The torque sensor market is projected to grow from USD 6.8 billion in 2021 to USD 9.0 billion by 2026; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.7% from 2021 to 2026. Various types of torque sensors based on different technology are being deployed worldwide, from magnetoelastic to surface acoustic wave (SAW). They not only provide advantages over the widely used strain gauge technology but are also ideal for various niche applications. The objective of the report is to define, describe, and forecast the torque sensor market based on type, technology, application, and region.
Market for
rotary torque sensors to grow at higher CAGR during forecast period
The rotary torque
sensors find a wide range of applications, such as in automobile engine
testing, drivetrain measurement, dynamometer testing, electric motor testing,
and gearbox testing. Hence, the market for rotary torque sensors is expected to
register a higher CAGR as the increasing trend of improving fuel economy,
efficiency, and electrification is expected to increase their demand during the
forecast period.
Market for
torque sensor based on strain gauge to grow at highest CAGR during forecast
period
Signals produced by
strain gauge torque sensors are compatible with a wide range of instruments,
such as digital displays and analog and digital amplifiers. Besides, they are
cost-effective compared to other torque sensors. Hence, the strain gauge torque
sensors segment is expected to grow at the highest CAGR during the forecast
period as improvements in modern strain gauge torque sensors are allowing for
high precision measurements.
Market for
automotive application to grow at highest CAGR during forecast period
Most automobile
manufacturers use torque sensors for calibrating automatic transmissions and
mapping engine torque. They are used for testing clutches and gearboxes, as
well as measuring strain and determining the dynamic torque within an engine.
Rotary torque sensors are used for strain measurement, testing of major
components, including clutch and gearboxes, and dynamic torque within the engine.
Stringent emission regulations, changing buyer preference, and electrification
technology are expected to have a large impact on the demand and use of torque
sensors for automotive applications which is contributing to the higher growth
in this application.
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Market in
APAC to grow at highest CAGR during the forecast period
APAC is expected to
account for the highest growth of the torque sensor market for various types of
torque sensors throughout the forecast period. China is the largest vehicle manufacturer
in the world. Japan and South Korea are also the major exporters of motor
vehicles globally. Due to large-scale manufacturing and significant investments
in new vehicle technologies, the automotive industry is expected to play a
vital role in the growth of the torque sensor market in the region. APAC is
also expected to be the largest market for industrial applications. The growing
need for energy production and large-scale manufacturing of various types of
goods for export are facilitating the market for torque sensors.
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