Global Torque Sensor Market: Overview

A device used for recording and measuring the torque of a rotating system is called torque sensor. Machines such as engines, gearboxes, electric motors, and crankshafts are a part of the rotating system and torque sensors ensure high quality and performance optimization of this system.

On the basis of technology, the market can be classified into magneto elastic torque sensors, static torque sensors, surface acoustic wave torque sensors, and others. Based on application, the market can be segmented into medical, industrial, automotive, aerospace and defense, and others.

In the report, Transparency Market Report (TMR) presents a comprehensive analysis of drivers and restrictions in the global torque sensor market. It also provides insight into the major segments and regions of the market.

Global Torque Sensor Market: Trends and Prospects

The growing awareness in regards to the importance of torque measurement has been noted in various fields such as hybrid and electric automobile engines and medical prosthetics and they have included torque sensors in their operations. The global torque sensor market is likely to benefit from the several potential applications, which is projected to be the key driving force behind its growth. With the development of wireless and non-contact torque sensors such as optical torque sensors, surface acoustic waves (SAW), and magnetoelastic, the market will get a further push. Moreover, the demand for accurate torque measurement solutions is growing in a remarkable manner, supplementing the enormous growth prospects for torque sensors. On the contrary, less reliable torque sensors for high-end applications might limit the growth of the market. 

Based on application, the automotive sector is the chief contributor to the market growth.  Due to the penetration of electric power assisted steering (EPAS) systems in automobiles, torque sensors are in high demand. EPAS systems in automobiles – when compared with standard steering systems – provide the much desired fuel efficiency and also consume less energy. In EPAS systems, the steering column is fitted in line with a torque sensor, thereby increasing the demand and favoring the growth of this market.

Global Torque Sensor Market: Regional Overview

The market for torque sensors can be geographically segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. The Asia Pacific region accounts for a large share in the market and is expected to lead in the forecast period as well. The developing economies of Asia Pacific – China and India – are the key market contributors. A rise in the number of manufacturing industries in China and development of the oil and gas and aerospace industries in India have propelled the growth of the market. In addition, increasing implementation of industrial automation technologies by industries all over the region has augmented the growth prospects in this region.

On the other hand, Europe is pegged to be a major contributor to the market growth in the future. Technological advancements made in the field of torque sensing and rising demand for better fuel efficiency are the factors supplementing the market growth. In Europe, the new corporate average fuel economy (CAFE) standards have put enormous pressure on auto manufacturers to accelerate the development of electric and hybrid vehicles as well as radically improve the fuel economy on their largest selling models, thereby increasing the demand for torque sensors.

Companies Mentioned in Report

The global market for torque sensors is highly fragmented and with the growing demand, the competition is expected to get intense in the coming years. Kistler Instrumente AG, Crane Electronics Ltd, Honeywell International Inc., Datum Electronics Ltd., and PCB Piezotronics Inc. are some of the prominent players in the global torque sensor market.

This report gives you access to decisive data such as:

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years

Key highlights of this report

  • Overview of key market forces propelling and restraining market growth
  • Up-to-date analyses of market trends and technological improvements
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors
  • An array of graphics and SWOT analysis of major industry segments
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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