Torque measurement and monitoring is a key parameter in all engines and machines and torque sensors enable the measurement of torque in several applications and rotating systems such as engine, electric motors, craft shifts, and gearbox.
According to a report by Persistence Market Research, the global torque sensor market is projected to register a strong growth rate of 9.30% from 2015 to 2021, rising from a value of US$1.1 bn in 2015 to US$1.8 bn by 2021. This growth can be attributed to a number of factors such as growing applications of torque sensors, surging demand from the automotive sector, increasing need for precise torque measurement technology, imposition of strict government regulations pertaining to machine safety, increasing adoption of quality standard specifications, and development of wireless and non-contact sensors. On the flip side, technological challenges arising from the diverse applications of torque sensors are likely to hamper the growth of the global market.
Torque Sensors Witnessing Increased Demand from Automotive and Transportation Sector
The global torque sensor market can be segmented on the basis of product type, application, mechanical configuration, and region. The main product types of torque sensors are reaction/static sensors, rotary sensors, surface acoustic wave sensors, optical sensors, and others. By application, the torque sensor market is categorized into aerospace and defense, automotive and transportation, medical and healthcare, and others. By mechanical configuration, the market is bifurcated into flange style and shaft style. By region, the torque sensor market is divided into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Here’s a look at the key trends within the different segments of the global torque sensor market.
In terms of revenue contribution, the rotary torque sensor segment is anticipated to retain its lead through 2021 albeit losing market share over the next five years. Rotary torque sensors are used in a number of important applications such as electric motor testing, automotive engine testing, and efficiency testing.
Even though the flange style of mechanical configuration generated the least revenue compared to other segments, it is forecast to develop at the fastest rate from 2015 to 2021.
The automotive and transportation application segment accounts for the largest share in the overall torque sensor market and this segment is likely to retain its lead over the next five years fueled by growing demand for electric steering systems in vehicles, introduction of innovative torque sensors by leading participants, and rising adoption of these sensors in various automotive systems.
While the Asia Pacific region holds the dominant position in the global torque sensor market and will continue this trend through 2021, the Middle East and Africa region is projected to witness the highest growth.
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Players that benefit from the growth of the torque sensor market include HBM GmBH, Sensor Technology Ltd., ATI Industrial Automation, Inc., Interface Inc., FUTEK Advanced Sensor Technology, Inc., Datum Electronics Limited, ABB Ltd., Honeywell International Inc., Kistler Holding AG, and Crane Electronics Ltd.