Torque Sensor Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

A torque sensor is a device utilized for measuring and recording the torque of a rotating system such as engines, electric motors, gearboxes, crankshafts, and others. In all the engines and machines, the most important parameter is torque that requires continuous monitoring and measurement. Thus, torque sensors help in measuring the torque and thereby ensure performance optimization and high quality of the systems or machines.

MARKET SCOPE

The "Global Torque Sensor Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the torque sensor market with detailed market segmentation by product types, application, technology, and geography. The report provides key statistics on the market status of the leading torque sensor market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on product types, the global torque sensor market is segmented into rotary torque sensors and reaction torque sensors.
  
•   On the basis of application, the market is segmented into aerospace & defense, industrial, automotive, test and measurement, and others.
  
•   Based on technology, the market is segmented into strain gauge, Surface Acoustic Wave (SAW), magnetoelastic, and others.
  

MARKET DYNAMICS

Drivers:

•   The growing demand for advanced high quality and high-performance vehicles and increasing demand for torque sensors for EPS (electric power steering) systems are the factors that are driving the growth of the market.
  
•   The development of novel torque measurement technologies and increase in usage of these sensors in robotics are the factors that are expected to boost the torque sensor market in the forecast period.
  

Restraints:

•   Less reliability of available torque sensors in high-end applications is the restraint that is anticipated to hamper the growth of the torque sensor market.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The torque sensor market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the torque sensor market in these regions.

IMPACT OF COVID-19 ON TORQUE SENSOR MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the torque sensor market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from torque sensor market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the torque sensor market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   ABB LTD.
  
•   Applied Measurements Ltd.
  
•   Crane Electronics Inc.
  
•   Datum Electronics
  
•   FUTEK Advanced Sensor Technology, Inc.
  
•   HBM
  
•   Honeywell International Inc.
  
•   Infineon Technologies AG
  
•   Kistler Group
  
•   Teledyne Technologies, Inc.
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Torque Sensor Report Scope