Torque Sensors Market
Global torque sensors market growth is driven by rising automation across various industrial sectors. Torque sensors play a vital role in enabling precision measurement and control in automated machinery and equipment. These help monitor torque levels in engines, transmissions, and other mechanical systems. The miniaturization of sensors and emergence of non-contact torque sensors variants have further boosted the applications of these devices in new areas. Various technological advancements like improved accuracy and speed have boosted the adoption of torque sensors. The market can witness growth due to increasing industrial automation, expanding automotive production, and rise of electric vehicles worldwide.
Market Dynamics:
Global torque sensors market growth is driven by rising demand from automotive and industrial sectors. Growing automation and prevalence of robotics have increased the need for precision torque measurement devices across various production lines. Increased R&D investments by manufacturers to develop advanced sensor technologies with higher accuracy and speeds can drive the market growth. However, high costs associated with sensor development and manufacturing can hamper the market growth during the forecast period. Growing electric vehicles production worldwide can offer lucrative opportunities for torque sensor vendors as EVs have more number of sensors installed per vehicle compared to conventional vehicles. Rising demand for autonomous heavy-duty vehicles for logistics can offer market growth opportunities.
Key features of the study:
- This report provides in-depth analysis of the global torque sensors market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global torque sensors market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include ABB Ltd., Applied Measurements Ltd., Crane Electronics Ltd., Datum Electronics Ltd. (Indutrade AB), HBK Benelux (Spectris PLC), Honeywell International Inc., Infineon Technologies AG, Kistler Instrumente AG, MagCanica, Inc., Norbar Torque Tools Ltd., PCB Piezotronics, Inc., TE Connectivity Ltd., Teledyne Technologies, Inc., Transducers Direct, LLC, Wipro Infrastructure Engineering
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global torque sensors market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Detailed Segmentation:
Table of Contents
*Browse 60 market data tables and 40 figures on " Torque Sensors Market - Global forecast to 2031”
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