Press release
Magneto-Elastic Sensors Market Booming Trends and Forecast Assessment for the Period 2018 –2025
The demand for accurate torque measurement techniques is growing and concreting the potential of torque sensors. Increasing progress in industrial manufacturing and research and development requires higher standards of accuracy for all measuring instruments.
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The Automotive segment has the largest market share and is expected to grow even further with a CAGR of above 10%. Automotive is has the largest application segment of magneto elastic torque sensors due to the wide range of applications such as dynamometers, steering systems, transmission, chassis performance, and driveline. Recently, magneto elastic torque sensors are introduced into racing cars and are used by a number of Formula 1 teams. E-mobility and reducing emissions of combustion engines has strengthened the market for higher precision in dynamic torque measurement devices. Moreover, the magneto- elastic torque sensor market is gaining importance in the fields of increase in mechanical output, efficiency improvement, conservation of energy resources, and controlling of environmental pollution.
APAC is growing drastically in adoption of torque sensors. The growing manufacturing sector of light vehicles in APAC is a major factor for the growth of torque sensor market in this region. Some of the world’s largest consumer electronics players are having their working units in China, Japan, and Taiwan. Rapidly developing economies like China and India, are witnessing a large number of process industries which are going to boost the torque sensor market in APAC in the coming years.
Key players in the torque sensor market are ABB, Crane electronics, FUTEK Advanced Sensor Technology, Applied Measurements, Honeywell International, Kistler Holding, Sensor Technology, Hottinger Baldwin Messtechnik, Norbar Torque Tools, Infineon Technologies.
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Market Segmentation: –
By Application
• Automotive
• Aerospace & Defence
• Research & Development
• Industrial
• Others
By geographic segments:
• North America
o U.S.
o Canada
o Rest of North America
• Europe
o Germany
o U.K.
o France
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia Pacific
• Middle East & Africa
o GCC
o South Africa
o Rest of Middle East & Africa
• South America
o Brazil
o Rest of South America”
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