The torque sensor market is prognosticated to expand at a stable CAGR during the forecast period of 2020-2030. The swelling utilization of torque sensors in the automotive industry will help in increasing the growth rate of the global market to a considerable extent. The technological advancements across the torque sensor sector will further prove to a profitable growth opportunity for the torque sensor market.
An increase in the demand for accurate torque measurement technology will assist in boosting the growth prospects of the torque sensor market to a considerable extent. Torque sensors are widely used for electric motor testing, automotive engine testing, efficiency testing, and others. These factors bode well for the growth of the torque sensor market.
Strict government regulations in numerous countries in the context of workplace safety will prove to be a good growth prospect for the torque sensor market. In addition, research and development activities are playing a crucial role in the growth of the torque sensor market. Players are investing in these activities for deriving insights and discoveries that help in upgrading the products, ultimately increasing the revenues. These factors greatly contribute to the growth of the torque sensor market.
The COVID-19 pandemic has caused tremendous loss to the torque sensor market. The lockdown restrictions resulted in the shutdown of manufacturing facilities and production units. These factors had a grave impact on the production and demand of torque sensor market. In addition, supply disruptions due to border restrictions further ruined the growth prospects of the torque sensor market.
A torque sensor refers to a mechanism that records and measures the torque of moving systems including crankshafts, generators, gearboxes, and electric motors. The most critical element in both engines and machinery is torque, which must be measured and monitored constantly. Torque sensors aid in the measurement of torque, ensuring device or process output optimization and better efficiency. This factor is likely to favor expansion of the global torque sensor market in the near future.
The global torque sensor market is being driven by rising demand for innovative, high-performance and high-quality automobiles. In addition, as well as the demand for torque sensors for EPS (electric power steering) system is further likely to spur growth of the market. In addition to that, the advancement made in novel torque measurement techniques as well as a rise in the use of these sensors in various robotic application are predicted to propel the global torque sensor market forward over the forecast timeframe. However, the market is expected to be hampered by the dearth of credibility of available torque sensors in high-end applications.
The “global torque sensor market” research makes an inclusion of main market segments such as type, application, technology, and regional markets. It also examines the global torque sensor market's present competitiveness over the projected period of 2020 to 2030.
Global Torque Sensor Market: Key Trends
In various automotive applications, rotary torque sensors are extensively used. Reliability testing, electric motor testing, and automotive engine testing are some of the important uses of rotary torque sensors in the automotive industry. In addition to that, prominent brands in the torque sensors industry are launching innovative product offerings for rotary torque sensors in order to meet the evolving needs of customers worldwide.
Due to the advent of new uses for torque sensors, the global torque sensors market is projected to expand significantly over the forecast timeframe, from 2020 to 2030. Torque sensors are being used in a multitude of uses due to growing focus on quality control and performance optimization across different sectors. Torque sensors' emerging applications in robotics and surgical prosthetics are projected to be a significant growth driver for the market in the coming years.
Global Torque Sensor Market: Competitive Assessment
High-end business growth techniques such as developments, extension, alliance, and cooperation are also being used by prominent companies in the global torque sensor market. The companies also conduct research and development activities in order to provide consumers with more and more specialized goods. To keep up with the increasing demand for torque sensors from customers all over the world, a few of the market players are also introducing new and advanced models.
Some of the well-known players in the global torque sensor market are listed below:
Global Torque Sensor Market: Regional Assessment
Asia Pacific is predicted to witness rapid growth in the global torque sensor market all through the forecast timeframe. China is the leading producers of automobile. South Korea and Japan are two of the world's largest auto exporters. The automotive industry is expected to play a major role in the development of the torque sensor market in the region due to large-scale manufacturing and substantial developments in new vehicle technology.
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