Torque sensors are devices used to measure the torque of various rotating systems including engines, electric motors, craft shifts, and gearboxes. In case of engines and machines, torque monitoring and measurement are considered to be imperative. Technological advancements have assisted companies to introduce new torque sensors that match the changing needs of the customers.
The global torque sensors market is predicted to register considerable growth during the forecast period owing to the introduction of new applications of torque sensors and the rising demand from the automotive industry. However, the growth is expected to be hampered by a few challenges.
Demand for Rotary Torque Sensors Continue to Increase
The global torque sensors market is segmented on the basis of product type, application, region, and mechanical configuration. By product type, the global market for torque sensors is classified into rotary torque sensors, reaction/static torque sensors, optical torque sensors, and surface acoustic wave torque sensors. In 2014, the rotary torque sensors segment dominated the global market and held 53% of the global market in 2015. The demand for precise torque sensor management technology is increasing considerably, which is expected to propel the global market.
Use of Torque Sensors in Automotive and Transportation Industry to Grow
Based on mechanical configuration, the global torque sensors market is divided into flange style and shaft style. In terms of value, the global torque sensors market was dominated by the flange style torque sensors and is expected to exhibit the highest CAGR during the forecast period. Torque sensors find application in oil and gas, aerospace and defense, automotive and transportation, and medical and healthcare industries. Among all industries, the demand for torque sensors is expected to be the highest from the automation and transportation industry.
Key companies are focusing on developing wireless and non-contact sensors, which is expected to propel the global market. The rising acceptance of quality standards such as ISO 9000 coupled with stringent government rules and regulations are also expected to help key manufacturers to develop quality torque sensors in the global market. Key manufacturers are also focusing on updating their products to offer innovative solutions to consumers. For instance, in 2013, Wireless F/T was launched by ATI Industrial Automation, Inc.
ABB Ltd., FUTEK Advanced Sensor Technology, Inc., Honeywell International Inc., Kistler Holding AG, Sensor Technology Ltd., Datum Electronics Limited., ATI Industrial Automation, Inc., Interface Inc., Crane Electronics Ltd., and HBM GmBH. are some of the prominent players operating in the global torque sensors market.
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Based on region, the global torque sensors market is divided into Latin America, the Middle East and Africa, Asia Pacific, and North America. Key companies are targeting various regions to spread their services. This is predicted to assist the growth of the global market in the years to come. In 2015, Asia Pacific held 31.9% of the global torque sensors market and is predicted to maintain its dominance by 2021. However, going forward, the Middle East and Africa region is predicted to grow at a promising CAGR throughout the forecast period.