Torque Sensor Market Size, Share, Growth Analysis, By Type, By Technology, By Application, By Region - Industry Forecast 2024-2031

Global Torque Sensor Market size was valued at USD 6.99 billion in 2022 and is poised to grow from USD 7.65 billion in 2023 to USD 15.58 billion by 2031, growing at a CAGR of 9.30% during the forecast period (2024-2031).

The global torque sensor market has seen substantial growth recently, fueled by a range of factors and offering numerous opportunities. Torque sensors are critical for providing accurate torque measurements across various applications, playing a vital role in ensuring performance, quality control, and safety in multiple industries. A major factor driving the expansion of the torque sensor market is the increased adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs). In these electric powertrains, torque sensors are crucial for efficient power transfer and control. The market also benefits from the growth in industrial automation, particularly in emerging economies, where there is a rising demand for robotics and precise torque measurement in robotic systems. Advancements in sensor technology, including the development of non-contact torque sensors and wireless connectivity options, further enhance opportunities for innovation and market growth. Despite challenges related to cost and integration, the torque sensor market continues to grow steadily due to the rising need for accurate torque measurement across various sectors. With a strong focus on automation, robotics, and technological advancements, the market is well-positioned for continued expansion.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Torque Sensor market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Torque Sensor Market Segmental Analysis

The global torque sensor market is segmented by application, product, and region. Based on product, the market is segmented into Rotary Torque Sensors, and Reaction Torque Sensor. Based on technology market is segmented into Strain Gauge, Magnetoelastic, Optical, Surface Acoustic Wave (SAW). Based on application, the market is segmented into automotive & transportation, Test & Measurement, Industrial, aerospace & defense, medical & healthcare, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Torque Sensor Market

The global transition to electric and hybrid vehicles is a major factor propelling the growth of the torque sensor market. As stringent emission regulations and the push for sustainable transportation solutions gain traction, the demand for torque sensors in electric powertrains is rising. These sensors are crucial for accurate torque measurement, which in turn supports efficient power distribution and improves overall vehicle performance. Torque sensors play a key role in optimizing the performance of electric and hybrid vehicles by ensuring precise control of power transfer. Their ability to provide accurate torque measurements is essential for enhancing vehicle efficiency and meeting the growing regulatory and environmental standards.

Restraints in the Global Torque Sensor Market

The high cost of torque sensors can be a notable barrier to their widespread adoption, especially for small and medium-sized enterprises. The complexity involved in sensor technology, coupled with the necessity for high accuracy and reliability, contributes to the elevated price of these devices. Price sensitivity in certain market segments may further restrict the adoption of torque sensors. The financial constraints faced by smaller businesses can limit their ability to invest in these advanced technologies, potentially affecting overall market growth.

Market Trends of the Global Torque Sensor Market

A notable trend in the torque sensor market is the increasing emphasis on miniaturization and integration into compact, multifunctional systems. This approach not only simplifies the incorporation of torque sensors into diverse applications but also reduces the overall size and weight of the sensing solutions. By focusing on miniaturization and integration, torque sensors can be effectively used in environments with limited space and support the creation of advanced applications. This trend enhances the versatility of torque sensors and expands their potential uses in various innovative settings.