Torque Sensor Market

Torque Sensor Market by Type (Rotary Torque Sensors and Reaction Torque Sensors), Application (Test & Measurement, Automotive, Industrial, Aerospace & Defense, and Others), Technology, and Geography - Global Forecast to 2024

Report Code: SE 1875 Nov, 2018, by marketsandmarkets.com

[108 Pages Report] The overall torque sensor market is expected to grow from USD 9.4 billion in 2018 to reach USD 14.8 billion by 2024, at a CAGR of 7.9%. The study involved 4 major activities to estimate the current size of the torque sensor market. The exhaustive secondary research was conducted to collect information on market, including peer market and parent market. Further, these findings, assumptions, and sizing were validated through the discussions with industry experts across value chain through primary research. Both, top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Torque Sensor Market

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. These secondary sources include International Frequency Sensor Association (IFSA), Journal of Sensors, annual reports, press releases, and investor presentations of companies; white papers; and certified publications and articles from recognized authors, directories, and databases.

Primary Research

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for this report. The primary sources from the supply side include industry experts such as CEOs, VPs, marketing directors, technology and innovation directors, and related executives from key companies and organizations operating in the torque sensor market. After complete market engineering (including calculations regarding market statistics, breakdown, estimations, and forecasting as well as data triangulation), extensive primary research has been conducted to gather information as well as verify and validate the critical numbers arrived at.

Torque Sensor Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the torque sensor market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends identified from both demand and supply sides, in aerospace & defense, test and measurement, industrial, automotive, and other applications. Along with this, the market size has been validated using both top-down and bottom-up approaches.

The following are the major objectives of the study.

  • To describe and forecast the torque sensor market, in terms of value, by type, technology, application, and geography
  • To describe and forecast the market, in terms of value, for various segments, based on 4 major regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the torque sensor market growth
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall market
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, and detail the competitive landscape for market leaders
  • To analyze growth strategies such as product launches and developments, expansions, mergers, and acquisitions in the torque sensor market

Scope of the Report

Report Metric

Details

Market size available for years

2015–2024

Base year considered

2017

Forecast period

2018-2024

Forecast units

Value—USD million

Segments covered

Type, Technology, Application, and Region

Geographies covered

North America, APAC, Europe, and RoW

Companies covered

ABB (Switzerland), Crane electronics (UK), FUTEK Advanced Sensor Technology (US), Applied Measurements (UK), Honeywell International (US), Kistler Holding (Switzerland), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), and Infineon Technologies (Germany).

This research report categorizes the torque sensor market based on type, technology, application, and region.

By Type

  • Rotary Torque Sensor
  • Reaction Torque Sensor

By Technology

  • SAW
  • Optical
  • Strain Gauge
  • Magnetoelastic

By Application

  • Aerospace & Defense 
  • Industrial
  • Automotive
  • Test and Measurement
  • Others (Agriculture, Mining, and Medical)

By Geography

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations

Based on the given market data, MarketsandMarkets offers customizations in the reports as per the client’s specific requirements. The available customization options are as follows:

Company Information

  • Detailed analysis and profiling of additional market players on the basis of various blocks of the value chain

Technology Analysis

  • Further breakdown of technology on the basis of type
  • Mapping of Vendors by technology

The overall torque sensor market is expected to grow from USD 9.4 billion in 2018 to reach USD 14.8 billion by 2024, at a CAGR of 7.9%. Major drivers for market growth are the increasing demand for advanced high-performance vehicles, growing importance of torque measurement, and rising demand for torque sensors for electric power steering (EPS) systems.

Automotive application expected to witness highest CAGR in market during forecast period

The automotive applications contribute a maximum share to the torque sensor market, and the trend is likely to continue in the coming years. The ever-growing demand for small cars and increased use of electric power systems are expected to drive the growth of the market for this application. Torque sensors find application in real-time torque measurement, engine performance measurement, engine improvement, transmission, chassis performance, and driveline of an automobile.

Market for optical technology to grow at highest CAGR during 2018–2024

Optical torque sensing is an emerging technology in the field of torque measurement, especially for low torque and high bandwidth applications. This technique employs a pair of gratings that are attached at a small distance on a strain-sensitive shaft to modulate a light source. Optical torque sensors have greater sensitivity and electrical passiveness. Moreover, several manufacturers have already adopted this new technology in their sensors; e.g., Sensor Technology offers E200 optical rotary torque transducers.

Torque Sensor Market

APAC expected to account for largest market size during forecast period

APAC is currently witnessing significant rate of adoption of torque sensors in various applications. The continuous growth in the manufacturing of light vehicles in APAC is a major factor enabling growth of the torque sensor market in this region. A few of the world’s largest consumer electronics players have their manufacturing activities in China, Japan, and Taiwan. Rapidly growing economies, such as China and India, are home to a large number of process industries. These factors are projected to fuel the torque sensor market in APAC in the coming years.

