Magneto Elastic Torque Sensor Market Research Report By Type (Absolute Magneto Elastic Torque Sensors, Incremental Magneto Elastic Torque Sensors, Hybrid Magneto Elastic Torque Sensors), By Application (Industrial Machinery, Automotive, Aerospace and Defense, Medical and Healthcare), By Accuracy (High-Accuracy Sensors (0.1% F.S. or Higher), Medium-Accuracy Sensors (0.1% - 0.5% F.S.), Low-Accuracy Sensors (0.5% F.S. or Lower)), By Output Signal (Analog Output, Digital Output), By Protection Level (IP65, IP67, IP68, Other) and By Regional (No

Global Magneto Elastic Torque Sensor Market Overview

Magneto Elastic Torque Sensor Market Size was estimated at 90.2 (USD Million) in 2022. The Magneto Elastic Torque Sensor Market Industry is expected to grow from 90.8 (USD Million) in 2023 to 168.9 (USD Million) by 2032. The Magneto Elastic Torque Sensor Market CAGR (growth rate) is expected to be around 6.7% during the forecast period (2024- 2032).

Key Magneto Elastic Torque Sensor Market Trends Highlighted

The Magneto Elastic Torque Sensor Market is witnessing notable growth, driven by the increasing demand for accurate torque measurement in various industries. The automotive sector plays a significant role in driving this growth, particularly in electric and hybrid vehicles, where torque sensors are crucial for optimizing powertrain performance. The growing adoption of industrial automation and robotics also contributes to the demand for these sensors, as they enable precise torque control in automated processes. Emerging trends in the Magneto Elastic Torque Sensor Market include the integration of advanced technologies such as wireless connectivity and IoT (Internet of Things), which enhance data transmission, remote monitoring, and real-time analysis capabilities.

Additionally, there is a growing emphasis on miniaturization and cost-effectiveness, driving the development of compact and affordable torque sensors. Opportunities to be explored in this market include the expansion into niche applications, such as medical devices and aerospace engineering, where precise torque measurement is critical for safety and performance optimization. Furthermore, the increasing adoption of predictive maintenance and condition monitoring systems creates opportunities for torque sensors to play a pivotal role in detecting potential failures and preventing downtime.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Magneto Elastic Torque Sensor Market Drivers

Rising Demand for Precision Measurement and Control

One of the commonly used torque measurement technologies is the Magneto Elastic Torque Sensors. This sensor provides high precision and accuracy in measuring torque measures, and it is, therefore, one of the highly demanded sensors in most industries that require very high precision and accuracy in measuring and controlling systems. This sensor is useful in applications that require real-time monitoring, feedback control, and automatic processing. The application of automation in most industries and the increasing need for more efficient performance in manufacturing, robotics, and automotive industries have played a major role in the increasing demand for this sensor. One of the challenges of the Magneto Elastic Torah Sensors, however, is the high cost that comes with enhancing the specification of the same.

Advancements in Material Technology and Sensor Design

The advancement in material science, along with the sensor design has been the predominant factor. The improved material science comprising novel materials with superior magnetic properties has provided the graduation from the detection of extremely low torques to the highest hundredfold. Additionally, this advancement has also contributed to the development of sensors with a wider measurement range, which continuously prevents the overload coupled with increased durability. The application of this technology is also broadening and is not limited to the wind energy field and is used in various other areas, including aerospace medical devices.

Growing Adoption in Emerging Applications

The Magneto Elastic Torque Sensors Market is growing due to the increasing range of its application. Although, Torque sensors are mainly implied in the field of industrial automation and automotive. Nowadays, these sensors are getting immense market across new ventures such as robotics, wearable devices and healthcare. A huge demand for these sensors is observed in collaborative robots, exoskeletons and surgical robots.

Magneto Elastic Torque Sensor Market Segment Insights

Magneto Elastic Torque Sensor Market Type Insights

Type Segment Insights and Overview The Magneto Elastic Torque Sensor Market is segmented by type into absolute, incremental, and hybrid magneto elastic torque sensors. The absolute magneto elastic torque sensors segment is expected to account for the largest share of the market in 2023, with an estimated value of USD 1.09 billion. This segment is projected to register a CAGR of 5.2% during the forecast period of 2024-2032, reaching an estimated value of USD 1.54 billion by 2032. The growth of this segment is attributed to the increasing adoption of absolute magneto elastic torque sensors in industrial applications such as robotics, automation, and manufacturing.

