Torque Sensor
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How Large Will the Torque Sensor Market Size By 2025?
In recent times, there has been an extensive growth in the torque sensor market size. The projection estimates indicate an increase from $11.31 billion in 2024 to $13.58 billion in 2025, with a compound annual growth rate (CAGR) of 20%. Factors contributing to this historical growth include demands from the automotive industry, enhancements in industrial automation, a surge in renewable energy, aerospace and defense applications, and pursuits in space exploration.
How Big Is the Torque Sensor Market Size Expected to Grow by 2029?
The market size of torque sensors is anticipated to experience a significant expansion in the upcoming years, reaching $25.56 billion by 2029 with a compound annual growth rate (CAGR) of 17.1%. This projected growth in the forecast period is due to factors such as the proliferation of electric vehicles, adoption of industry 4.0 and IoT, application of robotic automation, the rise of healthcare technologies, and implementation of the smart grid. Key trends likely to shape the forecast period include miniaturization and integration, the amalgamation of industry 4.0 and IoT, non-contact torque sensing technology, digital recalibration and self-diagnostics procedures, and the advent of wireless torque sensing.
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Which Key Market Drivers Powering Torque Sensor Market Expansion and Growth?
The rise in electric vehicles’ popularity is fueling the torque sensor market’s expansion. Torque sensors, which measure driving and braking torque and efficiency, are used by electric vehicle manufacturers. As of 2020, there were 10 million electric vehicles worldwide. For example, according to Eurostat, a government agency based in Luxembourg, the figure reached close to 3.0 million in 2022, showing a 55% rise compared to the 1.9 million in 2021. Consequently, the escalating demand for electric vehicles is propelling the torque sensor market’s growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Torque Sensor Market?
Technological innovations are becoming increasingly trendy in the torque sensor industry. For instance, in June 2024, the Denmark-based tech firm, Hottinger Bru ̈el & Kjær (HBK), unveiled its next-generation torque sensor. The T110/100 torque sensor, equipped with integrated telemetry and a universal flexible stator, marks a significant breakthrough, presenting unique opportunities to assist engineers in tackling test bench and measurement difficulties, particularly in powertrain testing and specifically for electric vehicles.
What Are the Emerging Segments in the Torque Sensor Market?
The torque sensor market covered in this report is segmented –
1) By Type: Reaction Torque Sensor, Rotary Torque Sensor
2) By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
3) By Application: Automotive, Industrial, Aerospace and Defense, Healthcare
Subsegments:
1) By Reaction Torque Sensor: Static Torque Sensors, Dynamic Torque Sensors
2) By Rotary Torque Sensor: Contact Rotary Torque Sensors, Non-Contact Rotary Torque Sensors
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Who Are the Global Leaders in the Torque Sensor Market?
Major companies operating in the torque sensor market include ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., Kistler Group, MagCanica Inc., Datum Electronics Limited, Hottinger Baldwin Messtechnik GmbH, PCB Piezotronics Inc., Interface Inc., TE Connectivity Ltd., Bota Systems, HITEC Sensor Solutions, Mountz Inc., S. Himmelstein & Company, Transense Technologies plc, ATI Industrial Automation Inc., HBK Benelux, Sensor Technology Ltd., Norbar Torque Tools Ltd., Magtrol SA, Scaime SAS, Lorenz Messtechnik GmbH, KTR Systems GmbH, Manner Sensortelemetrie GmbH, RDP Electronics Ltd.
Which are the Top Profitable Regional Markets for the Torque Sensor Industry?
North America was the largest region in the torque sensor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the torque sensor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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