According to a new report by IMARC Group, the global torque sensor market grew at a CAGR of around 8% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
A torque sensor, or torque transducer, stands for an electronic device used for detecting, monitoring, recording, and regulating both linear and rotational forces applied to it. It is primarily deployed for converting mechanical input to an electrical signal. Some of the most common types of torque sensors include strain gauge, super acoustic wave (SAW), optical, piezoelectric, and magnetoelastic torque sensors. These torque sensors find wide applications across several end-use industries, such as aerospace, defense, agriculture, automotive, mining, healthcare, etc.
The growing automotive industry is catalyzing the use of torque sensors in electric motors, rotors, engines, gearboxes, crankshafts, etc. Additionally, the rising environmental concerns towards vehicular pollution are augmenting the demand for electric and hybrid vehicles. These vehicles have torque sensors installed in their electric power steering system for high energy efficiency. Additionally, the emergence of industrial robots for product testing along with increasing penetration of real-time torque management systems is also proliferating the market growth. Several technological advancements have led to the development of rotary sensors with minimal weight, high stiffness, electrical noise, improved sense time, etc. The introduction of non-contact and wireless optical torque sensors with electrical passiveness and higher sensitivity is also bolstering the global torque sensor market growth. Additionally, the increasing penetration of medical robots in the healthcare sector is further propelling the demand for torque sensor.
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The report has also analysed the competitive landscape of the market with some of the key players being Applied Measurements Ltd., Crane Electronics Inc., Datum Electronics Ltd. (Indutrade AB), FUTEK Advanced Sensor Technology Inc., Hitachi Ltd., Honeywell International Inc., Hottinger Baldwin Messtechnik GmbH (Spectris plc), Infineon Technologies AG, Kistler Holding AG, Norbar Torque Tools Ltd. (Snap-on Incorporated), PCB Piezotronics Inc. (MTS Systems Corporation), etc.
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The International Market Analysis Research and Consulting Group is a leading advisor on management strategy and market research worldwide. Imarc partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise. IMARC’s tailored approach combines unfathomable insight into the dynamics of companies and markets with close cooperation at all levels of the client organization. This ensures that clients achieve unmatchable competitive advantage, build more proficient organizations, and secure lasting results.
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