Torque Sensor Global Market Report 2024

A torque sensor is a transducer designed to convert mechanical torque into an electrical signal. There are two primary types of torque sensors – reaction torque sensors and rotary torque sensors. These sensors find applications in various industries, including automotive, motorsports, aerospace, rail, and construction. Some common applications of torque sensors include drag torque measurement, precision mechanics, screwing technology, and testing tools.

The two main types of torque sensors are reaction torque sensors, which convert a reaction torque measurement into an electrical signal, and rotary torque sensors, which are frequently utilized in automotive engine testing, drive train measurements, electric motor testing, and gearbox testing. In terms of technology, major types of torque sensors include surface acoustic wave (SAW), optical, and magnetoelastic torque sensors. The automotive, industrial, aerospace and defense, and healthcare industries are among the major sectors where torque sensors find significant applications.

The torque sensor market research report is one of a series of new reports that provides torque sensor statistics, including torque sensor industry global market size, regional shares, competitors with torque sensor shares, detailed torque sensor segments, market trends and opportunities, and any further data you may need to thrive in the torque sensor industry. This torque sensor research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The torque sensor market size has grown exponentially in recent years. It will grow from $9.51 billion in 2023 to $11.48 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth observed during the historical period can be attributed to various factors, including the demand from the automotive industry, increased adoption of industrial automation, growth in renewable energy initiatives, applications in the aerospace and defense sector, and advancements in space exploration activities.

The torque sensor market size is expected to see rapid growth in the next few years. It will grow to $22.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of electric vehicles, the adoption of Industry 4.0 and IoT (Internet of Things) technologies, increased utilization of robotic automation, advancements in emerging healthcare technologies, and the implementation of smart grid solutions. Key trends expected during this period encompass miniaturization and integration of torque sensors, integration with Industry 4.0 and IoT, non-contact torque sensing methods, digital calibration and self-diagnostics features, as well as the adoption of wireless torque sensing technologies.

The torque sensor market is experiencing growth owing to the increasing adoption of electric vehicles. Torque sensors play a crucial role in electric automotive applications, facilitating the measurement of drive and braking torque as well as enhancing overall efficiency. The surge in electric vehicle demand is evident from the data as of 2020, with 10 million electric vehicles globally. Notably, sales of electric vehicles nearly doubled to 6.6 million in 2021, constituting around 9% of total sales and contributing to a total of 16.5 million electric vehicles on the roads, as reported by the International Energy Agency in September 2022. Thus, the escalating demand for electric vehicles is a significant driver behind the growth of the torque sensor market.

The torque sensor market is expected to benefit from increased car sales. Torque sensors are integral to optimizing engine performance, enhancing safety and stability, improving fuel efficiency, and ensuring the efficient operation of various automotive systems. In the United States, for example, approximately 13.74 million cars and light trucks were sold in 2022, with projections estimating sales to reach 14.8 million in 2023, as reported by FinMasters in July 2023. The continuous rise in car sales is anticipated to propel the torque sensor market forward.

A key trend in the torque sensor market is technological advancements. Sensor Technology Ltd. introduced a range of non-contact torque sensors using surface acoustic wave detection in September 2021. This exemplifies the ongoing technological advancements, including the development of miniature and wireless torque sensors, non-contact sensing techniques, and integration with IoT and cloud computing. These advancements contribute to improved sensor accuracy, reliability, and seamless integration into diverse applications.

Major companies in the torque sensor industry are adopting a strategic partnership approach to enhance torque sensor services. Datum Electronics Ltd., a UK-based manufacturer of torque sensors, collaborated with Nautilus Labs, a US-based software company, in April 2021. This partnership aims to enhance access to high-frequency data for Nautilus Labs' predictive decision support platform, providing a comprehensive solution for digitizing and managing vessel data.

In April 2021, Amphenol, a US-based producer of electronic components, acquired MTS Systems, a US-based supplier of test systems and industrial sensors. This strategic move, combining their complementary sensor product portfolios, enables the companies to offer innovative technologies across multiple end markets, further strengthening their position in the torque sensor market.

Major companies operating in the torque sensor market include ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., Infineon Technologies AG, Kistler Group, MagCanica Inc., Snap-On Inc., Datum Electronics Limited, Hottinger Baldwin Messtechnik GmbH, PCB Piezotronics Inc., Interface Inc., Teledyne Technologies Inc., TE Connectivity Ltd., Bota Systems, HITEC Sensor Solutions, KONUX, Mountz Inc., Robotiq Inc., S. Himmelstein & Company, Transense Technologies PLC, ATI Industrial Automation Inc., HBK Benelux, Sensor Technology Ltd., Norbar Torque Tools Ltd., Magtrol SA, Kavlico Corporation, Scaime SAS, Lorenz Messtechnik GmbH, KTR Systems GmbH, Kuebler Inc., Manner Sensortelemetrie GmbH, SICK AG, Honsberg Instruments GmbH, RDP Electronics Ltd., Hohner Automáticos S.L., KOBOLD Messring GmbH

North America was the largest region in the torque sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global torque sensor market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the Torque Sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The torque sensor market consists of sales of reaction sensors, rotary sensors, and other torque sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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