2020 Torque Sensor Market, Size, Share, Outlook and Growth Opportunities -2026
- ID:OGA1812MVS162
- Published: June-2020
- Pages:110
- OG Analysis
Global Torque Sensor Market Size, Outlook and Growth Opportunities to 2026: By Type (Rotary and Non-Rotary), By Application (Automotive, Industrial, Aerospace & Defense, Test & Measurement and Others) and By Region
Global Torque Sensor Market is poised to report 8.48% year-on-year growth in 2020. Robust technological advancements across industries are expected to drive the demand for new and innovative torque sensors worldwide. An increasing trend towards automation across all end user industries is boosting the demand for advanced torque sensing devices. In addition to automotive industry, the applications of torque sensors extend to other industrial or commercial setting where a measure of the torque is required.
The COVID-19 pandemic had a negative impact on the market size for the year 2020, with small and medium scale companies struggling to sustain their businesses in the near term future. We anticipate around 2% to 3% deviation in growth (CAGR) outlook due to the corona virus spread. The Torque Sensor market growth has become variable by region with some countries offering huge growth potential while others face closures and low profit margins.
An increasing number of manufacturers in the market are collaborating with universities to develop new and innovative devices for providing solutions to customized applications so as to expand their global footprint and to penetrate into new application segments.
However, the existing torque sensors are liable to errors and require leverage to be compatible with the advancing technologies. Resistive and Piezo-resistive strain gauge techniques are known to introduce errors caused by temperature fluctuation due to shaft rotation. In addition, diversity of applications poses both economic and technological challenges for manufacturers, as they need to position torque sensors congenial to the designs of equipment, systems, machinery or instrument applied with torque.
Rotary torque sensor market is the dominating type in torque sensor market
Rotary torque sensors are the dominant type of sensors, accounting for 54.8% of global torque sensor market in 2017. Huge investments from companies in technological advancements and robust growth in electric vehicles are fuelling the penetration of rotary torque sensors.
Rising demand for upgraded and advanced devices across different industrial segments is one of the major factor driving the rotary torque sensor market. Increasing demand for fuel efficient vehicles is boosting the rotary torque sensor market demand.
Non-rotary torque sensor are mostly mounted in a fixed position, which involves low costs and are suitable fora wide array of torque measurement applications.
Automotive industry is the largest consumer of torque sensor market
Automotive industry uses torque sensors across wide range of applications which include performance, transmission, driveline, testing for fuel-efficiency that in turn increases the market growth. Increasing trend towards automatic transmission vehicles in particular small and medium scale passenger cars is being observed in emerging countries. High performance vehicles manufacturing and maintenance involves stringent testing requirements for measurement of safety and transmission parameters.
Growing adoption of industrial automation technologies in Asia-Pacific is one of the factor which is driving the torque sensors in industrial segment. Torque monitoring is widely used parameter in industrial manufacturing standards which is propelling the demand for sensors for different technologies in industrial applications.
Aerospace and defence industry is one of the leading consumers of torque sensors. Increase in growth of investments in aerospace and defence industry is the key driver of global torque sensor market.
Further, the global torque sensor market is segmented into test & measurement and others.
Asia-Pacific accounts the largest region for torque sensor market
In Asia-Pacific, the continuous increase in share for the vehicles sales is coupled with countries witnessing steady growth rates in the GDP will lead to the strong demand for new automotive products and simultaneously the torque sensor market. Increase in number of manufacturing industries in china and development of oil and gas aerospace industries in India is boosting the growth of the Asia-Pacific torque sensor market. Further, growing implementation of industrial automation technologies in industries all over the region has increased the growth prospects in this region.
North America torque sensor market is the second largest market, owing to the presence of various industrial manufacturing players, numerous foreign investments and others. It is expected to expand in forecast period as automotive OEMs that are continuously investing in America region to become more competitive, and also by focusing on R&D innovation activities.
