Torque Sensor Market

Market Leadership - Torque Sensor Market

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

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). These players mainly adopt strategies such as product launch and developments, and expansions to enhance their business and product line, which is likely to help them to grow at high pace in the torque sensor market in the long run.

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Top 2 players in the torque sensor market:

Hottinger Baldwin Messtechnik (HBM) develops, manufactures, and supplies test and measurement solutions worldwide. HBM is a wholly owned subsidiary of Spectris plc, which is specialized in precision instrumentation and electronic controls. HBM emphasizes on offering quality products to its customers at prices that are absolutely in line with the market, to ensure greater customer satisfaction. In the torque sensor market, the company is well-known for providing high-quality torque transducers with a compact design and easy integration capability, which are used in test benches to meet customers’ expectations, along with encouraging loyal relationships with them. In March 2018, 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.

FUTEK Advanced Sensor Technology engages in the manufacture and supply of test and measurement products. The company provides load cells, torque sensors, pressure sensors, multi-axis sensors, and related instruments and software. In addition, the company also offers FUTEK Forum, which delivers information on load cells, torque sensors, pressure sensors, instruments, and accessories. The company sells its products through its representative companies in the US and internationally, as well as through its online store. In February 2017, FUTEK Advanced Sensor Technology launched QTA141 Micro Reaction Torque Sensor. It was designed to provide a precision torque measurement solution for miniature, DC, and servo motors.

Related Reports:

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

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Report Code
SE 1875
Published ON
Nov, 2018
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