The global torque sensor market size is expected to grow from $6.68 billion in 2021 to $7.66 billion in 2022 at a compound annual growth rate (CAGR) of 14.63%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global torque sensors market is expected to reach $15.76 billion in 2026 at a CAGR of 19.77%.
What is the Global Torque Sensor Market?
The torque sensor market consists of sales of torque sensors by entities (organizations, sole traders, and partnerships) that manufacture torque sensors. A torque sensor is a transducer that converts mechanical torque to an electrical signal. There are two types of torque sensors – reaction and rotary. Torque sensors are used in numerous applications in the automotive, motorsports, aerospace, rail, and construction industries. Some of the applications of torque sensors include drag torque measurement, precision mechanics, screwing technology, and testing tools.
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What drives the Global Torque Sensor Market?
The increasing adoption of electric vehicles is contributing to the growth of the torque sensor market. Electric automotive manufacturers use torque sensors for measuring the drive and braking torque and efficiency. As of 2020, there were 10 million electric vehicles on the roads globally. In 2020, global electric car sales reached about 3 million, with new electric car registrations increasing by 40%. Therefore, the growing demand for electric vehicles is driving the growth of the torque sensor market.
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Global Torque Sensor Market Segments
The global torque sensor market is segmented:
By Type: Reaction Torque Sensor, Rotary Torque Sensor
By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
By Application: Automotive, Industrial, Aerospace and Defense, Healthcare
By Geography: The regions covered in the air cargo services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Torque Sensor Global Market Report 2022provides market size and growth forecasts for the global torque sensor market, global torque sensor market share, torque sensor market segments and geographies, torque sensor market competitive landscape including leading competitors’ revenues, profiles and market shares. The torque sensor market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Torque Sensor Industry Playersinclude ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
