Torque Sensor Market by Type, Application, Technology | COVID-19 Impact Analysis

Posted by Steve Stark on April 9th, 2021

The torque sensor market is projected to grow from USD 6.8 billion in 2021 to USD 9.0 billion by 2026; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.7% from 2021 to 2026. Various types of torque sensors based on different technology are being deployed worldwide, from magnetoelastic to surface acoustic wave (SAW). They not only provide advantages over the widely used strain gauge technology but are also ideal for various niche applications. The objective of the report is to define, describe, and forecast the torque sensor market based on type, technology, application, and region.

Market for rotary torque sensors to grow at higher CAGR during forecast period

The rotary torque sensors find a wide range of applications, such as in automobile engine testing, drivetrain measurement, dynamometer testing, electric motor testing, and gearbox testing. Hence, the market for rotary torque sensors is expected to register a higher CAGR as the increasing trend of improving fuel economy, efficiency, and electrification is expected to increase their demand during the forecast period.

Market for torque sensor based on strain gauge to grow at highest CAGR during forecast period

Signals produced by strain gauge torque sensors are compatible with a wide range of instruments, such as digital displays and analog and digital amplifiers. Besides, they are cost-effective compared to other torque sensors. Hence, the strain gauge torque sensors segment is expected to grow at the highest CAGR during the forecast period as improvements in modern strain gauge torque sensors are allowing for high precision measurements.

Market for automotive application to grow at highest CAGR during forecast period

Most automobile manufacturers use torque sensors for calibrating automatic transmissions and mapping engine torque. They are used for testing clutches and gearboxes, as well as measuring strain and determining the dynamic torque within an engine. Rotary torque sensors are used for strain measurement, testing of major components, including clutch and gearboxes, and dynamic torque within the engine. Stringent emission regulations, changing buyer preference, and electrification technology are expected to have a large impact on the demand and use of torque sensors for automotive applications which is contributing to the higher growth in this application.

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Market in APAC to grow at highest CAGR during the forecast period

APAC is expected to account for the highest growth of the torque sensor market for various types of torque sensors throughout the forecast period. China is the largest vehicle manufacturer in the world. Japan and South Korea are also the major exporters of motor vehicles globally. Due to large-scale manufacturing and significant investments in new vehicle technologies, the automotive industry is expected to play a vital role in the growth of the torque sensor market in the region. APAC is also expected to be the largest market for industrial applications. The growing need for energy production and large-scale manufacturing of various types of goods for export are facilitating the market for torque sensors.