May 7, 2020

Torque Sensor Market to Reach $16.82 Billion, Globally, by 2

Bizclik Editor
4 min

- Increase in demand for high performance vehicles, implementation of EPS in passenger vehicles, and emergence of innovative torque measurement technologies drive the growth of the global torque sensor market

PORTLAND, Oregon, May 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Torque Sensor Market By Type (Dynamic Torque Sensor and Static Torque Sensor) and Application (Automotive, Industrial, Aerospace & Defense, HealthCare, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global torque sensor industry generated $8.39 billion in 2018, and is expected to garner $16.82 billion by 2026, growing at a CAGR of 7.7% from 2019 to 2026.

Prime Determinants of Growth

Increase in demand for high performance vehicles, implementation of EPS in passenger vehicles, and emergence of innovative torque measurement technologies drive the growth of the global torque sensor market. However, expensive installation procedures hinder the market growth. On the other hand, emerging applications in the healthcare sector and enhanced implementation of torque sensor in the industrial applications present new opportunities in the coming years.

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Covid-19 Scenario

  • Due to COVID-19 pandemic, followed by the obvious lockdown, manufacturing plants have closed which, in turn, has resulted in lowered production volume.
  • Due to shutdown, there are disruptions in the supply chain which have made the sales drop significantly across the world.
  • Economic crisis have enforced investors to hold back the new investment plans.

The Static Segment to Continue to Lead during the Forecast Period

Based on type, the static segment accounted for the largest market share in 2018, contributing to nearly two-thirds of the global torque sensor market, and is expected to continue to lead during the forecast period. However, the dynamic segment is expected to contribute the fastest CAGR of 9.3% from 2019 to 2026, owing to increase in adoption of screwing technology, engine test benches, test set ups for precision mechanics, and others for various applications.

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The Automotive Segment to Maintain the Highest Contribution By 2026

Based on application, the automotive segment held the largest market share of the global torque sensor market, holding more than two-fifths of the total share in 2018, and is estimated to maintain the highest contribution by 2026. Moreover, this segment is estimated to witness the highest CAGR of 9.2% from 2019 to 2026. This is attributed to increase in demand for electric power assisted steering (EPAS) in cars as they offer better fuel efficiency and less energy consumption.

Asia-Pacific to Offer Lucrative Opportunities, North America to Follow

Based on region, Asia-Pacific, followed by North America, accounted for the highest contribution in terms of revenue in 2018, contributing to nearly half of the global torque sensor market, and is expected to maintain its lead status during the forecast period. Moreover, this region is expected to maintain the highest CAGR of 8.8% from 2019 to 2026. This is due to different initiatives taken by governments to speed up manufacturing of components of automobiles and automotive sensors.

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Leading Market Players

  • ABB Ltd.
  • Honeywell International Corporation
  • Infineon Technologies
  • Kistler Group
  • Sensor Technology
  • PCB Piezotronics
  • Crane Electronics
  • Datum Electronics
  • Futek Advanced Sensor Technology Inc.
  • HBM

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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