HOME Press Releases Torque Sensor Market worth $14.8 billion by 2024



Torque Sensor Market worth $14.8 billion by 2024


According to the new research report "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", The torque sensor market is expected to reach USD 14.8 billion by 2024 from USD 9.4 billion in 2018, at a CAGR of 7.9%. Major drivers for the 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. However, low reliability of available torque sensors in high-end applications is the major restraint for the growth of the market.

                                                     Request Sample          Request Sample

Browse 59 market data Tables and 28 Figures spread through 108 Pages and in-depth TOC on "Torque Sensor Market - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/torque-sensor-market-1114.html

Automotive to hold largest size of torque sensor market during forecast period

The applications of torque sensors in the automotive industry contribute a maximum share to the market, and the trend is likely to continue in the coming years. The ever-increasing demand for small cars and increased use of EPS 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. Additionally, the high-performance commercial vehicles also require torque sensors for engine calibrations, safety, and transmission.

Torque sensor market for optical technology to grow at highest CAGR during forecast period

Of all the torque sensing technologies, optical technology is expected to witness the highest CAGR in the torque sensor market. This technology employs a pair of gratings that are attached at a short distance on a strain-sensitive shaft to modulate a light source. Optical torque sensors have greater sensitivity and electrical passiveness, but their cost is higher than other torque sensing technologies. Hence, a lot of research work is being done in this area to develop the advanced and affordable technologies.

APAC to hold the largest size of torque sensor market during 2018–2024

The torque sensor market in APAC is further segmented into China, Japan, India, and South Korea. The market in APAC is currently following a prosperous growth curve in terms of the adoption of torque sensors in various applications. The region witnesses continuous growth in the production of light vehicles, which is a major contributor to the growth of the market in APAC. A few of the world’s largest consumer electronics players have their manufacturing units 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 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).

Don’t miss out on business opportunities in Torque Sensor Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

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. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

We will organize an analyst call and demonstrate the latent opportunities and threats which will likely impact your business, at no cost.

Speak to Analyst


* Name :
* Business Email :
* Phone :
* Designation :
* Country:
Report SE 1875: 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
* Enter the text from the image
   to the textbox :
1 0 3 0 6  
Connect Us

Follow us on LinkedIn  Follow us on Facebook   Follow us on Twitter 
Live Chat Support


US : 1-888-600-6441

Search reports