How Has The Torque Sensor Market Size Evolved Historically?
The torque sensor market has seen considerable growth due to a variety of factors.
• In recent years, the market size of the torque sensor has seen tremendous growth. The value of the market is forecasted to rise from $11.31 billion in 2024 to $13.58 billion in 2025, growing at a compound annual growth rate (CAGR) of 20.0%.
The significant growth observed in the past can be traced back to the demand in the automobile industry, the growth of industrial automation, the expansion of renewable energy, applications in aerospace and defense, as well as space exploration.
What Will Be The Torque Sensor Market Size In The Future?
The torque sensor market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the torque sensor market is anticipated to experience substantial growth, ultimately reaching $25.56 billion by 2029 with a CAGR of 17.1%.
This increased growth in the forecasted period can be linked to the broadening electric vehicle market, the adoption of industry 4.0 and IoT, robotic automation, the emergence of new healthcare technologies, as well as the implementation of the smart grid. Some key trends anticipated throughout the forecast period include miniaturization and integration, industry 4.0 and IoT integration, non-contact torque sensing, digital calibration and self-diagnostic capabilities, and wireless torque sensing.
What Are The Primary Growth Drivers In The Torque Sensor Market?
The torque sensor market is growing due to the rising acceptance of electric vehicles. Torque sensors are used by electric car manufacturers for gauging drive and braking torque and efficacy. In 2020, there were approximately 10 million electric cars globally. For example, in 2024's January, Eurostat, a governmental agency from Luxembourg, stated that in 2022, the number of electric vehicles reached nearly 3.0 million, a 55% growth from the 1.9 million recorded in 2021. Hence, the surge in demand for electric vehicles is propelling the torque sensor market's expansion.
What Is The Segmentation Of The Global 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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What Emerging Trends Are Shaping The Torque Sensor Market Landscape?
Advancements in technology are becoming increasingly popular in the torque sensor market, a trend prominently displayed. For example, in June 2024, Denmark technology company Hottinger Bru¨el & Kjær (HBK) introduced its latest generation torque sensor. The T110/100 torque sensor, equipped with incorporated telemetry and a versatile, one-size-fits-all stator, provides a significant breakthrough. This offers fresh opportunities in dealing with measurement and test bench difficulties, specifically in powertrain testing, predominantly for electric vehicles.
Who Are the Key Players 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.
What are the Regional Insights into the Torque Sensor Market?
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.
