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Torque Sensor Market Anticipated to Garner $16.82 Billion By 2026 at a CAGR of 7.7% | Top Impacting Factors and Growth Opportunities

04-02-2020 10:06 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

Torque Sensor Market

Torque Sensor Market

According to a recent report published by Allied Market Research, titled, "Torque Sensor Market by Type (Dynamic Torque Sensor and Static Torque Sensor) and Application (Automotive, Industrial, Aerospace & Defense, HealthCare, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026", the global torque sensor market size was valued at $8.39 billion in 2018 and is estimated to reach $16.82 billion by 2026, growing at CAGR of 7.7% from 2019 to 2026.

Access Full Summary @ https://www.alliedmarketresearch.com/torque-sensor-market-A06075

The Torque meters or Torque transducers are used to measure the torque of the systems that are rotating such as electric motors, gear box, craft shifts, and others. An important parameter in all the machines and engines is torque, which requires constant monitoring and measurement. The market is growing, owing to rise in application of torque sensors in the automotive sector. The market has a great opportunity to grow, owing to the development in the non-contact and wireless sensors.

The global torque sensor market is expected to witness high growth rate during the forecast period, owing to increase in demand for rotary and linear force torque sensors due to their wide usage in automotive application. Manufacturers of automotive are incorporating more torque sensors in their tools to add additional features and keep ahead of other players in the highly competitive market.

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The sensors have penetrated in almost every industry vertical but have highest usage in automotive, followed by industrial and aerospace & defense, among others. Cars incorporate torque sensors such as rotary, reaction, pressure, and force, among others, to keep a track on parameters and provide a centralized system for automatic control. Increase in the trend of robotics in the production process is anticipated to boost the overall torque sensor market growth.
The torque sensors are used to keep a track of various parameters such as temperature, pressure, flow, level, and others to make the control of the whole process suitable and easy going through a robot. This is because the torque sensors measure and feed their values to a centralized unit, which controls these parameters automatically.

On the basis of torque sensor types, the dynamic torque sensor segment generated the highest revenue in 2018, followed by the static torque sensor segment. The torque sensor market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to witness substantial growth in the global automotive steering torque sensor market. This is attributed to increase in demand for such vehicles in various countries such as Germany and the U.K.

The major factors that affect the adoption rate of torque sensor in North America include technological advancements and ongoing R&D activities in autonomous vehicles and in the automotive industry for the adoption of advanced technology. Moreover, rapid developments in the Middle East, in terms of technological developments and medical facilities fuel the growth of the LAMEA market.

The growth of the torque sensor market is driven by substantial growth in the demand for high performance vehicles, increase in penetration of EPS in passenger vehicles, and surge in demand for new measurement technologies. However, high installation cost is expected to restrain the growth of the market. Furthermore, emerging application of torque sensor in healthcare vertical and evolution in the use of torque sensor in industrial application offer lucrative opportunities for the market growth.

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Key Findings of the Study:
1. By type, the static torque sensor segment generated the highest revenue in the market in 2018.
2. By application, the automotive segment generated the highest revenue in the market in 2018.
3. By region, Asia-Pacific secured highest share in torque sensor industry in 2018.

The key market players profiled in the report include ABB Ltd., Honeywell International Corporation, Infineon Technologies, Kistler Group, Sensor Technology, PCB Peozotronics, Crane Electronics, Datum Electronics, Futek Advanced Sensor Technology Inc., and HBM. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their torque sensor market share.

Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Torque Sensor Market, By Type
Chapter 5: Torque Sensor Market, By Application
Chapter 6: Torque Sensor Market, By Region
Chapter 7: Competitive Landscape
Chapter 8: Company Profiles

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About Us:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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