Key Market Players

Key players in the torque sensor market include ABB (Switzerland), Crane electronics (UK), FUTEK Advanced Sensor Technology (US), Applied Measurements (UK), Honeywell International (US), Kistler Holding (Switzerland), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), and Infineon Technologies (Germany). HBM focuses on offering quality products to its customers at competitive prices, to ensure greater customer satisfaction. It is a well-known torque sensor company providing high-quality torque transducers with a compact design and easy integration capability, which are used in test benches to meet customers’ expectations; this also enables it to encourage loyal relationships with them.

Recent Developments

  • HBM launched T21WN torque transducers based on the strain-gauge technology. It is ideal for laboratory, test shop, and testing applications as well as for the use in production and process monitoring as well as quality assurance.
  • Applied Measurements enhanced its DRVL rotary torque transducers with new features such as higher supply voltage range, increased compatibility, and improved electromagnetic compatibility.
  • FUTEK Advanced Sensor Technology launched QTA141 Micro Reaction Torque Sensor. The new sensor was designed to provide a precision torque measurement solution for miniature, DC, and servo motors. 

Critical questions the report answers:

  • Where will all these developments take the industry in the mid to long term?
  • Which are the upcoming applications of torque sensors?
  • How the electric vehicle (EV) and hybrid electric vehicle (HEV) in the automobile sector are influencing the torque sensor market?
  • Which advanced technologies are expected to penetrate significantly in the torque sensor market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Years Considered
    1.4 Currency
    1.5 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insight (Page No. - 29)
    4.1 Attractive Opportunities for Torque Sensor Market Growth
    4.2 Torque Sensor Market By Technology
    4.3 Market in APAC
    4.4 Torque Sensor Market, By Geography
    4.5 Market By Application

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Demand for Advanced High-Performance Vehicles
                    5.2.1.2 Growing Importance of Torque Measurement
                    5.2.1.3 Rising Demand for Torque Sensors for Electric Power Steering (EPS) Systems
           5.2.2 Restraints
                    5.2.2.1 Low Reliability of Available Torque Sensors in High-End Applications
           5.2.3 Opportunities
                    5.2.3.1 Evolution of New Torque Measurement Technologies
                    5.2.3.2 Increase in Use of Torque Sensors in Robotics
           5.2.4 Challenges
                    5.2.4.1 Diversity of Applications of Torque Sensors
    5.3 Torque Sensors: Value Chain Analysis

6 Torque Sensor Market, By Type (Page No. - 36)
    6.1 Introduction
    6.2 Rotary Torque Sensors
           6.2.1 Contact-Based Sensing
                    6.2.1.1 Industrial Application Driving the Contact Based Sensing Rotary Torque Sensors
           6.2.2 Noncontact-Based Sensing
                    6.2.2.1 Increasing Adoption of Noncontact-Based Sensing Rotary Torque Sensor in Automotive Application Driving the Market
    6.3 Reaction Torque Sensors
           6.3.1 Automotive Application Expected to Be the Major Application of Reaction Torque Sensor

7 Torque Sensor Market, By Technology (Page No. - 40)
    7.1 Introduction
    7.2 Surface Acoustic Wave
           7.2.1 Benefits Such as High Stability, High Sensitivity Driving the Adoption of Surface Acoustic Wave Technology in Torque Sensing Process
    7.3 Magnetoelastic
           7.3.1 Automotive is Major Application Area for Magnetoelastic Technology
    7.4 Optical
           7.4.1 Optical Technology Expected to Be the Fastest Growing Technology in Market
    7.5 Strain Gauge
           7.5.1 High Precision Measurement Tasks Increase the Demand of Starin Gauge Technology in Torque Sensors

8 Torque Sensor Market, By Application (Page No. - 45)
    8.1 Introduction
    8.2 Automotive
           8.2.1 Electric Power System Boosting the Growth of Torque Sensor Market for Automotive Application
    8.3 Test & Measurement
           8.3.1 Product Testing Application is Expected to Drive the Torque Sensor Market in Test & Measurement Application
    8.4 Industrial
           8.4.1 Quality Control Specifications Play A Vital Role in the Growth of  Market in Industrial Application
    8.5 Aerospace & Defense
           8.5.1 Increasing Adoption of Torque Sensor for Monitoring and Measuring Aircraft Operations is Expected to Drive the Torque Sensor Market for Aerospace & Defesne Application
    8.6 Others
           8.6.1 Medical and Agriculture are Other Major Application Driving Torque Sensor Market

