a decline in the overall demand for torque sensors in the region.
Major vendors in the torque sensor market include ABB (Switzerland), Crane Electronics (UK), FUTEK Advanced Sensor Technology (US), HBM (Germany), Applied Measurements (UK), Honeywell (US), Kistler Holding (Switzerland), Sensor Technology (UK), Norbar Torque Too (UK), Infineon Technologies (Germany), Teledyne Technologies (US), Datum Electronics (UK), MagCanica (US), Interface (US), AIMCO (US), TE Connectivity (Switzerland), Mountz (US), PCB Piezotronics (US), S. Himmelstein & Company (US), and Transense Technologies (UK).
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