Torque Sensors Market Forecasts to 2028 – Global Analysis By Type (Dynamic Torque Sensor, Reaction Torque Sensors, SAW Torque Sensors, Optical Torque Sensors and Other Types), Mechanical Configuration (Shaft Style and Flange Style), Technology, Applicatio

Torque Sensors Market Forecasts to 2028 – Global Analysis By Type (Dynamic Torque Sensor, Reaction Torque Sensors, SAW Torque Sensors, Optical Torque Sensors and Other Types), Mechanical Configuration (Shaft Style and Flange Style), Technology, Application and By Geography

According to Stratistics MRC, the Global Torque Sensors Market is accounted for $7.32 billion in 2022 and is expected to reach $11.49 billion by 2028 growing at a CAGR of 7.7% during the forecast period. A torque sensor, also known as a torque transducer or torque meter, is a device that measures and records the torque, i.e., force, on a rotating system, such as an engine, crankshaft, gearbox, rotor, bicycle crank, or cap torque tester. A transducer called a torque sensor transforms a mechanical input signal into an electrical output signal. Dynamic and static torque sensors are two different types of torque sensors. While a rotary encoder detects dynamic torque, a response torques sensor measures static torque. For process control and monitoring, torque measurements are essential.

According to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in Q1, Q2, and Q3 of 2020 witnessed a decline of 23%, 32%, and 23%, respectively, compared to that of 2019. As torque sensors are widely used in electronic power steering systems and automatic transmission in vehicles, the decline in vehicle production is expected to hamper the demand.

Market Dynamics:

Driver:

Growing importance of torque measurement

In technological applications including engine and transmission testing, turbine testing, pump testing, and power measurement inside propulsion systems, torque measurement is crucial. One of the crucial factors in the design of internal combustion engines and commercial motors is torque. Additionally, torque monitoring is necessary to optimize mechanical performance in practically any machine that generates angular momentum, such as screw tops on prescription bottles and engines. One technique for improving the effectiveness of machinery, engines, and embedded systems is torque sensing. Furthermore, torque sensors are employed as auditing instruments for turbines, generators, power tools, and motors. As a result, over the past few years, the demand for torque sensors has increased, and the trend is anticipated to continue in the years to come, which will accelerate market growth over the course of the forecast period.

Restraint:

High Installation Cost

Torque sensors do contribute to increased automation in the automobile sector, but they come with an additional expense that is predicted to impede market expansion. The possibility of a component wearing out exists because several automobile parts, such as the wheel, steering, and other power tools, are utilized continually for extended periods of time. In order to identify heating problems and other related difficulties, torque sensors become crucial. The lifespan of a vehicle as a whole is subsequently extended by this. Therefore, adding torque is essential for the future generation of cars, which will impede the market growth over the forecast period.

Opportunity:

Evolution of new torque measurement technologies

The magnetoelastic, photonic, and SAW technologies are three of the most significant recent developments in torque measurement. The sensors based on these technologies are not only small and light, but they also exhibit good electromagnetic noise immunity, high linearity, and substantial resolution. The SAW-based torque sensors' wireless and battery-free operations enable flexible package design and simple integration with current system architectures. For use in automotive and aerospace applications, magnetoelastic torque sensors are the best choice because of their superior frequency response and resistance to external factors. Such characteristics are anticipated to make it possible for these torque sensors to be used effectively in many of the current torque applications, which is driving the growth of the torque sensors market over the forecast period.

Threat:

Low reliability of available torque sensors in high-end applications

Torque sensors with the highest precision and dependability are needed for measurements that are smooth and reliable in some of the most demanding applications, including aerospace, maritime, and racing. Resistance and piezo-resistive strain gauge methods are known to introduce mistakes brought on by temperature variation brought on by shaft rotation, which is cause for concern. In order to be incorporated in close proximity to the combustion chamber, sensors used in aircraft applications need to be high-temperature resilient. Even if recent efforts to increase the accuracy of torque measurement technology have been effective, it is still a worry in applications that involve a big scale, which is projected to impede the fog computing market's growth.

Covid-19 Impact:

The COVID-19 pandemic has had a significant impact on the growth of the automotive industry. Numerous auto assembly plants in the US have been closed, and large-scale auto production has been halted in Europe. Automobile producers, including General Motors and Volkswagen, were compelled to temporarily shut down nearly all of their operations for around one to two months starting in March 2020 because of the rise in COVID-19 cases and the implementation of long-term lockdowns in Europe and the US. Toyota partially paused operations at some factories and production lines between April and July 2020, taking into account the supply-demand imbalance and rise of COVID-19 instances. Loss of customer trust is anticipated to continue to have an influence on the sale of autos, despite the fact that certain governments have partially implemented various lockdown measures.

