Torque Sensor Market by Type (Rotary Torque Sensor, Reaction Torque Sensor); by Technology (Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic); by Application (Automotive, Test & Measurement, Industrial, Aerospace & Defense, Others); and by Region (North America, Europe, Asia Pacific, Latin America, MEA); - Global Forecasts 2022 to 2027

The global Torque Sensor market gathered revenue around USD 8.5 billion in 2021 and market is set to grow USD 13.2 billion by the end of 2027 and is estimated to expand at a modest CAGR of 10.1% during the prediction period 2022 to 2027.

A torque sensor or torque transducer or torquemeter is a device that is used for measuring and recording the torque on a rotating system, such as an engine, crankshaft, gearbox, transmission,  rotor, bicycle crank or cap torque tester. It is used in marine, offshore, automotive, and aerospace engineering. Torque sensors are categorized into two types i.e. reaction torque sensor and rotating torque sensor.

Global Torque Sensor Market Dynamics:

The increasing use of torque sensors in the automotive sector, coupled with the growing demand for high-performance cars are a major influencing factor that drives the growth of the torque sensor market. The availability of diverse types of torque sensors for different applications and rising awareness related to the importance of torque measurement contributed to the growth of the torque sensor market.

In addition, the advent of industry 4.0 is the considerable factor that drives the torque sensor market during the forecast period. Increasing usage of rotary torque sensors in industrial automation coupled with the rising demand for torque sensors from the robotic industries propels the demand for torque sensors. Moreover, the shift from hydraulic power steering systems to electric power steering systems increases the demand for torque sensor market because it is used for highly precise measurement of the steering torque for exacting safety requirements placed on electric steering systems.

The report also provides an in-depth analysis of torque sensor market dynamics such as drivers, restraints, opportunities, and challenges:

Drivers

• The increasing importance of torque measurement
• Development of non-contact & wireless sensors
• Stringent government regulation related to machine safety

Restraints

• Low reliability of available torque sensors in high-end applications

Opportunities

• Evolution of new torque measurement technologies

Challenges

• A decline in demand in the automotive industry due to COVID-19

Report Coverage

Based on the type, the rotary torque sensor segment is expected to grow at the highest CAGR during the forecast period owing to the broad range of applications in automotive industries

Based on the type, the torque sensor market has been segmented into rotary torque sensor and reaction torque sensor. The rotary torque sensor segment in torque sensor industry is expected to grow at the highest CAGR during the forecast period due to broad range of applications such as automobile engine testing, drivetrain measurement, dynamometer testing, and others. Moreover, rotary torque sensors are also witnessing the launch of advanced product offerings by prominent players in the torque sensor industry, proliferating the segment growth during the forecast period.

Based on the application, the automotive segment is growing at the highest CAGR during the forecast period because most automobile manufacturers use torque sensors for calibrating automatic transmissions and mapping engine torque

Based on the application, the torque sensor market is segmented into automotive, test & measurement, industrial, aerospace & defense, others. The automotive segment in torque sensor industry is growing at the highest CAGR during the forecast period owing to various applications in the automotive industry such as strain measurement, testing of clutch and gearboxes, and dynamic torque within the engine. Moreover, powertrain, brake, and suspension systems are tested using torque sensors, which are also used to measure horsepower in the demand of improving fuel efficiency. For instance, NSK Ltd., the U.S. based company, stated that torque sensor can help deliver shock-free gear shifting enabling the use of a larger step ratio to deliver 7 percent increased fuel economy.

Based on region, North America is expected to dominate the torque sensor market during the forecast period

North America is expected to dominate the torque sensor market during the forecast period owing to the increasing presence of prominent system suppliers, leading semiconductors companies, competitive aerospace & defense, and medical Original Equipment Manufacturers (OEMs). Medical applications which is currently a niche market segment for torque sensors is expected to witness considerable growth with the emergence of medical robotics, and the increasing demand for better healthcare services, proliferating the  torque sensor market growth in the region.

Some of the prominent players in the Torque Sensor Market include:

Crane Electronics Ltd

ABB

FUTEK Advanced Sensor Technology, Inc.

Applied Measurements Ltd.

HBK

Honeywell International Inc.

Kistler Group

Norbar Torque Tools

Sensor Technology Ltd

Infineon Technologies AG

Teledyne Technologies Incorporated

Interface, Inc.

MagCanica, Inc.

PCB Piezotronics, Inc.

TE Connectivity

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

By Type

• Rotary Torque Sensor
• Reaction Torque Sensor

By Technology

• Strain Gauge
• Surface Acoustic Wave (SAW)
• Optical
• Magnetoelastic

By Application

• Automotive
• Test & Measurement
• Industrial
• Aerospace & Defense
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

COVID-19 Impact on the Torque Sensor Market Analysis:

The torque sensor market was impacted negatively due to the adverse impact on the automotive industry during the COVID-19 pandemic. The automotive and aerospace & defense industries are the major end-users of torque sensors. Both these industries have been adversely affected due to the decline in demand for motor vehicles and the reduced number of aircraft orders due to travel restrictions and lack of consumer confidence. For instance, according to the International Organization of Motor Vehicle Manufacturers, the global auto production in 2020 severely hit by COVID-19 pandemic with a 16% drop in world auto production.

*Note: A detailed analysis is specific to the market will be provided in the report.

The report also provides an in-depth analysis of key trends in the torque sensor market:

• The proliferation of 5G activities, growing IoT commercialization, and development of smart cities will continue to evolve and accelerate in 2021
• Advancements in the adoption rates of wearables in health care will be one of the most significant drivers of the torque sensor with other prospective applications in predictive maintenance for machines, AI computing, autonomous vehicles, smart consumer electronics, and precision agriculture.

The report also provides an in-depth analysis of recent news developments and investments:

• In May 2021, Sensor Technology has launched a new range of non-contact torque sensors, TorqSense SGR510/520 series, based on a full four-element strain gauge bridge design, complementing its existing non-contact sensors that use surface acoustic wave (SAW) detection. This torque sensor has a 250% over-range reading capacity, allowing sudden spikes in torque to be measured and recorded accurately.
• In May 2020, Kistler Holding collaborated with Vehico, a manufacturer of driving robots and vehicle control systems for vehicle testing. Due to this collaboration, an extensive package of sensor technologies and driving robots will now be available to Vehico from a single source.

Key Points Covered in Torque Sensor Market Study:

• Growth of Torque Sensor in 2022
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Torque Sensor and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Torque Sensor Consumption Analysis
•  Torque Sensor Production Analysis
•  Torque Sensor and Management