Europe is anticipated to be the largest market growth over the forecast period, owing to the technological advancements in the field of torque sensing and rising the demand for fuel efficiency which is the factor that is driving the growth of the market.
South America and Middle East & Africa are having a tremendous market growth, due to rapid growth in automotive and transportation market, which is boosting the growth of torque senso0r market in these regions.
Key players of global torque sensor market
ABB (Switzerland), Crane electronics (United Kingdom), FUTEK Advanced Sensor Technology (United States), Applied Measurements (United Kingdom), Honeywell International (United states), Kistler Holding (Switzerland), Sensor Technology (United Kingdom), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (United Kingdom), and Infineon Technologies (Germany).
Scope:
Long term perspective on the Torque Sensor industry: 2019 (base year), 2020- 2026 (forecast period)
Torque Sensor Market- Forecasts by Segments- Type and Application by geography.
- The research report classifies the global torque sensor market into 2 product types including rotary and non-rotary.
- This report provides the market outlook by 5 applications including automotive, industrial, aerospace & defense, test & measurement and others.
- The report analyses the global torque sensor market across countries in 4 regions including Asia-Pacific, Europe, North America, South & Central America and Middle East & Africa.
Torque Sensor Market- Strategic Analysis Review
- Key strategies opted by leading players
- Short to Long Term Industry Trends
- Porter’s Five Forces Analysis
- Supply side and Demand Side Drivers and Challenges
Torque Sensor Market- Growth Opportunities
- Potential New Business Opportunities
- Key Areas of Focus in forecast period
Torque Sensor Market- Competitive Scenario
- 10 companies are analysed in the report including ABB (Switzerland), Crane electronics (United Kingdom), FUTEK Advanced Sensor Technology (United States), Applied Measurements (United Kingdom), Honeywell International (United states), Kistler Holding (Switzerland), Sensor Technology (United Kingdom), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (United Kingdom), and Infineon Technologies (Germany).
- Company Peer-to-Peer Comparison
- Company Profile and SWOT Analysis
- Financial Analysis
1. Table of Contents
1.1 List of Tables
1.2 List of Figures
2. Introduction to Global Torque Sensor Market
2.1 Global Torque Sensor Market Snapshot, 2019
2.2 Torque Sensor Industry Overview
2.3 Research Perspective
3. Global Torque Sensor Market- Strategic Analysis
3.1 Short Term and Long Term Industry Trends Affecting Global Torque Sensor Market
3.2 Leading Torque Sensor Types Targeted by Global Manufacturers
3.3 Key Consumption Patterns of Torque Sensor
3.4 Potential Markets Vital for business Expansion
3.5 Five Forces Analysis
3.6 Drivers and Restraints
4. Global Torque Sensor Market Outlook and Growth Opportunities by Type
4.1 Rotary Torque Sensor Market Outlook, 2020- 2026
4.2 Non-Rotary Torque Sensor Market Outlook, 2020- 2026
5. Global Torque Sensor Market Outlook and Growth Opportunities by Application
5.1 Torque Sensor Demand in Automotive Application, Market Outlook, 2020- 2026
5.2 Torque Sensor Demand in Industrial Application, Market Outlook, 2020- 2026
5.3 Torque Sensor Demand in Aerospace & Defense Application, Market Outlook, 2020- 2026
5.4 Torque Sensor Demand in Test & Measurement Application, Market Outlook, 2020- 2026
5.5 Torque Sensor Demand in Other Applications, Market Outlook, 2020- 2026
6. Asia Pacific Torque Sensor Market Outlook and Growth Opportunities
6.1 Key Findings, 2019
6.2 Asia Pacific Torque Sensor Market Outlook by Type, 2020- 2026
6.3 Asia Pacific Torque Sensor Market Outlook by Application, 2020- 2026
6.4 Asia Pacific Torque Sensor Market Outlook by Country, 2020- 2026
7. Europe Torque Sensor Market Outlook and Growth Opportunities
7.1 Key Findings, 2019
7.2 Europe Torque Sensor Market Outlook by Type, 2020- 2026
