Torque sensor refers to a device used for recording and measuring the torque on a rotating system. Torque sensor is also referred to as torque transducer and is considered an important element in several engines and machines. The rising number of applications of torque sensors across a vast number of application areas is encouraging the growth of the torque sensors market across the globe.
Browse Full Global Torque Sensors Market with TOC:http://www.mrrse.com/torque-sensors-market
The increasing adoption of high-quality standard specifications, including ISO 9000, the enhancement of wireless and non-contact sensors, and rigid government regulations associated with machine safety, especially in developed nations, are also projected to drive the global torque sensors market in the near future.
Emergence of Condition-based Maintenance Systems to Bolster Global Torque Sensors Market
The growing need for enhanced fuel efficiency and the introduction of electric vehicles are the primary factors projected to augment the growth of the global torque sensors market. In addition, the growing inclination towards condition-based maintenance is estimated to encourage the growth of the overall market in the coming years. On the other hand, a lack of reliable and consistent torque sensors for high-end applications such as medical prosthetics, dynamometer, and electric automobiles is estimated to curtail the growth of the torque sensors market to a certain extent.
Nevertheless, the introduction of innovative torque sensing technologies is anticipated to generate potential opportunities in the near future. In addition, the increasing demand for torque sensors, especially from the automotive industry is expected to encourage the growth of the global torque sensors market in the coming years.
Growing Demand from Automotive Industry to Propel Global Torque Sensors Market
The global market for torque sensors can be categorized on the basis of product type into surface acoustic wave, static/reaction, optical, rotary, magnetoelastic torque sensors, and others. In 2014, the rotary torque sensors segment dominated, accounting for a massive share of the global torque sensors market. The commanding position of this segment can be attributed to the growing demand for precise torque measurement technology across the globe.
On the basis of application, the global market for torque sensors can be classified into medical and healthcare, oil and gas, automotive and transportation, aerospace and defense, and others. At present, the automotive and transportation segment leads the global market and is estimated to remain in the topmost position in the coming few years as well.
APAC Led Global Torque Sensors Market in 2015
Of the key regional markets for torque sensors, APAC led the global torque sensors market in 2015, holding a 31.9% share. This region is anticipated to remain in the leading position by the end of 2021 as well. In the next few years, the Middle East and Africa region is also expected to witness growth at a substantial pace.
Browse the full Press Release of Global Torque Sensors Market at http://www.mrrse.com/global-torque-sensors-market
Some of the most prominent players engaged in the global market for torque sensors are FUTEK Advanced Sensor Technology, Inc., Datum Electronics Limited., Honeywell International Inc., ABB Ltd., Kistler Holding AG., Crane Electronics Ltd., Sensor Technology Ltd., ATI Industrial Automation, Inc., HBM GmBH, and Interface Inc. These players are increasing their investments and focusing on research and development activities in order to offer new products and attract new consumers.