The incremental magneto elastic torque sensors segment is expected to account for the second-largest share of the market in 2023, with an estimated value of USD 0.68 billion. This segment is projected to register a CAGR of 4.8% during the forecast period 2024-2032, reaching an estimated value of USD 0.96 billion by 2032. The growth of this segment is attributed to the increasing demand for incremental magneto-elastic torque sensors in automotive applications such as electric vehicles and hybrid vehicles. The hybrid magneto elastic torque sensors segment is expected to account for the smallest share of the market in 2023, with an estimated value of USD 0.30 billion. This segment is projected to register a CAGR of 6.1% during the forecast period 2024-2032, reaching an estimated value of USD 0.43 billion by 2032. The growth of this segment is attributed to the increasing adoption of hybrid magneto elastic torque sensors in renewable energy applications such as wind turbines and solar panels.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Magneto Elastic Torque Sensor Market Application Insights

The Magneto Elastic Torque Sensor Market is segmented by application into Industrial Machinery, Automotive, Aerospace and Defense, and Medical and Healthcare. The Industrial Machinery segment is expected to hold the largest market share in 2023, with a valuation of USD 1.2 billion. The Automotive segment is expected to grow at the highest CAGR of 5.5% from 2024 to 2032, reaching a valuation of USD 850 million by 2032. The Aerospace and Defense segment is expected to reach a valuation of USD 600 million by 2032, while the Medical and Healthcare segment is expected to reach a valuation of USD 550 million by the same year. 

The growth of the Industrial Machinery segment is attributed to the increasing demand for magneto-elastic torque sensors in industrial automation applications, such as robotics, assembly lines, and packaging machinery. The growth of the Automotive segment is driven by the increasing adoption of magneto-elastic torque sensors in electric and hybrid vehicles, as well as the increasing demand for advanced driver assistance systems (ADAS). The growth of the Aerospace and Defense segment is driven by the increasing demand for magneto-elastic torque sensors in aircraft and defense systems.The growth of the Medical and Healthcare segment is driven by the increasing demand for magneto-elastic torque sensors in medical devices, such as surgical robots and diagnostic equipment.

Magneto Elastic Torque Sensor Market Accuracy Insights

The accuracy of magnetoelastic torque sensors is a critical factor in determining their suitability for various applications. The market is segmented into three main accuracy categories: high-accuracy sensors (0.1% F.S. or higher), medium-accuracy sensors (0.1% - 0.5% F.S.), and low-accuracy sensors (0.5% F.S. or lower). High-accuracy sensors are typically used in applications where precise measurement is essential, such as in laboratory settings or for testing and calibration purposes. 

They offer the highest level of accuracy and reliability but also come with a higher price tag. Medium-accuracy sensors are a good balance between cost and performance, making them suitable for a wide range of industrial applications. They offer a reasonable level of accuracy while still being affordable for most budgets. Low-accuracy sensors are the most cost-effective option, but they also have the lowest level of accuracy. The growth of the market is attributed to the increasing demand for these sensors in various industries, including automotive, aerospace, and manufacturing.

Magneto Elastic Torque Sensor Market Output Signal Insights

The Magneto Elastic Torque Sensor Market is segmented by Output Signal into Analog Output and Digital Output. Among these segments, the Analog Output segment is expected to account for a larger share of the market in 2023, owing to its wide adoption in various industrial applications. On the other hand, the Digital Output segment is anticipated to exhibit a steady growth rate, driven by the increasing demand for digital torque sensors in automation and control systems. The Digital Output segment is estimated to hold a significant share of the Magneto Elastic Torque Sensor Market by 2032.

Magneto Elastic Torque Sensor Market Protection Level Insights

The Protection Level segment of the Magneto Elastic Torque Sensor Market is categorized into IP65, IP67, IP68, and Others. Among these, IP65 is expected to hold a significant market share in 2023, owing to its wide adoption in industrial applications that require protection from dust and water jets. IP67 is projected to exhibit a notable growth rate during the forecast period, driven by its increasing use in outdoor and harsh environments. IP68 is expected to gain traction in the market due to its ability to withstand immersion in water for extended periods. Other protection levels, such as IP69K, are anticipated to witness moderate growth, catering to specialized applications in industries like automotive and medical.

