Dublin, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Torque Sensor Market by Type (Reaction Torque Sensors, Rotary Torque Sensors), Technology (Magnetoelastic, Optical, Strain Gauge), Application - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global torque sensor market has witnessed substantial growth, with an estimated valuation of USD 8.06 billion in 2023. Projections indicate that the market will continue to expand, reaching a noteworthy valuation of USD 13.40 billion by 2030, representing a commendable compound annual growth rate (CAGR) of 7.48% from 2023 to 2030.
Market Segmentation
- Type: The market is divided into two primary types, namely Reaction Torque Sensors and Rotary Torque Sensors. Within Rotary Torque Sensors, there are further classifications as Contact-Based Sensing and Noncontact-Based Sensing.
- Technology: The market is studied across several technologies, including Magnetoelastic, Optical, Strain Gauge, and Surface Acoustic Wave, with Strain Gauge and Magnetoelastic being prominent.
- Application: Torque sensors find application across various sectors such as Aerospace & Defense, Automotive, Industrial, and Test & Measurement. The Automotive sector holds the largest market share, followed by Industrial.
- Region: Geographical segmentation includes the Americas (Argentina, Brazil, Canada, Mexico, United States), Asia-Pacific (Australia, China, India, Japan, South Korea, and more), and Europe, Middle East & Africa (Denmark, France, Germany, Italy, and more). The Asia-Pacific region commands the largest market share, followed by Europe, Middle East & Africa.
Market Dynamics
- Drivers: Factors driving market growth include the increasing need for accurate torque measurement technology, stringent regulations related to machine safety in developed countries, and the expanding application of torque sensors in high-end applications.
- Restraints: Challenges include the low reliability of available torque sensors in high-end applications.
- Opportunities: Opportunities for growth lie in the development of non-contact and wireless sensors and the increasing usage of torque sensors in robotics.
- Challenges: The diversity of applications for torque sensors poses a challenge to the market.
Key Players
The key companies in the torque sensor market include:
- ABB Ltd.
- Aimco Global
- Applied Measurements Ltd.
- Cooper Instruments & Systems
- Crane Electronics Ltd.
- Datum Electronics Ltd.
- FUTEK Advanced Sensor Technology, Inc.
- HBM Inc.
- Honeywell International Inc.
- Infineon Technologies AG
- Interface, Inc.
- Kistler Group
- Magcanica Inc.
- MOOG
- Mountz, Inc.
- Norbar Torque Tools
- NSK Ltd.
- PCB Piezotronics, Inc.
- S. Himmelstein and Company
- Sensor Technology Ltd.
- TE Connectivity
- Teledyne Technologies
- Transense Technologies
Conclusion
The global torque sensor market is poised for substantial growth in the coming years. These sensors are instrumental in various industries, ensuring precise torque measurement, and enhancing performance and safety. With continued advancements in technology and the increasing need for precise measurement, the market is set to play a crucial role in diverse sectors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 191 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $8.06 Billion |
| Forecasted Market Value (USD) by 2030 | $13.4 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/jr47uu
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