The report "Torque Sensor Market with COVID-19 Impact Analysis by Type (Rotary Torque Sensors and Reaction Torque Sensors), Application (Automotive, Test & Measurement, Industrial, Aerospace & Defense), Technology, and Geography - Global Forecast to 2026", 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 CAGR of 5.7% during the forecast period. Owing to COVID-19, the torque market is estimated to face headwinds for 2020–2021. The growth of the torque sensor market is driven by factors such as increasing demand for advanced high-performance vehicles and the growing importance of torque measurement. The electric power steering (EPS) system is one of the largest application areas of torque sensors in the automotive industry. EPS systems need high-precision torque sensors for the accurate measurement of force applied by the driver to provide the necessary feedback as steering is one of the essential parts in automobiles. Moreover, torque sensors are being increasingly used in various robotics applications, such as force-controlled processes, robotics assembly, telemanipulation, and human augmentation. The growing adoption of robotics in various applications, mainly medical (rehabilitation robotics systems, surgical robots, and others) and industrial, is likely to create lucrative opportunities for torque sensor manufacturers in the near future.
Rotary
torque sensors segment to account for larger size of torque sensor market in
2021
Reaction torque
sensors are often used in equipment that are permanently mounted and have no
moving parts, where measurement is limited to 360° or less. Although they are
cheaper than rotary torque sensors, a majority of applications involving torque
sensors involve moving and rotating parts where a rotary torque sensor is
required. 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.
Strain gauge
technology segment to dominate torque sensor market during forecast period
The most common
torque sensor measurement principle utilizes bonded strain gauge technology,
where the strain gauges are bonded to a suitably designed shaft. Torque sensors
or transducers designed with a circular shaft and with strain gauges applied at
45° have been in use for many years. 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.
Automotive
application to register highest share for torque sensor market in 2021
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. Hence,
their demand is high compared to reaction torque sensors. They are deployed in
automotive testing as well as in manufactured vehicles. Due to the wide scope
of rotary torque sensors in automotive applications, it held the largest market
share in 2020. Besides, 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.
Download PDF
Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1114
Market in
APAC estimated to have largest share during forecast period
APAC is expected to
account for the largest share 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.
North America is the
adversely affected region due to the pandemic. The North American automotive
market witnessed a sharp decline in 2020, resulting in fewer vehicle sales
despite the introduction of new vehicle models by major automobile
manufacturers. Many existing and potential vehicle buyers in North America are
deferring their purchases due to travel restrictions as a result of growing
cases of COVID-19 across the country. Work from home policies and lower
consumer confidence in purchases have led to a decline in the sale of
commercial and transport vehicles. The commercial aerospace market has also
been highly affected, particularly in the US. The decline in the number of
passengers traveling by air has led to airlines holding out on the purchase of
new aircraft. These factors are expected to lead to a decline in the overall
demand for torque sensors in the region.
Major vendors in the
torque sensor market include ABB (Switzerland), Crane Electronics (UK), FUTEK
Advanced Sensor Technology (US), HBM (Germany), Applied Measurements (UK),
Honeywell (US), Kistler Holding (Switzerland), Sensor Technology (UK), Norbar
Torque Too (UK), Infineon Technologies (Germany), Teledyne Technologies (US),
Datum Electronics (UK), MagCanica (US), Interface (US), AIMCO (US), TE
Connectivity (Switzerland), Mountz (US), PCB Piezotronics (US), S. Himmelstein
& Company (US), and Transense Technologies (UK).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B
research on 30,000 high growth niche opportunities/threats which will impact
70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers
worldwide including 80% of global Fortune 1000 companies as clients. Almost
75,000 top officers across eight industries worldwide approach MarketsandMarkets™
for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at
MarketsandMarkets™ are tracking global high growth markets following the
“Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with
the clients to identify new opportunities, identify most important customers,
write “Attack, avoid and defend” strategies, identify sources of incremental
revenues for both the company and its competitors. MarketsandMarkets™ now
coming up with 1,500 MicroQuadrants (Positioning top players across leaders,
emerging companies, innovators, strategic players) annually in high growth
emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000
companies this year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s flagship competitive
intelligence and market research platform, “Knowledgestore” connects over
200,000 markets and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™
INC.
630
Dundee Road
Suite
430
Northbrook,
IL 60062
No comments:
Post a Comment