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Torque Sensor Market

Global Torque Sensor Market Size, Share & Trends Analysis Report by Technology (Strain Gauge, Surface Acoustic Wave (SAW), Magnetoelastic and Optical), By Application (Automotive, Aerospace & Defense, Industrial, and Others) and Forecast 2019-2025
    Update Available - Forecast 2024-2030   

Published: Jul 2023 | Report Code: OMR2020041 | Category : Industrial Automation | Delivery Format: /

The global torque sensor market is projected to grow at a significant CAGR of over 6% during the forecast period. The major factor contributing to the growth of the market includes the growing application of torque in various end-use applications such as automotive, industrial, and others. The application of torque sensors in the automotive improves the performance and safety of the vehicles. Moreover, the rising demand for high performance and safety vehicles, increasing importance of torque management, and technological innovations in torque sensor technology are other factors that contribute to the growth of the market during the forecast period. 

 Segmental Outlook  

The global torque sensor market is segmented on the basis of technology and application. Based on technology, the market is divided into strain gauge, SAW, magnetoelastic and optical. The optical segment is projected to have significant growth in the market owing to the increasing preference of torque measurement for low torque and high bandwidth applications. Moreover, electrical passiveness and high sensitivity further contribute to the adoption of optical torque sensors for various applications. On the basis of application, the market is segregated into automotive, aerospace & defense industrial, and others. 

Global Torque Sensor Market Share by Application, 2018(%)

Global Torque Sensor Market Share by Application

Global Torque Sensor Market to be Driven by the Automotive Application

The automotive application segment is projected to contribute significant share in the market due to the high demand for torque sensors in various applications such as steering systems, driveline, dynamometers, transmission, and chassis performance. The technological advancement in the automotive torque sensor such as magneto elastic sensors contributes to the segmental growth of the market. The magneto elastic sensors have wide applications in automotive industry such as formula one cars and other racing cars. Moreover, the introduction of electric power staring (EPS) in vehicles increases the demand for torque sensors. In addition, increasing demand for accurate and precise torque measurement in automotive industry further give a boost to the segmental growth of the market.  

Regional Outlook 

Geographically, the global torque sensor market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America is estimated to have considerable growth in the global torque sensor market during the forecast period. The market growth is attributed to the increasing demand for high performance and safe vehicles in the region. Additionally, high demand for torque sensors from the aerospace and defense industry further gives a boost to the regional growth of the market. 

Global Torque sensor Market Growth, by Region 2019-2025

Global Torque sensor Market Growth, by Region

Asia-Pacific Has a Significant Share in the Global Torque Sensor Market

Asia-Pacific is projected to have a significant share in the market. The major countries that significantly contribute to the market include China, India, and Japan. The increasing application of torque sensors in automotive and other industries in these countries is enhancing the market growth in the region. Therefore, growing automation in industries raises the demand for torque sensors that further contribute to the market growth. 

The uptake of industrial robots by Asia-Pacific region is accelerating at a rapid growth; the operational stock rose 70% to 887,400 units during 2010-2015, as per the International Federation of Robotics. China was the largest market for industrial robots globally, taking 43% of all the sales to Asia that include New Zealand and Australia. The sales in China was followed by the Republic of Korea, with a share of 24% of regional sales, and Japan with 22%. This employs that 89% of the sold robots in Asia and Australia went to these three countries in 2015. Thus, the increasing automation requires the proper measurement in torque in robotic processing that further provides an ample opportunity for the growth of the market in the region. 

Market Players Outlook

The key players in the torque sensor market contributing significantly by providing advanced technology-based products and increasing their geographical presence across the globe. Some of the key players in the market include ABB Ltd., Honeywell International Inc., Hottinger Baldwin Messtechnik (HBM) GmbH, Kistler Holding AG, Crane Electronics Ltd, FUTEK Advanced Sensor Technology, Inc., Infineon Technologies AG, MagCanica, Inc., among others, among others. 

These market players adopt various strategies such as partnerships and collaborations, product launch, and mergers and acquisitions to sustain a strong position in the market. For instance, in November 2019, Hottinger Baldwin Messtechnik (HBM) GmbH announced the ISO 17025:2017 approval for its torque sensor laboratory. This accreditation provides latest changes in work practices and laboratory environments that support better- and high-quality torque sensor manufacturing.

The Report Covers

  • Market value data analysis of 2018 and forecast to 2025.
  • Annualized market revenues ($ million) for each market segment.
  • Country-wise analysis of major geographical regions.
  • Key companies operating in the global torque sensor market. Based on the availability of data, information related to products, and relevant news is also available in the report.
  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
  • Analysis of market-entry and market expansion strategies.
  • Competitive strategies by identifying ‘who-stands-where’ in the market.   

