The torque sensor market is projected to grow at a CAGR of 5.43% during the forecast period to reach US$2,357.596 million by 2026, from US$1,627.975 million in 2019. A torque sensor is an electronic device that has the capability to monitor, detect, regulate, and record the linear and rotational forces upon which it has been exerted. A torque sensor is a contact sensor, which is specifically designed to interact with physical objects available in the environment it is deployed. The sensor mitigates interference using sound waves and debris and is effective in various climatic and external conditions. To record, the sensor sends digital or analog signals that showcase static or dynamic forces. The prime reason driving the market growth during the forecasted period is robust growth in the end-user industries that have provided significant scope. Moreover, technological innovation opens diversification options for the market. Furthermore, robust demand for precise and accurate sensors supports the market. Increasing penetration of medical robots also opens up new growth opportunities.
Reacting and rotary torque sensors are projected to dominate the market during the forecasted period owing to wider application.
Based on the type of torque sensors, the market can be distinguished as reacting torque sensor, rotary torque sensor, super acoustic wave (SAW) torque sensor, optical torque sensor, and others. The reacting torque sensor and rotary torque sensors are projected to show promising growth and dominate the market for torque sensors during the forecasted period, owing to their wider adaptability. The reaction torque sensor operates by measuring the reaction force that is generated by an object creating the studied torque. This type of sensor does not, i.e., is fixed, and is capable of controlling circumstances over a small range of rotation shifts.
The rotary torque sensor, on the other hand, measures the torque. This sensor is coupled between an object and the material on which the impacting toque is created, and measure using a shaft. The data is then transferred to a measuring instrument using slip rings or electric inductions. Rotary torque sensor has wider applicability due to which the market has promising growth prospects.
Manufacturing, aerospace, and defense industries are projected to account for a large share of the market during the forecasted period. However, the healthcare industry is anticipated to grow at a promising rate owing to the rising inculcation of medical robots, which has significantly increased the demand for torques sensors.
Based on the end-user industry, the market for torque sensors get demand from the manufacturing industry, aerospace and defense industry, healthcare industry, and others. The Manufacturing, aerospace, and defense industries are projected to account for a large share in the market due to robust demand for end-users products and technological innovation as a result of the surging investment. In the manufacturing industry, automotive is the key factor driving the market growth. Sales of automotive are on a rise with surging disposable income and increased demand for automobiles. Data from International Organization for Motor Vehicle Manufacturers shows that motor vehicle production has significantly increased to 91.786 million in 2019 owing to increasing demand. Moreover, technological innovation in the industry includes the launch of electric cars and other cars which is increasing the market prospects in favor of torque sensors. Hence, the robust growth in the manufacturing sector widens the market prospects.
The healthcare sector is also projected to grow at a promising rate during the forecast period owing to the surging application of healthcare robotics that employs torque sensors. Technological advancement in the industry has increased the usage of medical robots for better precision and medical treatments. Furthermore, increasing investment in social robots for superior healthcare and wellness facilities has supported the market growth. Also, a rise in the geriatric population and lack of adequate staff in the medical industry has notably surged the adaptability of robots for wellbeing, which will support the market growth. Data from World Bank Database states that the proportion of the aged population in overall population demography has increased from 7.567% in 2010 to 9.318% in 2020 and is further estimated to reach 15.789% by 2050. The surging aged population has led to the inculcation of social robots in the medical industry, especially in the European region, Japan, and South Korea. The governments are also investing significantly in their adoption. The Japanese government invested US$100 million in the sector. Whereas, the South Korean government invested US$250 million for the development of medical and disaster response robots. These investments significantly increased the adoption of automation in the industry and the scope for the torque sensor market.
The Asia Pacific torque sensor market will grow at a promising rate during the studied period.
Based on geography, the market for torque sensors is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The Asia Pacific region is anticipated to grow at a promising market owing to mushrooming manufacturing sector in India, China, South Korea, Vietnam, and others.
|Market size value in 2019||US$1,627.975 million|
|Market size value in 2026||US$2,357.596 million|
|Growth Rate||CAGR of 5.43% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Kistler Group, Dantum Electronics, Changzhou Right Measurement and control system Co., Ltd., Honeywell International Inc., IMADA Co. Ltd., PCB Piezotronics Inc., Futek Advance Sensor Technology Inc., DEPRAG SCHULZ GMBH u. Co., Crane Electronics Inc., Althen|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)