Torque Sensor Market

Technological advancements in sensor technology are driving the Global Torque Sensor Market Industry forward. Innovations such as wireless torque sensors and advanced data analytics capabilities enhance the functionality and application of torque sensors across various industries. These advancements enable real-time monitoring and data collection, facilitating better decision-making and operational efficiency. As industries increasingly rely on data-driven insights, the demand for sophisticated torque sensors is likely to grow. This trend may contribute to a compound annual growth rate (CAGR) of 6.5% from 2025 to 2035, indicating a robust future for the market.

The Global Torque Sensor Market Industry is significantly influenced by the rapid growth of electric vehicles (EVs). As the automotive industry shifts towards electrification, the demand for torque sensors in EVs is expected to rise. These sensors are essential for monitoring the performance of electric motors and ensuring efficient power delivery. The increasing adoption of EVs, supported by government incentives and consumer preferences for sustainable transportation, is likely to contribute to the market's expansion. By 2035, the market could potentially reach 5000 USD Million, reflecting the critical role of torque sensors in the evolving automotive landscape.

The Global Torque Sensor Market Industry experiences a surge in demand driven by the increasing automation across various sectors. Industries such as automotive, aerospace, and manufacturing are increasingly adopting automated systems to enhance efficiency and precision. This trend is expected to propel the market, as torque sensors play a crucial role in monitoring and controlling torque in automated machinery. With the market projected to reach 2500 USD Million in 2024, the integration of torque sensors in automated processes is likely to be a key driver of growth, ensuring optimal performance and safety in operations.

The Global Torque Sensor Market Industry is witnessing expansion due to the growing applications of torque sensors in various industrial sectors. Industries such as oil and gas, aerospace, and manufacturing are increasingly utilizing torque sensors for monitoring and controlling torque in critical operations. This diversification of applications is likely to drive market growth, as companies seek to enhance operational efficiency and reduce downtime. The integration of torque sensors in diverse industrial processes may contribute to the overall market growth, aligning with the projected increase in market value to 2500 USD Million by 2024.

The Global Torque Sensor Market Industry is also propelled by the increasing focus on safety standards across industries. Regulatory bodies are implementing stringent safety regulations that necessitate the use of torque sensors in machinery and equipment. These sensors help ensure that torque levels remain within safe limits, thereby preventing equipment failures and accidents. As industries prioritize safety and compliance, the demand for torque sensors is expected to rise. This trend aligns with the broader movement towards enhancing workplace safety and operational reliability, further solidifying the market's growth trajectory.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, Asia-Pacific held the largest share of 33.0% in the Torque Sensor Market in 2022 and is expected to maintain its dominance during the forecast period.

The presence of key players and a focus on infrastructure development in the region contribute to market growth. Countries such as Japan, South Korea, China, and India are quickly automating their industrial sectors to boost production efficiency and meet industry demands. Furthermore, the industrial automation and robotics industries are seeing an increase in the deployment of rotational torque sensors, which is pushing the market. In India, the automotive sector dominates the market for torque sensors. Electric cars (EVs) now account for less than 1% of overall vehicle sales in India, according to Catapult Organisations report 2021.

Furthermore, favourable government regulations and hefty investments by manufacturers are likely to drive up demand for torque sensors in the Indian automobile industry.

Furthermore, global demand for industrial robots is increasing at a rate of 46% per year, with the global robotics industry expected to reach USD 248.5 billion by 2025. Such data demonstrate the increasing need for torque solutions in the industrial automation industry, with Japan serving as the market's key aggregator. China's industrial robotics market is expected to grow by 9.5% by 2020, indicating higher demand for torque sensors. Furthermore, according to the country's five-year plan approved earlier this year, the Chinese government plans to increase domestic enterprises' market share from 30-40% to 70% by 2025.

Figure3: TORQUE SENSOR MARKET SIZE BY REGION 2022 & 2032

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

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil and others.

North America, consisting of the US, Canada, and Mexico, stands at the forefront of technological innovation in torque sensor market. The North American torque sensor market is growing due to several factors. Firstly, there is an increasing emphasis on tracking the effectiveness of various systems, including machines, motors, and engines in the region, which has led to a higher demand for torque sensors across various industries. These sensors play a crucial role in Robotics, Engines, Automotive safety system, Assembly & welding, Aircraft flight control, and medical devices.

The European torque sensor market has been analyzed across key countries, including the United Kingdom, Germany, France, Spain, and rest of the Europe. The European torque sensor market is experiencing robust growth, driven by a confluence of factors that reflect the region's commitment to research, development, production, and technological innovation. One of the primary drivers of this growth is the continent's unwavering focus on torque and force measurement which are applied in research, development, and production. The development of contactless hall effect devices for electric power steering is a major industry trend in Europe.

Such technologies are largely employed in electric power-assisted steering applications, allowing for the measurement of the angle change between two spinning shafts and the optimisation of steering force. Through the use of electric steering systems, electronic torque transducers in power steering aid to boost vehicle fuel efficiency.

The torque sensor market in the Middle East and Africa (MEA) region is growing rapidly due to advancements in technology and the increasing reliance on precise torque measurement in various industries. Torque sensors are used in applications such as automotive, medical device, aerospace, manufacturing to quantify the amount of twisting or turning force exerted on a shaft, component, or assembly. The automotive vertical is predicted to play an important role in the growth of the torque sensor market in this region due to large-scale manufacturing and major investments in new vehicle technologies.

The torque sensor market in South America is expanding rapidly due to a number of factors. The region's fast industrialization and automation across multiple industries has increased demand for torque sensors, which are critical for measuring and recording torque, or rotational force, on gearboxes, crankshafts, engines, and other rotating elements. The automotive sector is the main consumer of torque sensors in South America. South America is a large producer of oil and gas, and this industry is also a major consumer of torque sensors. Brazil is South America's largest market for torque sensors.

Many big manufacturers are expanding their distribution networks to reach new clients in the region.

The Torque Sensor Market is characterized by the presence of many regional and local vendors. The regional market is highly competitive, with all the players competing to gain a larger market share. The vendors compete based on cost, product quality, reliability, and aftermarket services. Therefore, vendors globally provide cost-effective and efficient products to survive and succeed in a competitive market.

ABB​, Honeywell International Inc​, Infineon Technologies AG ​, Crane Electronics ​, Applied Measurements Ltd​, Kistler Group ​, Norbar Torque Tools,  ​Sensor Technology Ltd​, and vHBK are the major players in the market, competing in terms of a variety of applications of global Torque Sensor and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of global players is to provide advanced products to aid in increasing adoption, which could help strengthen a country's growth with advanced products.

Although global players dominate the market, a few other local players with a limited market share also have a prominent presence in this market.

The major players would look to strengthen their country's presence through mergers & acquisitions of local and regional players. They are expected to expand their presence and solutions in the above countries during the forecast period. Therefore, vendors globally develop new technologies to stay at par with emerging technology trends that could affect the competitiveness of their product lines in the market.