Torque Sensors Market Current Trends and Future Growth Estimations Outlook To 2030

The Torque sensors systems, such as electric motors, engines, gearboxes, craft shifts, etc., is measured by torque sensors, which are tools. In terms of all machinery and engines, torque measuring and monitoring is a crucial metric.

The global torque sensor market is expected to witness significant growth over the forecast period to 2030, due to emerging applications of torque sensors, increasing demand for precise torque measurement technology, and high demand from the automotive application segment.

On the other hand, technological challenges due to diversity in the application of torque sensors is expected to be a major restraining factor for the expansion of the global torque sensor market size by the forecast period to 2030.

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Torque Sensors Market Trends

High Demand for Rotary Torque Sensors: Rotary torque sensors are used widely in automotive applications. Some of the important applications of rotary torque sensors in the automotive industry include automotive engine testing, electric motor testing, efficiency testing, etc. Additionally, rotary torque sensors are also witnessing the launch of advanced product offerings by key players in the torque sensors market in order to cater to the emerging needs of respective customers.

Rising Need for Accurate Torque Measurement Technology: The global torque sensors market is expected to witness significant growth over the forecast period, due to the emergence of new applications for torque sensors. Growing emphasis on performance optimization and quality control across various industries is encouraging the adoption of torque sensors for various applications. Emerging applications of torque sensors in robotics and medical prosthetics are expected to be a major driving factor for the growth of the market over the coming years.

Development of Non-contact & Wireless Sensors: Manufacturers are focusing on the integration of new torque sensing technologies such as development of non-contact and wireless sensors based on surface acoustic wave (SAW), magnetoelastic, and optical torque sensing technologies. Advancements in sensing technology along with reduction in prices have increased the application of torque sensors, and, as such, aided the growth of the global torque sensors market space.

Strict Government Regulations Related to Machine Safety in Developed Countries: Strict government regulations related to machine safety in developed countries such as the U.S., U.K., Canada, Germany, and France are significantly increasing the adoption of advanced systems such as torque sensors across various industries.

If the force generated along with torque is reduced, the safety of machines and operations can be significantly enhanced. Technological advancements in torque sensors have resulted in improvement in performance, accuracy, and reliability, while ensuring enhanced safety.

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Regional Outlook of Torque Sensors Market

East Asia holds a major global torque sensors market share of around 29%, and the region is expected to retain its dominance throughout the forecast period. The market in North America holds the second-largest share, and is expected to expand at the highest CAGR of nearly 8% through 2030. Europe and South Asia and Pacific follow next with decent sales of torque sensors.

Analysts' Viewpoint

The global torque sensors market is set to witness steady growth at a CAGR of around 6% over the forecast period of 2020 to 2030. Stakeholders in this market space can look to Asia and North America for increasing their sales and profits over the coming years. Rotary torque sensors will experience a bulk of the demand pie, which is something manufacturers can look to capitalize on in the near future.

Torque Sensors Market: Segmentation

PMR's research study on the global torque sensors market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the torque sensors market has been offered on the basis of product, mechanical configuration, application, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.

Product
Rotary Torque Sensors
Reaction Torque Sensors
SAW Torque Sensors
Optical Torque Sensors
Others

Mechanical Configuration
Shaft Style
Flange Style

Application
Automotive & Transportation
Aerospace & Defense
Medical & Healthcare
Others

Region
North America
Latin America
Europe
APAC
MEA

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This release was published on openPR.