Torque Sensor Market: Measuring the Future of Automation

The global torque sensor market is poised for significant growth, driven by the increasing demand for precise torque measurement across various industries. This comprehensive overview highlights key points, trends, and recent industry news within a concise framework.

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Key Highlights

Market Size and Growth:

The torque sensor market is projected to grow from USD 6.8 billion in 2021 to USD 9.0 billion by 2026, at a CAGR of 5.7%. Another report estimates the market to reach USD 17.8 billion by 2032, growing at a CAGR of over 6% from 2023 to 2032.

Technological Advancements: The market is witnessing the development of advanced torque sensing technologies, such as surface acoustic wave (SAW), magnetoelastic, and optical torque sensors. These technologies offer advantages over the widely used strain gauge technology and are ideal for various niche applications.

Market Segmentation: The market is segmented by type (rotary torque sensors and reaction torque sensors), technology (strain gauge, surface acoustic wave, optical, and magnetoelastic), and application (automotive, test & measurement, industrial, aerospace & defense, and others).

Regional Dynamics: Asia Pacific held the largest market share in 2020, followed by Europe and North America. The market in North America is expected to expand at the highest CAGR of nearly 8% through 2030.

Key Trends

Emerging Applications:

The market is driven by the emergence of new applications for torque sensors, such as in robotics and medical prosthetics. Growing emphasis on performance optimization and quality control across various industries is encouraging the adoption of torque sensors.

Automotive Industry: The automotive industry is a primary driver of market expansion, with torque sensors being widely used for engine testing, electric motor testing, and efficiency testing. The increasing adoption of electric vehicles (EVs), hybrid vehicles, and advanced driver assistance systems (ADAS) is further fueling the demand for precise torque measurement.

Miniaturization and Integration: Manufacturers are developing compact and lightweight torque sensors that can be seamlessly integrated into various applications, driven by the need for precision torque measurement in portable and consumer devices, as well as the growing demand in automotive, robotics, and aerospace sectors.

Smart Manufacturing: The adoption of smart manufacturing principles, including Industry 4.0 practices, is a dominant trend in the torque sensor industry. The integration of torque sensors with the Industrial Internet of Things (IIoT) enables remote monitoring, reduces downtime, and optimizes manufacturing operations.

Recent Industry News

In 2023, ABB launched its new generation of motion control solutions, featuring enhanced connectivity, energy efficiency, and predictive maintenance capabilities.

Siemens recently unveiled its Simatic S7-1500T motion control system, designed to integrate seamlessly with its Totally Integrated Automation (TIA) Portal software.

Yaskawa Electric Corporation announced the acquisition of Solectria Renewables to expand its renewable energy solutions portfolio.

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Conclusion

The torque sensor market is poised for substantial growth, driven by the increasing demand for precise torque measurement, technological advancements, and the adoption of smart manufacturing practices. As industries continue to prioritize efficiency, precision, and cost-effectiveness, the adoption of advanced torque sensing solutions will be crucial in shaping the future of industrial automation.

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This release was published on openPR.