Throughout the forecast period, emerging applications for torque sensors are anticipated to propel market expansion. Applications for torque sensors can be found in a wide range of sectors. Aerospace & military, oil & gas, automotive & transportation, medical & healthcare, and other industries all use torque sensors. Torque sensors are increasingly being used for a variety of applications as performance optimisation and quality control become more and more important across numerous industries. The global torque sensor market is predicted to increase over the course of the forecast period due in large part to strong demand from the automotive application segment. The automotive application category is predicted to maintain its dominance for the whole forecast period in the market for torque sensors. The torque of the engine, crankshaft, gearbox, and electric motors can all be measured using torque sensors, which are frequently used in automotive applications. The global torque sensor market may offer significant growth potential with the development of non-contact and wireless sensors. The global torque sensor market may experience significant commercial prospects due to the increasing implementation of quality standards specifications.
The Coherent Market Insights estimates that the market for Torque Sensors is anticipated to reach US$ 556.8 million in 2021 and grow at a CAGR of 6.29% during the projected period (2021-2028).
Key Competitors in the Torque Sensors Industry:
1. ABB Ltd.
The business was established in 1988 and is located in Zürich, Switzerland. Technology for electricity and automation is offered by ABB Ltd. Power products, power systems, automation products, process automation, and robots are among the segments under which the company operates. ABB launched a massive robotics plant in Shanghai in December 2022. ABB declared in March 2020 that it has reached a deal with Italian solar inverter producer Fimer to sell its company.
2. ATI Industrial Automation, Inc.
The business was established in 1989 and is based in United States. Engineering services are offered by Ati Industrial Automation, Inc. The business provides robotic tool changers, torque sensors, testing, robotic assembly, grinding, and polishing as well as remote manipulators, wind tunnels, and biomechanical research.
3. HBM GmBH,
The business was established in 1950 and is based in Villingen-Schwenningen, Baden-Wurttemberg, Germany. HBM offers mechanical quantity measurement solutions. Transducers, electronics for signal conditioning, data gathering systems, and measuring software are all offered by HBM. With products and services for a wide variety of measuring applications in numerous industries, HBM Test and Measurement is the market and technological leader.
4. FUTEK Advanced Sensor Technology, Inc.,
The business was founded in 1988 and has its main office in California, United States. The company's line of work comprises the production of industrial instruments and related goods for measuring, displaying, and transmitting public utility services. The company specialises in the study and creation of sophisticated sensing tools, including load cells, force sensors, and torque sensors.
5. Kistler Holding AG
The business was established in 1959 and has its headquarters in Winterthur, Switzerland. Kistler creates, produces, and distributes electronics, software, and sensors for measuring force, torque, and acceleration. Kistler pushed injection moulding sensor technology to its limits in October 2022. Kistler introduced its completely updated website at Innov 2022, which now makes it simple to choose the best product solution for a wide range of applications.
6. Interface Inc.
The business was founded in 1973 and has its main office in Atlanta, Georgia, United States. The company is a leading producer of resilient flooring for commercial buildings, offering a comprehensive line of carpet tiles, luxury vinyl tiles (LVT), and rubber flooring under the Nora brand. Through the introduction of cutting-edge products to decarbonize the built environment, Interface attained a carbon-negative milestone in October 2020.
7. Crane Electronics Ltd.
The business was established in 1971 and is located in Milan, Illinois, United States. The company manufactures power conversion and specialised solutions for the aerospace, space, military, medical, industrial, and commercial areas, in addition to engineered industrial products.
*Definition: A torque sensor, also known as a torque transducer, measures the torque of rotating systems such electric motors, crankshafts, engines, and gearboxes. A crucial parameter in all machines and engines is the measuring and monitoring of torque.
