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chaitalimah · 4 years ago

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Torque Sensor Market To Attain USD 12.69 Billion

Market Research Future (MRFR), in its recently published research report, asserts that the global torque sensor market is likely to secure a substantial market valuation from USD 8.25 billion in 2017 to reach USD 12.69 billion by 2023 at healthy 7.82% CAGR in the review period.

Drivers and Restraints

The torque sensor industry developments are the increasing awareness of the value of torque calculation in different fields, such as hybrid and electric car engines and medical prosthetics, which have used torque sensors in their operations. The global torque sensor market for torque sensors is primed to gain from several potential applications, which are projected to be the vital force behind their production.

Segmental Analysis

Based on the type, the torque sensors market is bifurcated into the rotary torque sensor and reaction torque sensor. The rotary torque sensor is further segmented into contact-based sensing and noncontact-based sensing.

On the basis of the technology, the torque sensors market is segmented into surface acoustic wave (SAW), magnetoelastic, optical, and strain gauge.

Based on the application, the torque sensors market is segmented into automotive, industrial, test & measurement, aerospace & defense, and others. The automotive sector is the dominant application segment to the market growth driven by the penetration of��electric billion steerings (EPAS) systems in automobiles, and torque sensors are witnessing high demand over the review period.

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Regional Analysis

The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.

Competitive Analysis

The major market players operating in the global torque sensors market as identified by MRFR are Applied Measurements (UK), Infineon Technologies (Germany), ABB (Switzerland), Honeywell International (US), Crane Electronics (UK), Kistler Holding (Switzerland), Sensor Technology (UK), Hottinger Baldwin Messtechnik (Germany), Norbar Torque Tools (UK), and FUTEK Advanced Sensor Technology (US). These players contribute a significant share in the growth of the Torque Sensor market.

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FOR MORE DETAILS – https://www.marketresearchfuture.com/reports/torque-sensor-market-7052

TABLE OF CONTENTS:

1. MARKET INTRODUCTION

2. RESEARCH METHODOLOGY

3. MARKET DYNAMICS

4. EXECUTIVE SUMMARY

5. MARKET FACTOR ANALYSIS

6. TORQUE SENSORSS MARKET, BY SEGMENTS

7. COMPETITIVE ANALYSIS

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#Torque sensors #Torque sensors Market #Torque sensors Market Size #Torque sensors Market Share #Torque sensors Market Trends #Torque sensors Market Report #Torque sensors Market Analysis

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strategyr-blog · 6 years ago

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Fundamental Importance of Torque Measurement in Heavy Machinery Production & Design to Sustain Demand for Torque Sensors

Importance of torque measurement in heavy machinery manufacturing coupled with continuous innovation in torque transducers and expanding applications in industrial, aerospace and oil & gas and medical sectors are poised to drive the global market for Torque Sensors to exceed US$1.7 billion by 2024.

Torque sensor, also known as torquemeter or torque transducer, is a device that measures and records torque developed on rotating systems such as helicopter tail rotor, crankshaft, engine, transmission, gearbox, and bicycle crank, among several others. The need for accurate torque measurement as a means to achieve significant improvements in operational efficiency of the component is driving demand for torque sensors in varied applications. Torque measurement has been a critical requirement in several industry verticals over the years. The emergence of numerous torque measurement applications in varied end-use sectors such as automotive, aerospace and defense, medical, and industrial, has fostered growth in the market. Technology advancements associated with torque sensors have contributed to significant improvements in the accuracy, reliability, performance, and longevity, thereby expanding their application in a wide range of applications including engines used in hybrid and electric vehicles, medical prosthetics, telemetry, and turbo-engine applications related to aerospace industry. Given their ability to offer better response times, torque sensors are finding use in several electronic applications. Demand for torque testing is also rising in the assembly of safety-based equipment and components, which is expected to extend the demand for torque sensors. Advancements have been witnessed in areas such as digital telemetry, rotary transformers, FM telemetry, digitization, and rotary electronics.

Automotive industry accounts for the maximum share of the torque sensors market, with electric power steering and engine crank being the primary application areas. Increasing use of driver assistance systems, such as dynamic/electronic stability control and electric power steering, is creating increased demand for non-contact sensors for use in passenger cars and commercial vehicles. Industrial torque sensors market is witnessing growth driven by the increased adoption of sensors in a range of diverse applications requiring torque monitoring and measurement. On the plant floor, torque measurement on rotating machinery aids in measuring production efficiency and quality of the assembly line process. Growing awareness over the importance of accurate torque measurement coupled with technology improvements in sensor sensitivity is driving growth in medical and health research applications. The trend towards miniaturization of sensors is also expected to aid in technology proliferation in the medical devices industry.

Though diversity of torque sensor applications and assessing the absolute nature of torque being measured are driving growth in the torque sensors market, they also present enormous challenges for the market’s progress. Given the huge diversity of applications, requirements of each of these applications vary significantly, hence presenting severe technological challenges to manufacturers in orienting the torque sensors to the equipment, machinery, device, or instrument designs. With applications becoming more and more demanding, manufacturers are also required to develop and offer technically superior solutions, which in turn increase the price of the torque sensor.

As stated by the new market research report on Torque Sensors, the United States represents the largest market worldwide. The U.S. sensors market continues to record strong growth driven by their significance in a wide range of industries such as automotive manufacturing, industrial processing, aerospace and defense, and medical. Asia-Pacific represents the fastest growing regional market with a CAGR of 7.7% over the analysis period. The growth in the region is driven by rapid pace of industrialization and rising production of automobiles.

Major players in the market include ABB Ltd., AIMCO, Applied Measurements Ltd., ATI Industrial Automation, Inc., Burster GmbH & Co. KG, Crane Electronics Ltd., Datum Electronics Ltd., Esterline Technologies Corp., FUTEK Advanced Sensor Technology, Inc., Honeywell International Inc., Hottinger Baldwin Messtechnik GmbH, Interface, Inc., Kistler Group, Lorenz Messtechnik GmbH, MagCanica, Inc., Mountz, Inc., Norbar Torque Tools Ltd., PCB Piezotronics, Inc., S. Himmelstein and Company, SCAIME SAS, Sensor Technology Ltd., SENSY S.A., TE Connectivity Ltd., and Teledyne Instruments, among others.

The research report titled “Torque Sensors – Market Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities of global companies. The report provides estimates and projections for major geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. End-use markets analyzed include Automotive, Industrial, Medical, and Others.

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#Torque Sensors #Reaction Torque Sensors #Rotary Torque Sensors #ABB Ltd #Honeywell International

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