Torque Sensors Market Size & Growth Analysis to 2030

The global torque sensors market size was valued at around USD 7 billion in 2020 and projected to grow at a significant CAGR during the forecast period 2021 to 2027. The increasing demand for accurate torque measurement in rotating machinery is a major factor to drive the market growth. Furthermore, the rising adoption of electric vehicles, up-gradation of electric power steering, and focus to provide better fuel efficiency are anticipated to boost the market growth. Moreover, the persistence needs to improve safety, control, and pilot operations, and technological advancement and integration of digital components are expected to drive the market in the near future years.

Market Drivers:

Increasing Demand for Precision and Efficiency: In various industries, there is a growing need for precise and efficient torque measurement and control. Torque sensors play a crucial role in accurately measuring torque applied to rotating systems, enabling precise control, optimization, and monitoring of processes. Industries such as automotive, aerospace, manufacturing, robotics, and renewable energy rely on torque sensors to enhance productivity, improve quality, and ensure operational efficiency.

Growing Emphasis on Quality Control and Safety: Quality control is a critical aspect of many industries, particularly automotive, aerospace, and manufacturing. Torque sensors are essential tools for quality control processes, ensuring proper assembly, fastening, and torque verification. They help in preventing under-tightening or over-tightening of components, reducing the risk of failures, malfunctions, and safety hazards. The increasing focus on product quality and safety regulations drives the demand for torque sensors.

Advancements in Industrial Automation and Robotics: The rapid growth of industrial automation and robotics in various sectors, such as automotive, electronics, and logistics, is driving the demand for torque sensors. Torque sensors are integrated into robotic arms and automated assembly lines to provide precise control over tightening operations, ensure consistency, and monitor torque values in real-time. The adoption of Industry 4.0 principles and the need for smart manufacturing further fuel the demand for torque sensors.

Expansion of Electric Vehicle (EV) Market: The global shift towards electric vehicles is creating significant opportunities for the torque sensors market. Torque sensors are vital in EV powertrains, measuring and controlling the torque generated by electric motors. They play a crucial role in optimizing motor efficiency, enhancing regenerative braking systems, and improving overall vehicle performance. The increasing adoption of electric vehicles worldwide boosts the demand for torque sensors.

Rising Demand for Renewable Energy: The growth of renewable energy sources, such as wind and solar power, is driving the demand for torque sensors. In wind turbines and solar tracking systems, torque sensors are used to measure and control the torque applied to rotor blades or tracking mechanisms. Accurate torque measurement enables efficient power generation, enhances system reliability, and contributes to the overall performance of renewable energy installations.

Technological Advancements: Ongoing advancements in torque sensor technology are significant drivers for market growth. Miniaturization, wireless connectivity, integration with IoT platforms, and the development of non-contact torque sensing techniques are some of the technological advancements contributing to the expansion of the torque sensors market. These advancements enhance the functionality, accuracy, and versatility of torque sensors, making them more appealing to a wide range of industries.

Stringent Regulatory Standards: Regulatory standards and guidelines related to torque measurement, especially in safety-critical applications, influence the demand for torque sensors. Industries such as aerospace, medical devices, and power generation have stringent requirements for torque measurement accuracy, reliability, and traceability. Compliance with these standards drives the adoption of high-quality torque sensors.

Market Snapshot:

Market Insights:

The global torque sensors market is bifurcated into type, technology, application, and geography. On the basis of type, the market is further segmented into rotary and reaction torque sensors. The rotary torque sensors segment dominated the global market in 2020 and expected to maintain its dominance over the forecast period. The wide use of rotary torque sensors in various applications such as engine testing, gearbox testing, and electric motor tests is a major factor to drive the segment growth. Furthermore, the increasing focus to provide better fuel efficiency and electrification is further anticipated to boost the segment growth.

On the basis of application, the market is segmented into automotive, test & measurement, industrial, aerospace & defense, and others. The automotive segment dominated the global torque sensors market in 2020 and estimated to grow at the same trends over the forecast period. The wide use of the product in the automotive industry to test major components such as engine, clutch, gearbox, suspension, and strain measurement is a prominent factor to drive the segment growth. Furthermore, the increasing adoption of electric vehicles is anticipated to fuel the segment growth over the forecast period.

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The torque sensors comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The torque sensors market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

• Rotary Torque Sensors
• Reaction Torque Sensors

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

Geographic Coverage

Geographically, the torque sensors market report comprises dedicated sections centering on the regional market revenue and trends. The torque sensors market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The torque sensors market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Torque sensors market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competitive Assessment

Some of the major market players operating in the global torque sensors market are ABB Ltd., Crane Electronics Ltd., Applied Measurements Ltd., and Honeywell International. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• ABB Ltd.
• Crane Electronics Ltd.
• Applied Measurements Ltd.
• Honeywell International
• HBK Benelux
• Norbar Torque Tools Ltd.
• Infineon Technologies AG
• Teledyne Technologies, Inc.
• TE Connectivity Ltd.

Key Questions Answered by Torque Sensors Market Report

• Global torque sensors market forecasts from 2021-2027
• Regional torque sensors market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Torque sensors submarket forecasts from 2021-2027 covering the market by type, by technology, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to torque sensors market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level torque sensors markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the torque sensors market