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Torque Sensor Market size is set to growth with 8.48% CAGR over the forecast period
Five key trends shaping the torque sensor market value to $3.4billion by 2025 are outlined as shifting consumer preferences towards advanced torque sensors, continuous launch of high precision torque sensors with good linearity and resolution, production of tailor made.
In addition, large consumption of torque sensors by electric and hybrid power trains, electric power steering systems and other high-end applications drive the market growth.
Robust technological advancements coupled with demand for compact and lightweight sensors across industries are expected to drive the demand for new and innovative torque sensors worldwide. Further, researchers are focusing on widening the applications of optical sensors due to their compact size, and less electromagnetic interference.
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Further, aggressive investments by Aircraft OEMs to procure fully customized torque sensors are an important factor positively impacting overall market growth. Electric power steering (EPS) systems remains one of the prominent applications of torque sensors in the automotive industry.
In addition, an increasing trend towards portfolio of small size, selectivity, and sensitivity torque sensors along with low manufacturing costs is being observed over the past five years.
An increasing number of manufacturers are collaborating with universities to develop innovative solutions to customized applications so as to expand their global footprint across the market.
However, high capital investments, adherence to different global machine safety regulations and declining reliability of existing torque sensors remains key challenge for manufacturers across the torque sensor market.
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Robotic applications drifts up global torque sensor market value
Strong growth in robotics market is leveraging opportunities for high performance torque sensors and is significantly driving the global torque sensors market.
Amidst recent trends, integration of torque sensors in industrial robotic automation largely drives the market growth with benefits of performing tasks with precisely. For instance, 2018, FUTEK advanced sensor technology, Inc. developed rotary torque sensor which can be assembled to robotic automation machine and aids engineers in measuring rotational force of each slap shot.
Further, companies are developing high performance, lightweight and highly reliable embedded optical torque sensors for biomimetic robots.
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Strain gauge technology leverages global torque sensor market size
Strain gauge technology dominates the market share and holds up to more than half of the market share. Key application areas of strain gauge include automotive, test & measurement, and medical applications.
In medical field, strain gauges are used for finite element analysis (FEA) to measure 3D displacements and surface strains in most complex models and materials like human bones.
Key players capturing the global torque sensor market comprise Honeywell, HBM and Kistler Group, and others.
Key end-users promises substantial torque sensor market growth across Americas
Torque sensor market growth is driven by large consumption of torque sensors by the automakers, medical manufacturing equipment players and aircraft industry across the regions. Technology disruption and OEMs focus towards better enhanced products and lightweight are pushing the adoption of torque sensor.
FCA group, General Motors and Ford are among the significant contributor to the automotive revenue generation across the U.S and thereby the torque sensor market.
In addition, the wide adaption of wireless sensors across production units largely drives torque sensors OEMs in North America and Europe to focus their R&D efforts on wireless connectivity torque sensors.
Further, market growth is driven across Mexico, Korea and other key players owing to continuous efforts in innovations and high precision systems.
In addition, across Asia-Pacific Torque sensor market, China accounted for 53.4% for the market and 22.7% for the global market share during 2018.
Mergers & Acquisitions and development of product portfolio are observed across key market players
The major OEMs of torque sensor market are increasingly investing to acquire other market players in order to expand their global presence across key end-user sectors. For instance, in 2018, HITEC Sensor Developments, Inc. acquired Aero Sense Technologies to expand its presence in the aerospace sector and adds additional global production capacity.
Further, major players are seeking collaborative opportunity and merging with promising players of the market. For example, in 2019, two companies Hottinger Baldwin Messtechnik GmbH (HBM) and Brüel & Kjær Sound completed their merger reflecting as HBK (Hottinger, Brüel & Kjær) to deliver integrated offering and encompassing torque sensor services.
Prominent OEMS of torque sensor market are investing in product development and launching cost-effective products. Accordingly, in 2018, TT Electronics introduced the SX-4462 Hall effect magnetic non-contact torque sensor, a flexible and cost-effective sensor used for electronic power steering (EPS) for off-road vehicles (ORVs), three-wheelers, light commercial trucks, and tractors. On similar lines, in 2018, Crane Electronics launched a new product the new TorqueStar series which is the innovation ground-breaking torque measurement system.
Furthermore, companies are promoting battery-less and wireless SAW technology based with benefits of flexible package design and ease of integration with existing system designs. In addition, digital telemetry based non-contact torque monitoring devices are being developed by most leading companies.
Competitive Players leading the global torque sensors market are ABB, Crane electronics, FUTEK Advanced Sensor Technology, Applied Measurements, Honeywell International, Kistler Holding, Sensor Technology, Hottinger Baldwin Messtechnik, Norbar Torque Tools, and Infineon Technologies.
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