The Torque Sensor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Torque Sensor Global Market Report 2024, The torque sensor market size has grown exponentially in recent years. It will grow from $9.51 billion in 2023 to $11.48 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to automotive industry demand, industrial automation, renewable energy growth, aerospace and defense applications, space exploration..
The torque sensor market size is expected to see rapid growth in the next few years. It will grow to $22.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to electric vehicle expansion, industry 4.0 and iot adoption, robotic automation, emerging healthcare technologies, smart grid implementation. Major trends in the forecast period include miniaturization and integration, industry 4.0 and iot integration, non-contact torque sensing, digital calibration and self-diagnostics, wireless torque sensing..
The increasing adoption of electric vehicles is contributing to the growth of the torque sensor market. Electric automotive manufacturers use torque sensors for measuring drive and braking torque and efficiency. As of 2020, there were 10 million electric vehicles on the roads globally For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the torque sensor market.
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The torque sensor market covered in this report is segmented –
1) By Type: Reaction Torque Sensor, Rotary Torque Sensor
2) By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
3) By Application: Automotive, Industrial, Aerospace and Defense, Healthcare
Technology advancements are a key trend gaining popularity in the torque sensor market. For example, in September 2021, Sensor Technology Ltd. launched a range of non-contact torque sensors that use surface acoustic wave detection. The development of miniature and wireless torque sensors, non-contact sensing techniques, and integration with IoT and cloud computing are some of the technological advancements that have improved sensor accuracy, reliability, and ease of integration into various applications
The torque sensor market report table of contents includes:
- Executive Summary
- Torque Sensor Market Characteristics
- Torque Sensor Market Trends And Strategies
- Torque Sensor Market – Macro Economic Scenario
- Global Torque Sensor Market Size and Growth
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- Global Torque Sensor Market Competitive Benchmarking
- Global Torque Sensor Market Competitive Dashboard
- Key Mergers And Acquisitions In The Torque Sensor Market
- Torque Sensor Market Future Outlook and Potential Analysis
- Appendix
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