9 Geographic Analysis (Page No. - 55)
    9.1 Introduction
    9.2 North America
           9.2.1 US
                    9.2.1.1 Demand for Low Cost Sensor Boosts the Growth of Torque Sensor Market in the US
           9.2.2 Canada
                    9.2.2.1 Industrial and Automotive Application Driving the Market in Canada
    9.3 Europe
           9.3.1 Germany
                    9.3.1.1 Germany is Expected to Hold the Largest Share of  Market in Europe
           9.3.2 UK
                    9.3.2.1 Automotive Industry Driving the Torque Sensor Market in the Country
           9.3.3 France
                    9.3.3.1 Increase in Adoption of Torque Sensor In-Drive Assistance System Boost the Demand for Torque Sensor Market in France
           9.3.4 Spain
                    9.3.4.1 Torque Sensor Market in Spain is Expected to Grow at A Slower Pace as Compared to Other European Countries
           9.3.5 Rest of Europe
    9.4 Asia Pacific
           9.4.1 China
                    9.4.1.1 China is Expected to Hold the Largest Share of Torque Sensor Market in APAC
           9.4.2 Japan
                    9.4.2.1 Initiatives Taken By Government to Increase the Use of Intelligent Machines are Driving the Torque Sensor Market in the Country
           9.4.3 South Korea
                    9.4.3.1 The Torque Sensor Market in South Korea is Dominated By Automotive and Industrial Application
           9.4.4 Rest of APAC
    9.5 Rest of the World
           9.5.1 South America
                    9.5.1.1 South America is Expected to Hold Larger Share of Torque Sensor Market in RoW
           9.5.2 Middle East and Africa
                    9.5.2.1 Presence of Prominent Industries in Middle East and Africa is Expected to Drive Torque Sensor Market in RoW

10 Competitive Landscape (Page No. - 78)
     10.1 Introduction
     10.2 Ranking Analysis of Players in Torque Sensor Market
     10.3 Competitive Situations and Trends
             10.3.1 Product Launches
             10.3.2 Mergers and Acquisitions
             10.3.3 Expansions

11 Company Profile (Page No. - 82)
     11.1 Introduction
     11.2 Key Players
(Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis)*
             11.2.1 ABB
             11.2.2 Crane Electronics
             11.2.3 Futek Advanced Sensor Technology
             11.2.4 HBM
             11.2.5 Applied Measurements
             11.2.6 Honeywell International
             11.2.7 Kistler Holding
             11.2.8 Sensor Technology
             11.2.9 Norbar Torque Tools
             11.2.10 Infineon Technologies
     11.3 Other Important Players
             11.3.1 Teledyne Technologies
             11.3.2 Datum Electronics
             11.3.3 Magcanica
             11.3.4 Interface
             11.3.5 Aimco
             11.3.6 TE Connectivity
             11.3.7 Mountz
             11.3.8 PCB Piezotronics
             11.3.9 S.Himmelstein and Company
             11.3.10 Transense Technologies

*Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 102)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details


List of Tables (59 Tables)

