“Global Torque Sensor Market to reach a market value of USD 21.8 Billion by 2031 growing at a CAGR of 7.6%”
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).
North American region’s strong emphasis on R&D has led to developing advanced torque sensing technologies and solutions, driving adoption and demand. Consequently, the North America region would acquire nearly 24.6% of the total market share by 2031. Also, the USA market would utilize 3,345.0 thousand units of these sensors by 2031. North America, particularly the United States, is a hub for technological innovation and research in various industries, including automotive, aerospace, manufacturing, and robotics.
These sensors accurately measure the torque generated by electric motors in vehicles. This precise measurement allows for optimal control of motor performance, ensuring efficient power delivery and maximizing the vehicle’s driving range. Moreover, precise torque control is essential for ensuring the safety of electric and hybrid vehicles. These sensors help prevent overloading of drivetrain components, monitor motor performance for abnormalities, and contribute to implementing advanced driver assistance systems (ADAS) for collision avoidance and vehicle stability. Hence, these factors will pose lucrative growth prospects for the market. Additionally, Continual sensor technology advancements lead to higher accuracy and sensitivity in these sensors. Enhanced accuracy ensures precise torque measurement, while increased sensitivity enables the detection of even subtle changes in torque levels. Furthermore, innovations in sensor technology enable the development of more compact and lightweight sensors without compromising performance. Hence, these aspects can drive the growth of the market.
However, these sensors demand precise installation and calibration procedures for accurate measurement and reliable performance. Achieving this precision often entails meticulous attention to detail, specialized equipment, and expert knowledge. Even minor errors in installation or calibration can lead to inaccurate measurements, compromising the integrity of the data obtained and potentially affecting critical processes or decisions. Moreover, successful installation and calibration of these sensors often require specialized knowledge and equipment that may not be readily available to all end-users. Hence, owing to these factors, the market will witness decreased demand in the coming years.
Based on type, the market is segmented into rotary torque sensors and reaction torque sensors. In 2023, the reaction torque sensors segment garnered 27% revenue share in the market. In terms of volume, the reaction torque sensors recorded 3,794.9 thousand units in 2023. As industries continue to prioritize precision engineering and performance optimization, the demand for accurate torque measurement solutions has surged. Reaction sensors are crucial in providing precise and reliable measurements of torque exerted on rotating shafts, enabling manufacturers to monitor, control, and optimize critical processes with greater accuracy and efficiency.
Based on application, the market is divided into automotive, test & measurement, aerospace & defense, industrial, and others. In 2023, the aerospace and defense segment witnessed a 11% revenue share in the market. Precision engineering is paramount in the aerospace and defense sector, with stringent safety standards and reliability requirements governing every aspect of aircraft and defense system design. These sensors play a critical role in ensuring the accurate measurement and control of torque in various applications, including aircraft engines, flight controls, weapon systems, and satellite deployments.
On the basis of technology, the market is divided into strain gauge, magnetoelastic, surface acoustic wave, and others. In 2023, the magnetoelastic segment witnessed a 27% revenue share in the market. In terms of volume, the magnetoelastic segment acquired 2,623.5 thousand units in 2023. Magnetoelastic sensors utilize the magnetoelastic effect to measure torque by detecting changes in the magnetic properties of a ferromagnetic material subjected to mechanical strain. This technological advancement presents numerous benefits, such as exceptional precision, dependability, and longevity. It is highly suitable for rigorous torque measurements in the automotive, aerospace, manufacturing, and robotics sectors.
Free Valuable Insights: Global Torque Sensor Market size to reach USD 21.8 Billion by 2031
By region, the torque sensor market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific segment acquired 46.7% revenue share in the market. Asia Pacific region, particularly countries such as China, Japan, South Korea, and India, has witnessed rapid industrialization and manufacturing expansion across various sectors including automotive, aerospace, electronics, and machinery. These sensors play a critical role in these industries for applications such as automotive testing, robotics, industrial automation, and quality control, driving demand for torque sensing solutions.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 12.3 Billion |
| Market size forecast in 2031 | USD 21.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.6% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 339 |
| Number of Tables | 730 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Technology, Application, Region |
| Country scope |
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| Companies Included | 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. and Datum Electronics Ltd. (Indutrade AB) |
By Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Application (Volume, Thousand Units, USD Billion, 2020-2031)
By Technology (Volume, Thousand Units, USD Billion, 2020-2031)
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
This Market size is expected to reach $21.8 billion by 2031.
Increasing demand for electric and hybrid vehicles are driving the Market in coming years, however, Complex installation and calibration processes restraints the growth of the Market.
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. and Datum Electronics Ltd. (Indutrade AB)
In the year 2023, the market attained a volume of 10,353.0 thousand units experiencing a growth of 18.1% (2020-2023).
The Automotive segment led the Market by Application in 2023; thereby, achieving a market value of $8.6 billion by 2031.
The Asia Pacific region dominated the 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.
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