New York, US, May 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Torque Sensor Market Research Report Information By Type, by Application, And By Region – Market Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 16 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9% during the assessment timeframe.
Torque Sensors Market Insights
The growing importance of torque measurement is a major driving force in the torque sensor market. Torque measuring is a critical step in the automotive industry. Torque measurement is required in a variety of applications, including engine gearbox testing, pump testing, turbine testing, and power measuring. Torque is an important quantity in the development of industrial and combustion motors. Furthermore, torque measurement is essential for every machine that achieves angular momentum. The efficiency of the machines improves with torque sensing.
Torque sensing for autos will be in high demand in the next years. Furthermore, increased demand for hybrid automobiles is fueling the torque sensor industry. Torque applications must be higher and wider in hybrid vehicles. The market's earnings will expand as demand rises steadily. Furthermore, the development in industrial automation is a driving force in this industry.
Light vehicle production is having a favourable impact on industries. The demand for torque sensors is increasing as industries become more automated. According to Torque Sensor Market Analysis, the expansion rate and profitability will be higher throughout the forecast period. As a result, such Torque Sensor-related factors have increased the Torque Sensor market CAGR globally in recent years.
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Key Companies in the Torque Sensors market includes
- ABB
- Honeywell International
- Infineon Technologies
- Crane Electronics
- Applied Measurements
- Kistler Holding
- Norbar Torque Tools
- Sensor Technology
- Hottinger Baldwin Messtechnik
- FUTEK Advanced Sensor Technology
Torque Sensors Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 16 billion |
| Torque Sensors Market Growth Rate | CAGR of 9% from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | Electric and hybrid vehicles demand is increasing steadily around the world |
| Key Market Drivers | the demand for torque sensing for automobiles will be spectacular. |
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Torque Sensors Market Segments
The Torque Sensor Market is divided into two types: Rotary Torque Sensors and Reaction Torque Sensors. In 2022, the Rotary Torque Sensor category accounted for the majority of Torque Sensor Market revenue. Rotary Torque Sensors measure the torque delivered to a rotating shaft, making them perfect for situations where the shaft is always revolving.
Reaction Torque Sensors, on the other hand, measure the force applied to a stationary object, making them suited for situations in which a fixed shaft is subjected to torque.
Automotive, Industrial, Test & Measurement, Aerospace & Defence, and Others are the application segments of the Torque Sensor Market. The automotive category led the market in 2022 and is expected to be the fastest-growing segment between 2023 and 2030.
The study divides the market into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific has the largest market for torque sensors, with important contributors to market growth including China, Japan, and South Korea.
The Asia Pacific market is being driven by the region's growing automotive sector and rising demand for improved torque sensors.
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The Torque Sensor market in Europe is the third-largest in the world. Europe is a substantial market for torque sensors, with increasing demand in industries such as automotive, aerospace, wind energy, and manufacturing. The presence of important companies in the region, as well as the growing need for advanced torque sensors for applications such as engine management, powertrain control, and wind turbine control, are the primary drivers of the European market.
Furthermore, the European Union's emphasis on reducing carbon emissions and improving vehicle fuel efficiency has resulted in increased usage of advanced torque sensors in the automobile industry. The region's expanding need for wind energy has also increased the demand for torque sensors in the wind energy industry.
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From 2023 to 2030, the Torque Sensor market in North America is predicted to develop at the quickest CAGR. This is due to the growing demand for advanced torque sensors in the automotive and aerospace industries, as well as the region's expanding demand for wind energy. The presence of important industry players, as well as the growing emphasis on improving fuel efficiency and lowering emissions, are projected to drive the expansion of the torque sensor market in North America in the coming years. Furthermore, the Torque Sensor market in the United States had the biggest market share, while the Torque Sensor market in Canada was the fastest-growing market in the North American area.
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