1. Report Summary

1.1. Research Methods and Tools

1.2. Market Breakdown

1.2.1. By Segments

1.2.2. By Geography

2. Market Overview and Insights

2.1. Scope of the Report

2.2. Analyst Insight & Current Market Trends

2.2.1. Key Findings

2.2.2. Recommendations

2.2.3. Conclusion

2.3. Rules & Regulations

3. Competitive Landscape

3.1. Company Share Analysis

3.2. Key Strategy Analysis

3.3. Key Company Analysis

3.3.1. ABB Ltd.

3.3.1.1. Overview 

3.3.1.2. Financial Analysis 

3.3.1.3. SWOT Analysis

3.3.1.4. Recent Developments

3.3.2. Honeywell International Inc. 

3.3.2.1. Overview 

3.3.2.2. Financial Analysis 

3.3.2.3. SWOT Analysis

3.3.2.4. Recent Developments

3.3.3. Hottinger Baldwin Messtechnik (HBM) GmbH

3.3.3.1. Overview 

3.3.3.2. Financial Analysis 

3.3.3.3. SWOT Analysis

3.3.3.4. Recent Developments

3.3.4. Kistler Holding AG 

3.3.4.1. Overview 

3.3.4.2. Financial Analysis 

3.3.4.3. SWOT Analysis

3.3.4.4. Recent Developments

4. Market Determinants

4.1. Motivators

4.2. Restraints

4.3. Opportunities

5. Market Segmentation

5.1. Global Torque Sensor Market by Technology

5.1.1. Strain Gauge 

5.1.2. Surface Acoustic Wave (SAW)

5.1.3. Magnetoelastic

5.1.4. Optical 

5.2. Global Torque Sensor Market by Application

5.2.1. Automotive 

5.2.2. Aerospace & Defense 

5.2.3. Industrial

5.2.4. Others (Medical and Agriculture)

6. Regional Analysis

6.1. North America

6.1.1. United States

6.1.2. Canada

6.2. Europe

6.2.1. UK

6.2.2. Germany

6.2.3. Italy

6.2.4. Spain

6.2.5. France

6.2.6. Rest of Europe 

6.3. Asia-Pacific

6.3.1. China

6.3.2. India

6.3.3. Japan

6.3.4. Rest of Asia-Pacific 

6.4. Rest of the World

7. Company Profiles

7.1. ABB Ltd.

7.2. Applied Measurements Ltd.

7.3. Crane Electronics Ltd

7.4. Datum Electronics Ltd. 

7.5. FUTEK Advanced Sensor Technology, Inc.

7.6. Honeywell International Inc.

7.7. Hottinger Baldwin Messtechnik (HBM) GmbH 

7.8. Infineon Technologies AG

7.9. Interface, Inc.

7.10. Kistler Holding AG

7.11. Lorenz Messtechnik GmbH

7.12. MagCanica, Inc.

7.13. MinebeaMitsumi Inc.

7.14. Mountz, Inc. 

7.15. Norbar Torque Tools Ltd.

7.16. PCB Piezotronics, Inc. 

7.17. S. Himmelstein and Co.

7.18. Sensor Technology Ltd.

7.19. TE Connectivity Ltd.

7.20. Teledyne Technologies Inc.

1. GLOBAL TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

2. GLOBAL STRAIN GAUGE TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

3. GLOBAL SURFACE ACOUSTIC WAVE (SAW) TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

4. GLOBAL MAGNETOELASTIC TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

5. GLOBAL OPTICAL TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

6. GLOBAL TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2018-2025 ($ MILLION)

7. GLOBAL TORQUE SENSOR FOR AUTOMOTIVE APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

8. GLOBAL TORQUE SENSOR FOR AEROSPACE & DEFENSE APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

9. GLOBAL TORQUE SENSOR FOR INDUSTRIAL APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

10. GLOBAL TORQUE SENSOR FOR OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

11. GLOBAL TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2018-2025 ($ MILLION)

12. NORTH AMERICAN TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)

13. NORTH AMERICAN TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

14. NORTH AMERICAN TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2018-2025 ($ MILLION)

15. EUROPEAN TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)

16. EUROPEAN TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

17. EUROPEAN TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2018-2025 ($ MILLION)

18. ASIA-PACIFIC TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)

19. ASIA-PACIFIC TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

20. ASIA-PACIFIC TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2018-2025 ($ MILLION)

21. REST OF THE WORLD TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

22. REST OF THE WORLD TORQUE SENSOR MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2018-2025 ($ MILLION)

1. GLOBAL TORQUE SENSOR MARKET SHARE BY TECHNOLOGY, 2018 VS 2025 (%)

2. GLOBAL TORQUE SENSOR MARKET SHARE BY APPLICATION, 2018 VS 2025 (%)

3. GLOBAL TORQUE SENSOR MARKET SHARE BY GEOGRAPHY, 2018 VS 2025 (%)

4. US TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

5. CANADA TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

6. UK TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

7. FRANCE TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

8. GERMANY TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

9. ITALY TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

10. SPAIN TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

11. ROE TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

12. INDIA TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

13. CHINA TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

14. JAPAN TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

15. REST OF ASIA-PACIFIC TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

16. REST OF THE WORLD TORQUE SENSOR MARKET SIZE, 2018-2025 ($ MILLION)

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