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 a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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