Torque Sensor Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4265
Torque Sensor Market size is expected to gain significant momentum from 2021 to 2027. This growth is driven by the increasing production of low-capacity torque sensors to conduct reliable and accurate verification of performance, quality, and safety of miniature rotating components. Moreover, high emphasis on force and torque measurements to ensure vehicle safety and performance will also broaden the torque sensor application scope across the automotive sector.
Toque measurement sensor refers to a type of torque transducer, which can convert a torque measurement into an electrical signal that can be measured and standardized. Its main categories, including rotary and reaction torque sensors, have been widely used as key torque measuring tools and force measurement devices.
The aerospace and defense segment will account for a considerable torque sensor market share by 2027. due to the mounting adoption of non-contact rotary torque sensors in aircraft starter testing and military aircraft test stands, among other applications. For example, Methode’s Magnetoelastic Torque Sensing Technology is considered an ideal solution for commercial and military aviation sectors, owing to its proven reliability and extreme robustness in temperatures ranging from -60° to +200°C.
Europe is poised to emerge as a lucrative revenue prospect for the market by 2027. This can be credited to the implementation of strict emission norms and the subsequent surge in investment in electric vehicles by key regional automotive players. In 2020, Germany-based Volkswagen announced plans to invest $86 billion in hybrid and electric vehicle technologies over the next five years, which could amplify the wireless torque sensor demand in the years ahead.
Key market participants include Futek Advanced Sensor Technology, Teledyne Technologies, PCB Piezotronics (MTS Systems Corporation), ABB, HBM Inc., and Honeywell Sensing and Control, among others. Innovative product launches, collaborations, and acquisitions are the key initiatives being undertaken by these firms to expand their businesses and gain a competitive edge over rivals in the global market. For instance, in February 2021, ABB expanded its collaborative robot portfolio with the launch of GoFa CRB 15000. This robot was designed with intelligent torque and position sensors in its six joints to provide superior force and power limiting performance and in turn, eliminate risks to human workers.
COVID-19 Impact on Torque Sensor Market Trends:
The coronavirus pandemic-induced lockdowns have led to a production decline among original equipment manufacturers and entire value chain disruption in major industries across the globe. These factors have affected the development of auto spare parts in micro-, small-, and medium-sized industries. Furthermore, the decline in passenger vehicle demand has contributed to a severe liquidity crisis and loss in revenue, which could create a hindrance in the deployment of torque sensors.
Despite such setbacks, the aerospace sector has been placing high emphasis on the introduction of harmonized and risk-based approaches to travel restrictions underpinned by government efforts to promote safe travel. This strong focus on business revival, along with a coordinated approach to vaccination and testing, may boost the aerospace sector recovery and in turn, escalate industry penetration in the coming years.
The market research report of torque sensor includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2021 to 2027 for the following segments:
Market, By Type
- Rotary Sensors
- Reaction Sensors
- Super Acoustic Wave (SAW) Sensor
- Magnetoelastic Sensors
- Optical Sensor
Market, By Application
- Test & Measurement
- Aerospace & Defense
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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