Torque Sensor Market Overview
The torque sensor market is expected to reach USD 11.63 billion by 2026, registering a CAGR of 9.68% during the period 2021-2026. Industry 4.0, industrial automation, robotics, and smart factory concepts are increasing the market opportunities for torque sensors. The upward trend in the aerospace, automotive, and medical sectors is driving demand in the market. Moreover, with demand increasing for improving safety, control, and pilot operations, various aerospace companies are expected to adopt torque sensors because these sensors measure in-flight torque controls, actuation systems, and braking systems.
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Torque Sensor Market – Geographical Overview
The Asia Pacific is expected to account for significant torque sensor market share
Countries such as Japan, South Korea, China, and India are rapidly transforming their manufacturing sector with automated equipment to increase production efficiency and meet the industry needs. Moreover, the industrial automation and robotic industry are witnessing the growing adoption of rotary torque sensors, which is, in turn, driving the market. The automotive sector majorly dominates the demand for torque sensors in India. According to Catapult Organizations report 2021, electric vehicles (EVs) currently account for less than 1% of total vehicle sales in India; the market is increasing and is expected to be worth around at least GBP 4.8 billion (INR 475 billion) by 2025. However, two-wheelers account for the largest share of this market at 62%, followed by three-wheelers at 37%. Further, the favoring government policies and heavy investments from automakers are expected to spike the demand for torque sensors for the automotive industry in India.
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Key Highlights of the Torque Sensor Market
- The torque sensors market is fragmented and highly competitive due to several vendors, including ABB Ltd., Crane Electronics Ltd, Applied Measurements Ltd, Crane Electronics Ltd, and Honeywell International. Most of the companies concentrate their efforts on the development of torque sensors for multiple applications.
- According to Hennessy Funds, Japan is the global leader in producing robots and factory automation systems and holds 30% of the worldwide market share. Further, the global demand for industrial robots is growing at 46% annually, and the global robotics market is estimated to reach USD 248.5 billion by 2025. Such figures depict the rising demand for torque solutions in the industrial automation sector, with Japan being the primary aggregator in the market.
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List of Key Players in the Torque Sensor Market
- ABB Ltd
- Crane Electronics Ltd
- HBK Benelux (Spectris PLC)
- Applied Measurements Ltd.
- Honeywell International
- Norbar Torque Tools Ltd
- Infineon Technologies AG
- Teledyne Technologies, Inc.
- TE Connectivity Ltd
- Datum Electronics Ltd (Indutrade AB)
- PCB Piezotronics, Inc.
- Kistler Instrumente AG
- MagCanica, Inc.
*List Not Exhaustive
Mordor Intelligence has segmented the global torque sensor market on the basis of product type, application, and geography:
- Product Type (Market Size & Forecast based on Revenue (USD billion), 2019-2026)
- Reaction Torque
- Rotational Torque
- Application (Market Size & Forecast based on Revenue (USD billion), 2019-2026)
- Automotive
- Aerospace
- Manufacturing
- Medical
- Other Applications
- Geography (Market Size & Forecast based on Revenue (USD billion), 2019-2026)
- Asia-Pacific
- North America
- Europe
- Rest of the World
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