The Rotary torque sensor segment is expected to be the largest during the forecast period

During the anticipated timeframe, the rotary torque sensor segment's market share will expand significantly. The greatest revenue share was reported for the rotary torque sensors segment owing to their varied applications in several machines such as vehicles, motors, and robots. Rotary torque sensors are widely used across various industries and applications that involve rotating or rotary systems. They are employed in automotive testing, industrial automation, robotics, aerospace, and many other sectors where the measurement of torque in rotating components is essential. The benefits offered by rotating meters include low electrical noise, high stiffness, high RPM ratings, and increased response times. These reasons are anticipated to propel segment growth.

The Automotive segment is expected to have the highest CAGR during the forecast period

Over the projection period, the market was dominated by the automotive sector, which is also anticipated to increase at a quicker rate due to the growing number of applications, such as transmission systems, engine management, and power train control, require advanced torque sensors. Vehicle performance, fuel economy, and emission reduction all greatly benefit from torque sensors. The automobile industry is using advanced torque sensors more frequently as a result of the increased focus on these factors. The demand for torque sensors in the automotive industry has also been spurred by the rising popularity of electric and hybrid vehicles. These all have favourable effect on the market expansion for torque sensors, which is fostering the expansion of the global market.

Region with largest share:

The highest revenue share was contributed by North America, which led the market globally. North America is known for its strong technological capabilities and innovation in various industries. In the torque sensor market, North America has witnessed significant advancements in sensor technologies, including torque sensors. The region is home to several prominent sensor manufacturers, research institutions, and technology companies that drive innovation and contribute to the development of advanced torque sensing solutions. Furthermore, North America has well-established industries such as automotive, aerospace, manufacturing, and robotics, which are major users of torque sensors.

Region with highest CAGR:

Asia Pacific is expected to account for the highest growth of the torque sensor market for various types of torque sensors throughout the forecast period. The world's top producer of automobiles is China. The two countries with the largest automobile exports worldwide are Japan and South Korea. The region's market is anticipated to increase significantly as a result of the automotive industry's extensive manufacturing and major expenditures in new car technologies. The largest market for industrial applications is predicted to be in APAC. The market for torque sensors is being aided by the rising demand for energy production and the large-scale production of various sorts of commodities for export.

Key players in the market:

Some of the key players in Torque Sensors Market include ABB Ltd., AIMCO, Applied Measurements Ltd, ATI Industrial Automation, Inc., Bota Systems, Crane Electronics Ltd., Datum Electronics Limited, FUTEK Advanced Sensor Technology, Inc., HBK Benelux, HITEC Sensor Solutions, Honeywell International Inc., Infineon Technologies, Interface Inc., Kistler Holding AG, KONUX, MagCanica, Monad Electronics, Mountz, Norbar Torque Too, PCB Piezotronics, Robotiq, S. Himmelstein & Company, Sensor Technology Ltd., TE Connectivity, Teledyne Technologies and Transense Technologies

Key Developments:

In April 2021, Datum Electronics Ltd has partnered with Nautils Labs to provide shipowners, operators, technical managers, and charterers with a comprehensive vessel digitalization and predictive decision support solution.

In November 2020, HBM launched a new torque transducer T40CB featuring a central bore hole that makes it ideal for testing automobile parts in confined spaces. It also features analogue and digital interfaces, which ensure it integrates with many different test bench systems.

In March 2020, HBM launched T21WN torque transducers based on the strain-gauge technology. It is ideal for laboratory, test shop, and testing applications as well as for use in production and process monitoring and quality assurance.

In January 2020, ABB announced plans to launch its smart sensor for rotating machines operating in hazardous areas at Hannover Messe 2020. This new generation of smart sensors may provide high-quality data to enable ABB’s advanced analytics to be used in dangerous locations. This product launch may extend the existing scope of applications for ABB smart sensors with a new generation design for hazardous areas.

Types Covered:
• Dynamic Torque Sensor
• Reaction Torque Sensors
• SAW Torque Sensors
• Optical Torque Sensors
• Other Types

Mechanical Configurations Covered:
• Shaft Style
• Flange Style

Technologies Covered:
• Strain Gauge
• Surface Acoustic Wave (SAW)
• Optical
• Magnetoelastic

Applications Covered:
• Automotive & Transportation
• Aerospace & Defence
• Medical & Healthcare
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements