Torque Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Torque Sensor Market – Introduction
Torque sensors have been witnessing a rapid rate of adoption in the machines such as gearboxes, engines, crankshafts, and electric motors that ensure the economical use of fuel, thereby saving hefty fuel costs. The torque sensor market reached a value of US$ 9 Bn in 2018 and is expected to grow at a steady pace in the coming years.
Significant drivers delivering sustained growth to the torque sensor market include increasing demand for
highly efficient vehicles arising from the growing population. With the rise in the disposable income of the consumers, sales of automotive with upgraded features have been on a notable surge. As a result of which, the automotive manufacturers have been employing torque sensors in their products to enhance the consumer experience.
Among all the torque sensing technologies, optical technologies have been witnessing a high demand on the back of their ability to offer higher sensitivity and electrical passiveness as compared to the classic torque sensors. However, the high cost of optical technologies has been causing a hesitance among the end-users for the adoption of torque sensors. As a result, the manufacturers of the torque sensors are focusing on the development of advanced and cost-efficient technologies, which will enhance the desirability of these components, thereby increasing the sales of the torque sensors.
Torque Sensor Market – Novel Developments
Some of the most prominent competitors operating in the competitive landscape of global torque sensor market include –
These partakers have been endeavoring towards fostering innovation in the torque sensors market by leveraging advanced technologies alongside joining forces with skilled players.
Torque Sensor Market – Dynamics
Applications of Torque Sensors in Electric Power Steering to Steer the Sales
Electric power steering systems have been gaining popularity over customary hydraulic systems, owing to the assistance provided by them even when the engine stalls. Such steering systems are said to cut down the need for the drive belt, hoses, and pump, which further simplifies the steering functions. With the growing adoption of the electric power steering system, there has been a rise in the demand for highly accurate measurement of steering torques for meeting the safety standards in an automotive. This is expected to bode well for the growth of the torque sensor market in the forthcoming years.
Complexity on the Installation of Torque Sensor to Limit the Adoption Rate
For a number of electric and mechanical applications, a torque can function as a mechanical fuse to obtain precise measurements.
However, proper installation of torque sensors becomes of utmost importance for the proper functioning of any machine. Any error in the installation of the components can permanently cause damage to the machine, thereby taking a toll on the time and cost pertaining to the components used. In addition to this, torque sensors are extremely sensitive and can be overloaded or wrecked easily, thereby requiring efficient handling. These characteristics of the measuring devices are anticipated to impede the growth of the torque sensors market in the upcoming years.
Asia Pacific to Remain a Lucrative Torque Sensor Market
The torque sensor market is anticipated to maintain an upward growth curve, on the back of high adoption rate of torque sensors in this region. With the incessantly growing population in this region, there has been a notable rise in the demand for vehicles. This is further fueled by the rise in the GHDI of the consumers that has generated the demand for vehicles with advanced features.
Being a mature region in terms of the growth of the automotive industry, demand for torque sensors and their upgraded versions have been on a surge, which is fulfilled by a large number of manufacturers sporting in APAC. As a result of which the torque sensors market have been growing at an impressive pace in the region.
Torque Sensor Market – Segmentation
The torque sensor market can be classified on the basis of:
Torque Sensor Market Segmentation – By Type
Depending on the type, the torque sensor market can be bifurcated into:
Torque Sensor Market Segmentation – By Technology
Based on the technology, the torque sensor market can be classified into:
Torque Sensor Market Segmentation – By Application
On the basis of the application, the torque sensor market can be segmented into:
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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