By the end of the forecast period (2023-2030), the Torque Sensor Market is anticipated to reach USD 16 billion with a CAGR of 9%. It calculates the mechanical torque that uses force to spin an object. Torque sensors are employed in many applications nowadays. Further progress in torque sensors is being brought about by technological innovation. More advantages result from the torque sensors’ combination of wireless and digital features. The torque sensor market is primarily driven by rising industrial demand. The aerospace, medical, and automobile industries are all huge consumers of torque sensors.
Moreover, as the number of hybrid cars sold increases, the market for torque sensors will have more potential. A fan, motor dynamometers, hydraulic pumps, and electric motor terminals may all be used to test torque technology. New developments in wireless torque sensors are anticipated to lead to an improvement in the torque sensor industry. The rotating torque sensor will likewise be in high demand from the user end during the anticipated time frame. Together with fuel efficiency and electrical power, steering standards will enhance the overall market environment.
In addition, the United States and Canada will see greater technical developments in 2027. The automobile sector’s torque will be in reasonable demand throughout Europe. The improvements and torque sensors with further functions will increase demand overall in this area.
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Asia Pacific, Europe, and North America are significant markets for torque sensors. With the largest demand, the Asia Pacific market will surpass other regional competitors. The demand in this area will increase as a result of the presence of top automobile businesses. China plays a significant role in the high growth potential of the torque sensor market.
Moreover, the region with the greatest demand for torque sensors is North America. Increased revenue rates and expansion are achievable in this area with significant investment. Besides that, the US and Canada will have greater technical developments in 2027. The automobile sector’s demand in Europe will be largely satisfactory. The addition of functionality to torque sensors and other improvements will increase demand overall in this area.
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Market Segment Overview
The torque sensor market is analysed segmentally based on type, technology, application, and geography. The market for torque sensors is divided into two types based on type: response torque sensor and rotational torque sensor. A further division of the rotational torque sensor is into contact- and non-contact-based sensing. The torque sensor market is divided into magnetoelastic, optical, surface acoustic wave (SAW), and strain gauge segments based on technology. The torque sensor market is divided into industrial, test & measurement, aerospace & military, automotive, and others based on application. The torque sensor market is divided into segments based on geography: Asia Pacific, the Middle East, Africa, North America, Europe, and Latin America.
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