Torque Sensors Market Size to Grow USD 11810 Million by 2029 at a CAGR of 4.5% | Valuates Reports
BANGALORE, India, April 25, 2024 /PRNewswire/ -- Torque Sensors Market is Segmented by Type (Reaction Torque Sensor, Rotary Torque Sensor, Super Acoustic Wave (SAW) Torque Sensor, Optical Torque Sensor), by Application (Automotive, Manufacturing, Aerospace and Defense, Healthcare)
The Global Torque Sensors Market size is expected to reach US$ 11810 million by 2029, growing at a CAGR of 4.5% from 2023 to 2029.
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Major Factors Driving the Growth of Torque Sensors Market
The market for torque sensors is expanding rapidly thanks to a number of important considerations. Firstly, the need for torque sensors to guarantee accurate control and monitoring of rotational forces is being fueled by the growing use of automation across a variety of industries, especially the automotive, aerospace, and industrial sectors.
Second, the market is expanding due to strict government laws requiring the usage of torque sensors for safety and quality assurance. The need for torque sensors is also being driven by the increased emphasis on predictive maintenance and real-time machinery monitoring to maximize operational efficiency.
Furthermore, technical developments that facilitate remote monitoring and data analytics, such as the incorporation of wireless connection and Internet of Things (IoT) capabilities into torque sensors, are driving additional market expansion. All in all, these elements work together to fuel the rapid expansion
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TRENDS INFLUENCING THE GROWTH OF TORQUE SENSORS MARKET
The torque sensor market is primarily driven by the automobile industry. Accurate torque measurement is becoming more and more necessary in a variety of automotive applications, such as engine testing, power steering systems, and electric vehicle drivetrains, as a result of the ongoing advancements in vehicle technology. In order to guarantee the best possible performance, effectiveness, and safety in these systems, torque sensors are essential. Accurate torque sensing is becoming increasingly important as the automotive industry moves toward electric and driverless vehicles, which is driving the market ahead.
Torque sensors play a key role in improving production processes in the field of industrial automation by facilitating accurate control and monitoring of torque levels in machinery and equipment. Torque sensor integration into automated production lines becomes essential as companies aim for increased productivity, efficiency, and quality assurance. By giving real-time data on torque variation, these sensors enable prompt adjustments and preventative maintenance, which lowers downtime and improves overall operating efficiency. Torque sensors are widely used in the aerospace and military industries for a variety of purposes, such as the production, upkeep, and testing of aircraft. In order to monitor the operation of propulsion systems and control surfaces, as well as to ensure the structural integrity and safety of aircraft components, torque sensors are essential.
Turbine sensor integration in robotics and healthcare applications is a developing trend propelling market expansion. Torque sensors are used in medical equipment used in the healthcare sector, such as prosthetic limbs and robotic surgical systems, to provide accurate control and feedback mechanisms. Similar to this, torque sensors are essential to the efficiency and security of robotic arms and manipulators in robotics, allowing for accurate and delicate motions in a variety of applications. As a result of the ability to provide more precise, dependable, and affordable sensor solutions, ongoing developments in sensor technology support the expansion of the torque sensors market. Micro-electromechanical systems (MEMS) and fiber optic sensing techniques are examples of innovations that have produced tiny, extremely sensitive torque sensors that may be used in a variety of applications.
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TORQUE SENSORS MARKET SHARE ANALYSIS
One important location driving the torque sensor market ahead is North America. The need for torque sensors is fueled by the existence of major automakers and a booming industrial sector. Additionally, the market is growing as automation is being used more and more in a variety of industries, such as aerospace and manufacturing. Furthermore, strict laws governing safety requirements and vehicle emissions encourage the use of cutting-edge torque sensing technology, which supports market growth in this area.
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Key Companies:
- Kistler
- Honeywell International
- DATUM ELECTRONICS
- PCB Piezotronics
- FUTEK Advanced Sensor Technology
- DEPRAG SCHULZ
- Crane Electronics
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Digital Rotary Torque Sensor market is projected to reach US$ 2706.5 million in 2029, increasing from US$ 1412 million in 2022, with a CAGR of 9.7% during the period of 2023 to 2029.
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