Table 1 Torque Sensor Market, By Type, 2015–2024 (USD Million)
Table 2 Market for Rotory Torque Sensor, By Sensing Process, 2015–2024 (USD Million)
Table 3 Market for Rotary Torque Sensors, By Application, 2015–2024 (USD Million)
Table 4 Market for Reaction Torque Sensors, By Application, 2015–2024 (USD Million)
Table 5 Torque Sensor Market, By Technology, 2015–2024 (USD Million)
Table 6 Market for Saw, By Application, 2015–2024 (USD Million)
Table 7 Market for Magnetoelastic, By Application, 2015–2024 (USD Million)
Table 8 Market for Optical, By Application, 2015–2024 (USD Million)
Table 9 Market for Strain Gauge, By Application, 2015–2024 (USD Million)
Table 10 Market, By Application, 2015–2024 (USD Million)
Table 11 Market for Automotive, By Technology, 2015–2024 (USD Million)
Table 12 Market for Automotive, By Region, 2015–2024 (USD Million)
Table 13 Market for Automotive, By Type, 2015–2024 (USD Million)
Table 14 Market for Test and Measurement, By Technology, 2015–2024 (USD Million)
Table 15 Market for Test and Measurement, By Region, 2015–2024 (USD Million)
Table 16 Market for Test and Measurement, By Application Type, 2015–2024 (USD Million)
Table 17 Market for Test and Measurement, By Type, 2015–2024 (USD Million)
Table 18 Market for Industrial, By Technology, 2015–2024 (USD Million)
Table 19 Market for Industrial, By Region, 2015–2024 (USD Million)
Table 20 Market for Industrial, By Type, 2015–2024 (USD Million)
Table 21 Market for Industrial, By Application Type, 2015–2024 (USD Million)
Table 22 Market for Aerospace and Defense, By Technology, 2015–2024 (USD Million)
Table 23 Market for Aerospace and Defense, By Region, 2015–2024 (USD Million)
Table 24 Market for Aerospace and Defense, By Type, 2015–2024 (USD Million)
Table 25 Market for Others, By Technology, 2015–2024 (USD Million)
Table 26 Market for Others, By Region, 2015–2024 (USD Million)
Table 27 Torque Sensor Market for Others, By Type, 2015–2024 (USD Million)
Table 28 Market, By Region, 2015–2024 (USD Million)
Table 29 Market in North America, By Country, 2015–2024 (USD Million)
Table 30 Market in North America, By Application, 2015–2024 (USD Million)
Table 31 Market in North America for Automotive, By Technology, 2015–2024 (USD Million)
Table 32 Market in North America for Industrial, By Technology, 2015–2024 (USD Million)
Table 33 Torque Sensor Market in North America for Test and Measurement, By Technology, 2015–2024 (USD Million)
Table 34 Market in North America for Aerospace and Defense By Technology, 2015–2024 (USD Million)
Table 35 Torque Sensor Market in North America for Others, By Technology, 2015–2024 (USD Million)
Table 36 Market in Europe, By Country, 2015–2024 (USD Million)
Table 37 Market in Europe, By Application, 2015–2024 (USD Million)
Table 38 Market in Europe for Automotive, By Technology, 2015–2024 (USD Million)
Table 39 Torque Sensor Market in Europe for Industrial, By Technology, 2015–2024 (USD Million)
Table 40 Market in Europe for Test and Measurement, By Technology, 2015–2024 (USD Million)
Table 41 Market in Europe for Aerospace and Defense, By Technology, 2015–2024 (USD Million)
Table 42 Torque Sensor Market in Europe for Others, By Technology, 2015–2024 (USD Million)
Table 43 Market in APAC, By Country, 2015–2024 (USD Million)
Table 44 Market in APAC, By Application, 2015–2024 (USD Million)
Table 45 Market in Asia Pacific for Automotive, By Technology, 2015–2024 (USD Million)
Table 46 Market in Asia Pacific for Industrial, By Technology, 2015–2024 (USD Million)
Table 47 Market in Asia Pacific for Test and Measurement, By Technology, 2015–2024 (USD Million)
Table 48 Market in Asia Pacific for Aerospace and Defense, By Technology, 2015–2024 (USD Million)
Table 49 Market in Asia Pacific for Others, By Technology, 2015–2024 (USD Million)
Table 50 Market in RoW, By Region, 2015–2024 (USD Million)
Table 51 Market in RoW, By Application, 2015–2024 (USD Million)
Table 52 Market in RoW for Automotive, By Technology, 2015–2024 (USD Million)
Table 53 Market in RoW for Industrial, By Technology, 2015–2024 (USD Million)
Table 54 Market in RoW for Test and Measurement, By Technology, 2015–2024 (USD Million)
Table 55 Torque Sensor Market in RoW for Aerospace and Defense, By Technology, 2015–2024 (USD Million)
Table 56 Market in RoW for Others, By Technology, 2015–2024 (USD Million)
Table 57 Product Launches, 2015–2018
Table 58 Mergers and Acquisitions, 2015–2018
Table 59 Expansions, 2015–2018


List of Figures (28 Figures)

Figure 1 Torque Sensor Market Segmentation
Figure 2 Report Snapshot
Figure 3 Process Flow
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation
Figure 7 Assumptions for Research Study
Figure 8 Rotary Torque Sensors to Hold Larger Size of Market During Forecast Period
Figure 9 Market for Optical to Grow at Highest CAGR During Forecast Period
Figure 10 Torque Sensor Market for Automotive Applications to Grow at Highest CAGR During Forecast Period
Figure 11 APAC to Hold Largest Share of Market By 2018
Figure 12 Increasing Use of Torque Sensors in Robotics to Offer Opportunities for Market Growth
Figure 13 Strain Gauge Technology Expected to Hold the Largest Share of the Market During Forecast Period
Figure 14 Automotive Held Largest Share of Market in APAC in 2017
Figure 15 Torque Sensor Market in China to Grow at Highest CAGR During Forecast Period
Figure 16 Automotive to Grow at Highest CAGR During Forecast Period
Figure 17 Increasing Demand for Advanced High-Performance Vehicles Spurs Growth of Market
Figure 18 Strain Gauge Technology is Expected to Hold Largest Share of Market
Figure 19 Automotive Application Expected to Dominate the Market During Forecast Period
Figure 20 Torque Sensor Market: Geographic Snapshot
Figure 21 North America: Market Snapshot
Figure 22 Europe: Torque Sensor Market Snapshot
Figure 23 APAC: Torque Sensor Market Snapshot
Figure 24 Ranking of Key Players in Torque Sensor Market (2017)
Figure 25 Product Launch: Key Strategy Adopted By Major Players During 2015–2018
Figure 26 ABB: Company Snapshot
Figure 27 Honeywell International: Company Snapshot
Figure 28 Infineon Technologies: Company Snapshot


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SE 1875
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