The Torque Sensor Market is Predict to reach USD 21.8 Billion by 2031, at a CAGR of 7.6%

Torque Sensor Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Torque Sensor Market size is expected to reach $21.8 billion by 2031, rising at a market growth of 7.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 10,353.0 thousand units experiencing a growth of 18.1% (2020-2023).

The need for accurate measurement and regulation of torque has become critical in numerous industries amidst the swiftly changing industrial environment. Torque sensors have become essential components in various industries, including manufacturing, robotics, aerospace, and automotive, due to their ability to provide precise torque measurements.

The Rotary Torque Sensors segment is registering a CAGR of 7.2 % during the forecast period. Rotary torque sensors are widely used in a multitude of sectors and industries, encompassing manufacturing, aerospace, automotive, renewable energy, and more. They are employed in torque measurement and control tasks such as engine testing, powertrain development, quality assurance, assembly line monitoring, and wind turbine torque measurement. Hence, these factors will boost the demand in the segment.

The Automotive segment led the Global Torque Sensor Market by Application in 2023; thereby, achieving a market value of $8.6 billion by 2031. As automotive manufacturers race to develop autonomous vehicles and enhance driver safety, the demand for torque sensors in ADAS is poised for significant growth. As per Invest India, the automotive industry was valued at over $222 billion and accounts for 35% of the manufacturing sector's gross domestic product. The automobile industry produced 22.93 Mn vehicles, including passenger, commercial, three-wheelers, two-wheelers, and quadricycles, from April 2021 to March 2022. Therefore, these factors will contribute to increased demand in the segment.

The Strain Gauge segment is growing at a CAGR of 7 % during the forecast period. Strain gauge-based torque sensors are renowned for their exceptional precision and accuracy in measuring torque. By utilizing strain gauges—materials that are exposed to torque and sensitive to minute deformations—these sensors are capable of accurately and dependably detecting even the most minute variations in torque. Hence, these aspects will boost the demand in the segment.

Full Report: https://www.kbvresearch.com/torque-sensor-market/

The Asia Pacific region dominated the Global Torque Sensor Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $10.4 billion by 2031. The North America region is anticipated to grow at a CAGR of 7.1% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 7.1% during (2024 - 2031).

List of Key Companies Profiled

• Honeywell International, Inc.
• ABB Ltd.
• Amphenol Corporation (PCB Piezotronics, Inc.)
• Sensor Technology Ltd.
• FUTEK Advanced Sensor Technology, Inc.
• TE Connectivity Ltd.
• ATI Industrial Automation, Inc. (Novanta, Inc.)
• Spectris PLC (HBM)
• Interface, Inc.
• Datum Electronics Ltd. (Indutrade AB)

Torque Sensor Market Report Segmentation

By Type (Volume, Thousand Units, USD Billion, 2020-2031)

• Rotary Torque Sensors
• Reaction Torque Sensors

By Application (Volume, Thousand Units, USD Billion, 2020-2031)

• Automotive
• Aerospace & Defense
• Test & Measurement
• Industrial
• Others

By Technology (Volume, Thousand Units, USD Billion, 2020-2031)

• Strain Gauge
• Magnetoelastic
• Surface Acoustic Wave
• Others

By Geography (Volume, Thousand Units, USD Billion, 2020-2031)

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Taiwan
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Torque Sensor Market Size | Forecast to 2031

• April-2024
• 115 Pages

LAMEA Torque Sensor Market Size | Industry Research - 2031

• April-2024
• 137 Pages

Europe Torque Sensor Market Size & Growth Analysis to 2031

• April-2024
• 135 Pages

Asia Pacific Torque Sensor Market Size | Data Set 2031

• April-2024
• 139 Pages