Torque Sensors Market Scope
The torque sensor is also called as torque transducer or torque meter, is an electronic device designed for recording or measuring torque on any rotating systems such as the gearbox, transmission, rotor, motor engine, cap torque tester, and others. The rapidly growing automotive sector is supplementing the growth of the market due to its wide application in the automotive sector such as measuring torque in advanced high-performance vehicles, Electric Power Steering (EPS) Systems and others. Increasing adoption of torque sensors in the collaborative robots and high adoption of electric power steering (eps) systems have been acting as a driver for the market. However, low dependability of accessible torque sensors in high-end applications, high initial investment and lack of skilled labor are the limiting factors for the market.
According to AMA, the Global Torque Sensors market is expected to see growth rate of 7.9% and may see market size of USD14.83 Billion by 2026.
The Players having a strong hold in the market are ABB, Crane electronics, FUTEK, Applied Measurements, Honeywell International. Research Analyst at AMA estimates that United States and European Players will contribute to the maximum growth of Global Torque Sensors market throughout the predicted period.
ABB (Switzerland), Crane electronics (United Kingdom), FUTEK Advanced Sensor Technology (United States), Applied Measurements (United Kingdom), Honeywell International (United States), Kistler Holding (Switzerland), Sensor Technology (United Kingdom), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (United Kingdom) and Infineon Technologies (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Datum Electronics Ltd (United Kingdom), HBM Test and Measurement (United States) and Kistler Instrumente Ag (Switzerland).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Torque Sensors market , by Application (Motor Power Detection, Pump Power Detection, Car and Shipping Power Detection, Viscometer, Laboratory, Qualitative Inspect Branch and Other) and Region with country level break-up.
On the basis of geography, the market of Torque Sensors has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On April 2018, HBM and Brüel & Kjær have announced merge to from HBK (Hottinger, Brüel & Kjær). This merger will turn out to be effective on January 1, 2019.
On April 30, 2019, Magtrol had launched the new TS Series Torque Sensor. It has two communication interface including an analog output and an isolated USB and both interfaces can be utilized at the same time. The key features and benefits of the product include integrating an encoder with 360 pulses per revolution, angular measurement resolution of 0.25 degree, low inertia rotary transformer and others.
- An Evolution of New Torque Measurement Technologies such as Non-Contact Torque Sensors and Wireless Sensors
- Increasing Adoption of Torque Sensors in the Collaborative Robots
- Rising Demand from Automotive Sector due to the Requirement of Advanced High-Performance Vehicles
- Increasing Importance of Torque Measurement in Many industrial and Automotive Application
- High Adoption of Electric Power Steering (EPS) Systems in Automotive Sector may grow the market
- Increasing Adoption of Wireless Torque Sensors in an Electric Vehicle
- Low Dependability of Accessible Torque Sensors in High-End Applications
- High Initial Investment and Lack of Skilled Labor
Key Target AudienceTorque Sensor Manufacturers, Raw Material Suppliers, Suppliers and Distributors, Government Agencies, Private Research organization, Investors and Others