Global Torque Sensor Market: Overview
A device used for recording and measuring the torque of a
rotating system is called torque
sensor. Machines such as engines, gearboxes, electric motors,
and crankshafts are a part of the rotating system and torque sensors ensure
high quality and performance optimization of this system.
On the basis of technology, the market can be classified
into magneto elastic torque sensors, static torque sensors, surface acoustic
wave torque sensors, and others. Based on application, the market can be
segmented into medical, industrial, automotive, aerospace and defense, and
others.
In the report, Transparency Market Report (TMR) presents a comprehensive
analysis of drivers and restrictions in the global torque sensor market. It
also provides insight into the major segments and regions of the market.
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Global Torque Sensor Market: Trends and Prospects
The growing awareness in regards to the importance of torque
measurement has been noted in various fields such as hybrid and electric
automobile engines and medical prosthetics and they have included torque
sensors in their operations. The global torque sensor market is likely to
benefit from the several potential applications, which is projected to be the
key driving force behind its growth. With the development of wireless and
non-contact torque sensors such as optical torque sensors, surface acoustic
waves (SAW), and magnetoelastic, the market will get a further push. Moreover,
the demand for accurate torque measurement solutions is growing in a remarkable
manner, supplementing the enormous growth prospects for torque sensors. On the
contrary, less reliable torque sensors for high-end applications might limit
the growth of the market.
Based on application, the automotive sector is the chief
contributor to the market growth. Due to the penetration of electric
power assisted steering (EPAS) systems in automobiles, torque sensors are
in high demand. EPAS systems in automobiles – when compared with standard
steering systems – provide the much desired fuel efficiency and also consume
less energy. In EPAS systems, the steering column is fitted in line with a
torque sensor, thereby increasing the demand and favoring the growth of this
market.
Global Torque Sensor Market: Regional Overview
The market for torque sensors can be geographically
segmented into Asia Pacific, North America, Europe, the Middle East and Africa,
and Latin America. The Asia Pacific region accounts for a large share in the
market and is expected to lead in the forecast period as well. The developing
economies of Asia Pacific – China and India – are the key market contributors.
A rise in the number of manufacturing industries in China and development of
the oil and gas and aerospace industries in India have propelled the growth of
the market. In addition, increasing implementation of industrial automation
technologies by industries all over the region has augmented the growth
prospects in this region.
On the other hand, Europe is pegged to be a major
contributor to the market growth in the future. Technological advancements made
in the field of torque sensing and rising demand for better fuel efficiency are
the factors supplementing the market growth. In Europe, the new corporate
average fuel economy (CAFE) standards have put enormous pressure on auto
manufacturers to accelerate the development of electric and hybrid vehicles as
well as radically improve the fuel economy on their largest selling models,
thereby increasing the demand for torque sensors.
Companies Mentioned in Report
The global market for torque sensors is highly fragmented
and with the growing demand, the competition is expected to get intense in the
coming years. Kistler Instrumente AG, Crane Electronics Ltd, Honeywell
International Inc., Datum Electronics Ltd., and PCB Piezotronics Inc. are some
of the prominent players in the global torque sensor market.
This report gives you access to decisive data such as:
- Market
growth drivers
- Factors
limiting market growth
- Current
market trends
- Market
structure
- Market
projections for the coming years
Key highlights of this report
- Overview
of key market forces propelling and restraining market growth
- Up-to-date
analyses of market trends and technological improvements
- Pin-point
analyses of market competition dynamics to offer you a competitive edge
- An
analysis of strategies of major competitors
- An
array of graphics and SWOT analysis of major industry segments
- Detailed
analyses of industry trends
- A
well-defined technological growth map with an impact-analysis
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