Published Date: 14-Apr-2020
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report Global Torque Sensor Market, published by KBV research, The Global Torque Sensor Market size is expected to reach $15 billion by 2025, rising at a market growth of 7% CAGR during the forecast period. Factors like high cost of torque transducers impede the market demand for torque sensors for implementation in small machinery. In major applications including transmission testing, engine testing, and chassis output measurement, the lack of sensor reliability lowers demand for such components. Frequent machine failures due to these meters stop the process, gradually decreasing the reliability and performance.
Torque sensor applications in the automotive industry are contributing maximum market share, and the trend is expected to continue in the years ahead. The ever-increasing demand for small cars and accelerated adoption of EPS is projected to drive the market growth for this application. Torque sensors can be used in real-time torque measurement, engine optimization, engine performance measurement, transmission, chassis performance, and driveline of an automobile. In addition, high-performance commercial vehicles often include engine calibration, protection, and transmission torque sensors.
The advantages that rotating meters provide include low electrical noise, high RPM ratings, high stiffness, and improved response times. In the torque sensor market, the demand for the optical torque component is increasing dramatically. This segment's growth is due to its main applications with greater range in compact and lightweight robots. Such devices are ideal for calculating low torque and high bandwidth, and provide advantages like low inertia, high speed, and faster data throughput.
Currently, the APAC market is experiencing a healthy growth curve in terms of torque sensor adoption in different applications. The region is experiencing continuous growth in light vehicle manufacturing, which is a major contributor to market growth across the countries in the region. A few of the largest consumer electronics players in the world have their production units in China, Japan and Taiwan. Rapidly rising economies like China and India are home to a host of process industries. These factors are expected in the coming years to fuel the torque sensor market at APAC.
Structural Insights: https://www.kbvresearch.com/torque-sensor-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., ABB Group, Infineon Technologies AG, MTS Systems Corporation (PCB Piezotronics, Inc.), Snap-On, Inc. (Norbar Torque Tools), Crane Electronics, Ltd., FUTEK Advanced Sensor Technology, Inc, Applied Measurements Ltd., Kistler Group (Kistler Holding AG), and MagCanica, Inc.
Unique Offerings from KBV Research