Torque Sensor Global Market 2024 - Top Manufacturers, Latest Trends, Future Prospects And Outlook By 2033

The torque sensor market size has grown exponentially in recent years. It will grow from $9.51 billion in 2023 to $11.48 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to automotive industry demand, industrial automation, renewable energy growth, aerospace and defense applications, space exploration..

The torque sensor market size is expected to see rapid growth in the next few years. It will grow to $22.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to electric vehicle expansion, industry 4.0 and iot adoption, robotic automation, emerging healthcare technologies, smart grid implementation. Major trends in the forecast period include miniaturization and integration, industry 4.0 and iot integration, non-contact torque sensing, digital calibration and self-diagnostics, wireless torque sensing..

Market Overview -
A torque sensor is a transducer that converts mechanical torque to an electrical signal. There are two types of torque sensors - reaction and rotary. Torque sensors are used in numerous applications in the automotive, motorsports, aerospace, rail, and construction industries. Some of the applications of torque sensors include drag torque measurement, precision mechanics, screwing technology, and testing tools.

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Surging Electric Vehicle Adoption Fuels Torque Sensor Market Growth
The increasing adoption of electric vehicles is contributing to the growth of the torque sensor market. Electric automotive manufacturers use torque sensors for measuring drive and braking torque and efficiency. As of 2020, there were 10 million electric vehicles on the roads globally For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the torque sensor market.

Competitive Landscape -
Major companies operating in the torque sensor market include ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., Infineon Technologies AG, Kistler Group, MagCanica Inc., Snap-On Inc., Datum Electronics Limited, Hottinger Baldwin Messtechnik GmbH, PCB Piezotronics Inc., Interface Inc., Teledyne Technologies Inc., TE Connectivity Ltd., Bota Systems, HITEC Sensor Solutions, KONUX, Mountz Inc., Robotiq Inc., S. Himmelstein & Company, Transense Technologies plc, ATI Industrial Automation Inc., HBK Benelux, Sensor Technology Ltd., Norbar Torque Tools Ltd., Magtrol SA, Kavlico Corporation, Scaime SAS, Lorenz Messtechnik GmbH, KTR Systems GmbH, Kuebler Inc., Manner Sensortelemetrie GmbH, SICK AG, Honsberg Instruments GmbH, RDP Electronics Ltd., Hohner Automáticos S.L., KOBOLD Messring GmbH

Technological Advancements For Improved Accuracy
Technology advancements are a key trend gaining popularity in the torque sensor market. For example, in September 2021, Sensor Technology Ltd. launched a range of non-contact torque sensors that use surface acoustic wave detection. The development of miniature and wireless torque sensors, non-contact sensing techniques, and integration with IoT and cloud computing are some of the technological advancements that have improved sensor accuracy, reliability, and ease of integration into various applications

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Key Segments -
The torque sensor market covered in this report is segmented -
1) By Type: Reaction Torque Sensor, Rotary Torque Sensor
2) By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
3) By Application: Automotive, Industrial, Aerospace and Defense, Healthcare

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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