Magneto Elastic Torque Sensor Market Regional Insights

The Magneto Elastic Torque Sensor Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America held the largest market share in 2023, owing to the presence of key players and the early adoption of advanced technologies. Europe is expected to be the second-largest market, followed by APAC, South America, and MEA. The APAC region is expected to witness significant growth due to the increasing demand for magneto-elastic torque sensors in various industries, such as automotive, industrial, and healthcare. The MEA region is also expected to experience growth due to the increasing investment in infrastructure and industrial development. The Magneto Elastic Torque Sensor Market is expected to reach USD 3.2 billion by 2032, exhibiting a CAGR of 4.99% during the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Magneto Elastic Torque Sensor Market Key Players And Competitive Insights

Several major players in the Magneto Elastic Torque Sensor Market industry are striving to expand and enhance their product portfolio as well as their distribution network. Adopting various strategies to increase their market share, such as merger, acquisition and partnership, the leading players in the Magneto Elastic Torque Sensor Market industry invest significant capital on research and development to introduce innovative products as well as improve their existing products. The competition in the scale of Magneto Elastic Torque Sensors market development would be fierce among well-established players and other budding new companies in the coming years. In the competitive landscape, Baker Hughes had retained a noteworthy position. Baker Hughes offers an extensive range of magneto elastic torque sensors.

The company's offerings are widely popular and readily available for applications concerning oil, gas, power generation, and industrial manufacturing. Also, Baker Hughes has a widespread distribution network and is known for its superior quality offerings at a client-friendly cost. Honeywell International, an American multinational conglomerate company is another leading player in the Magneto Elastic Torque Sensor Market competitive landscape. 

There is a wide range of magneto elastic torque sensors offered by Honeywell International, including some brushless models and mechanical tension models. Rotational sensors manufactured and distributed by Honeywell International are widely used in the aerospace industries, trending the rotor and fan blades. There are also specified bio-medical devices that use Honeywell International's magneto elastic torque sensors in surgical robots, allowing them to offer better operation and precise results. Another leading player, HBM, is widely popular concerning the R and production of a wide range of torque sensors, which encompasses magneto elastic types that offer significantly enhanced performance. The products offered by HBM are reliable and are widely used across various other industries and applications. HBM has a well-established and well-maintained network of engineers and technicians with a global presence throughout the world.

Key Companies in the Magneto Elastic Torque Sensor Market Include

• Bridgeport Magnetics


• Kistler Group


• Mettler-Toledo International


• Novatek Instruments


• Vishay Intertechnology


• Honeywell Sensing and Productivity Solutions


• Danaher


• TorqSense


• Sensonics


• Reliance Electric


• Dayton Sensors


• Sensor Technology


• HBM


• Encoder Products Company

Magneto Elastic Torque Sensor Industry Developments

The Magneto Elastic Torque Sensor Market size was valued at USD 2.07 billion in 2023 and is projected to register a CAGR of 4.99% from 2024 to 2032. Rising demand for torque sensors in the automotive, aerospace defense, and industrial automation sectors is driving market growth. Technological advancements, such as the development of wireless torque sensors and sensors with improved accuracy and sensitivity, are further fueling market expansion. Asia-Pacific is expected to witness significant growth due to increasing industrialization and automotive production in the region. Key players in the market include HBM, TE Connectivity, and Sensor Technology. Recent developments include the launch of a new range of torque sensors by HBM, designed for use in harsh environments, and the acquisition of Sensor Technology by Amphenol Corporation, expanding its torque sensor portfolio.

Magneto Elastic Torque Sensor Market Segmentation Insights

Magneto Elastic Torque Sensor Market Type Outlook

• Absolute Magneto Elastic Torque Sensors


• Incremental Magneto Elastic Torque Sensors


• Hybrid Magneto Elastic Torque Sensors

Magneto Elastic Torque Sensor Market Application Outlook

• Industrial Machinery


• Automotive


• Aerospace and Defense


• Medical and Healthcare

Magneto Elastic Torque Sensor Market Accuracy Outlook

• High-Accuracy Sensors (0.1% F.S. or Higher)


• Medium-Accuracy Sensors (0.1% - 0.5% F.S.)


• Low-Accuracy Sensors (0.5% F.S. or Lower)

Magneto Elastic Torque Sensor Market Output Signal Outlook

• Analog Output


• Digital Output

Magneto Elastic Torque Sensor Market Protection Level Outlook

• IP65


• IP67


• IP68


• Other

Magneto Elastic Torque Sensor Market Regional Outlook

• North America


• Europe


• South America


• Asia-Pacific


• Middle East and Africa