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Torque Sensor Market to Reach USD 11.63 Billion by 2026 – Exclusive Report by Mordor Intelligence

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Torque Sensor Market to Reach USD 11.63 Billion by 2026 – Exclusive Report by Mordor Intelligence

November 04
19:21 2021
Torque Sensor Market to Reach USD 11.63 Billion by 2026 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
Surgeons demand devices in the medical industry to allow precise control and repeatable movement, usually in a compact footprint. Torque sensors coupled with advanced electronics can help provide such capabilities. These sensor developers encounter engineering challenges integrating them into the devices, particularly for surgical robotics.

Torque Sensor Market Overview

The torque sensor market is expected to reach USD 11.63 billion by 2026, registering a CAGR of 9.68% during the period 2021-2026. Industry 4.0, industrial automation, robotics, and smart factory concepts are increasing the market opportunities for torque sensors. The upward trend in the aerospace, automotive, and medical sectors is driving demand in the market. Moreover, with demand increasing for improving safety, control, and pilot operations, various aerospace companies are expected to adopt torque sensors because these sensors measure in-flight torque controls, actuation systems, and braking systems.

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Torque Sensor Market – Geographical Overview 

The Asia Pacific is expected to account for significant torque sensor market share

Countries such as Japan, South Korea, China, and India are rapidly transforming their manufacturing sector with automated equipment to increase production efficiency and meet the industry needs. Moreover, the industrial automation and robotic industry are witnessing the growing adoption of rotary torque sensors, which is, in turn, driving the market. The automotive sector majorly dominates the demand for torque sensors in India. According to Catapult Organizations report 2021, electric vehicles (EVs) currently account for less than 1% of total vehicle sales in India; the market is increasing and is expected to be worth around at least GBP 4.8 billion (INR 475 billion) by 2025. However, two-wheelers account for the largest share of this market at 62%, followed by three-wheelers at 37%. Further, the favoring government policies and heavy investments from automakers are expected to spike the demand for torque sensors for the automotive industry in India.

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Key Highlights of the Torque Sensor Market

  • The torque sensors market is fragmented and highly competitive due to several vendors, including ABB Ltd., Crane Electronics Ltd, Applied Measurements Ltd, Crane Electronics Ltd, and Honeywell International. Most of the companies concentrate their efforts on the development of torque sensors for multiple applications.
  • According to Hennessy Funds, Japan is the global leader in producing robots and factory automation systems and holds 30% of the worldwide market share. Further, the global demand for industrial robots is growing at 46% annually, and the global robotics market is estimated to reach USD 248.5 billion by 2025. Such figures depict the rising demand for torque solutions in the industrial automation sector, with Japan being the primary aggregator in the market.

Related Reports and Links

List of Key Players in the Torque Sensor Market

  • ABB Ltd
  • Crane Electronics Ltd
  • HBK Benelux (Spectris PLC)
  • Applied Measurements Ltd.
  • Honeywell International
  • Norbar Torque Tools Ltd
  • Infineon Technologies AG
  • Teledyne Technologies, Inc.
  • TE Connectivity Ltd
  • Datum Electronics Ltd (Indutrade AB)
  • PCB Piezotronics, Inc.
  • Kistler Instrumente AG
  • MagCanica, Inc.

*List Not Exhaustive 

Mordor Intelligence has segmented the global torque sensor market on the basis of product type, application, and geography:

  • Product Type (Market Size & Forecast based on Revenue (USD billion), 2019-2026)
    • Reaction Torque
    • Rotational Torque
  • Application (Market Size & Forecast based on Revenue (USD billion), 2019-2026)
    • Automotive
    • Aerospace
    • Manufacturing
    • Medical
    • Other Applications
  • Geography (Market Size & Forecast based on Revenue (USD billion), 2019-2026)
    • Asia-Pacific
    • North America
    • Europe
    • Rest of the World

About Mordor Intelligence

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

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