7.3 Europe Torque Sensor Market Outlook by Application, 2020- 2026
7.4 Europe Torque Sensor Market Outlook by Country, 2020- 2026
8. North America Torque Sensor Market Outlook and Growth Opportunities
8.1 Key Findings, 2019
8.2 North America Torque Sensor Market Outlook by Type, 2020- 2026
8.3 North America Torque Sensor Market Outlook by Application, 2020- 2026
8.4 North America Torque Sensor Market Outlook by Country, 2020- 2026
9. South & Central America Torque Sensor Market Outlook and Growth Opportunities
9.1 Key Findings, 2019
9.2 South & Central America Torque Sensor Market Outlook by Type, 2020- 2026
9.3 South & Central America Torque Sensor Market Outlook by Application, 2020- 2026
9.4 South & Central America Torque Sensor Market Outlook by Country, 2020- 2026
10. Middle East & Africa Torque Sensor Market Outlook and Growth Opportunities
10.1 Key Findings, 2019
10.2 Middle East & Africa Torque Sensor Market Outlook by Type, 2020- 2026
10.3 Middle East & Africa Torque Sensor Market Outlook by Application, 2020- 2026
10.4 Middle East & Africa Torque Sensor Market Outlook by Country, 2020- 2026
11. Competitive Landscape
11.1 Leading Players (Company Profile, SWOT Analysis, Torque Sensor Products, Financial Analysis)
11.1.1 ABB
11.1.2 Crane electronics
11.1.3 FUTEK Advanced Sensor Technology
11.1.4 Applied Measurements
11.1.5 Honeywell International
11.1.6 Kistler Holding
11.1.7 Sensor Technology
11.1.8 Hottinger Baldwin Messtechnik
11.1.9 Norbar Torque Tools
11.1.10 Infineon Technologies
11.2 Company Benchmarking
11.3 Financial Analysis
12. Recent News and Deals Landscape
12.1 Mergers and Acquisitions
12.2 New Product Launches
12.3 Asset Transactions
12.4 Financial Announcements
13 Appendix
13.1 OGAnalysis Expertise
13.2 Sources and Research Methodology
13.3 Contact Information
| Type | Delivery Format | Details |
|---|---|---|
| Hard Copy | A printed copy of the report will be shipped to you. | |
| CD-ROM | The report will be shipped to you in CD ROM format. | |
| SINGLE USER Electronic (PDF) | The report will be delivered to your email address in PDF format. | The license allows one specific user access to the product. |
| SITE LICENSE Electronic (PDF) | The report will be delivered to your email address in PDF format. | The license allows all users within a given geographical location of your organization access to the product. |
| ENTERPRISEWIDE Electronic (PDF) | The report will be delivered to your email address in PDF format. | The license allows all employees within your organization in different geographic locations access to the product. |
| 1 - 5 USERS Electronic (PDF) | The report will be delivered to your email address in PDF format. | The license allows up to five users have access to the product. |
| 1 – 10 USERS Electronic (PDF) | The report will be delivered to your email address in PDF format. | The license allows up to ten users have access to the product. |
| 1 – 15 USERS Electronic (PDF) | The report will be delivered to your email address in PDF format. | The license allows up to fifteen users have access to the product. |
| 1 - 5 USERS Online Access (For Databases) | Database is accessed online through a secure website. You will receive a username and password via email to access to the online directory. | The license allows up to five users have access to the product. |
| 1 - 10 USERS Online Access(For Databases) | Database is accessed online through a secure website. You will receive a username and password via email to access to the online directory. | The license allows up to ten users have access to the product. |
| 1 - 15 USERS Online Access(For Databases) | Database is accessed online through a secure website. You will receive a username and password via email to access to the online directory. | The license allows up to fifteen users have access to the product. |
| 1 - 5 USERS Electronic (Excel) | The Excel spreadsheet will be emailed to you. | The license allows up to five users have access to the product. |