The torque sensor market 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% from 2021 to 2026. Increasing application of torque sensors for electric power steering (EPS) systems is one of the primary factors for the installation of torque sensors in automotive applications. Torque snesors also being increasing used for technological applications such as engine and transmission testing, turbine testing, pump testing, and power measurement within propulsion systems. The increase in the number of high performance vehicles is also contributing to the demand for torque sensors for engine calibrations, safety, and transmission.
Although the torque sensor market is growing at a nominal pace, it is moderately competitive owing to the presence of several key global players, as well as several new players playing a key role in the growth of the market, especially for torque sensors based on new technologies. Key strategies adopted by these players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches, collaborations, and acquisitions. For instance, in November 2020, HBM (Germany) launched a new torque transducer T40CB featuring a central bore hole that makes it ideal for testing automobile parts in confined spaces. It also features analog and digital interfaces, which ensure it integrates with many different test bench systems. In May 2020, Kistler Holding (Switzerland) announced a collaboration with Vehico (Germany), a manufacturer of driving robots and vehicle control systems for vehicle testing. As a result of this collaboration, an extensive package of sensor technologies and driving robots will now be available to Vehico from a single source. In March 2020, HBM (Germany) launched T21WN torque transducers based on the strain-gauge technology. It is ideal for laboratory, test shop, and testing applications as well as for use in production and process monitoring and quality assurance.
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ABB (Switzerland) manufactures robotics and motion controller, electrification, and industrial automation products for the sectors such as utilities, transportation, and infrastructure. The company was founded in 1983 and has its headquarters in Zurich, Switzerland. In 2020, the company had 105,600 employees. It operates through 4 business segments—electrification, motion, industrial automation, and robotics and discrete automation. Motion is the relevant business segment for torque sensors. ABB has its operations in ~100 countries across 4 regions—Europe, the Americas, Asia, and the Middle East and Africa (MEA).
TE Connectivity (Switzerland) is engaged in the designing and manufacturing of connectivity and sensor solutions. The company operates through 3 business segments—transportation solutions, industrial solutions, and communications solutions. Transportation solutions is the relevant business segment for torque sensors. In 2014, the company acquired Measurement Specialties, a leading global designer and manufacturer of sensors and sensor-based systems. The company products serve a wide range of industries, including aerospace & military, consumer goods, engine & vehicle, environment monitoring, general industry, and medical, among others.
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
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