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Torque Sensor Global Market Report 2022

Torque Sensor Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6282433
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the torque sensor market are ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc, Honeywell International Inc., Infineon Technologies AG, Kistler Group (Kistler Holding AG), MagCanica Inc., Snap-On Inc. (Norbar Torque Tools), Datum Electronics Limited, HBM GmBH, PCB Piezotronics, Interface Inc., Teledyne Technologies Inc., TE Connectivity, Bota Systems, HITEC Sensor Solutions, KONUX, Mountz, Robotiq, S. Himmelstein & Company, Transense Technologies, and ATI Industrial Automation Inc.

The global torque sensor market is expected to grow from $6.68 billion in 2021 to $7.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.63%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $15.76 billion in 2026 at a CAGR of 19.77%.

The torque sensor market consists of sales of torque sensors by entities (organizations, sole traders, and partnerships) that manufacture torque sensors.A torque sensor is a transducer that converts mechanical torque to an electrical signal.

There are two types of torque sensors – reaction and rotary.Torque sensors are used in numerous applications in the automotive, motorsports, aerospace, rail, and construction industries.

Some of the applications of torque sensors include drag torque measurement, precision mechanics, screwing technology, and testing tools.

The main types of torque sensors are reaction and rotary torque sensors.Reaction torque sensors convert a reaction torque measurement into an electrical signal.

Rotary sensors are commonly used in automotive engine testing, drive train measurements, electric motor testing, and gearbox testing.By technology, major types of torque sensors are surface acoustic wave (SAW), optical, and magnetoelastic torque sensors.

Major applications of torque sensors include the automotive, industrial, aerospace and defense, and healthcare industries.

North America was the largest region in the torque sensor market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing adoption of electric vehicles is contributing to the growth of the torque sensor market.Electric automotive manufacturers use torque sensors for measuring the drive and braking torque and efficiency.

As of 2020, there were 10 million electric vehicles on the roads globally.In 2020, global electric car sales reached about 3 million, with new electric car registrations increasing by 40%.

Therefore, the growing demand for electric vehicles is driving the growth of the torque sensor market.

Technology advancements are a key trend gaining popularity in the torque sensor market.For example, in September 2021, Sensor Technology Ltd launched a range of non-contact torque sensors that use surface acoustic wave detection.

In January 2020, TE Connectivity, a Swiss manufacturer of sensors announced a safety torque sensor for human-robot collaborations.

In April 2021, Amphenol, a US-based producer of electronic and fiber optic connectors, cables, and sensors, acquired MTS Systems for an undisclosed amount.This acquisition combined with the strength of companies’ highly complementary sensor product portfolios will allow offering customers an expanded array of innovative technologies across multiple end markets.

MTS Systems is a US-based supplier of test systems and industrial sensors.

The countries covered in the Torque Sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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