Torque Sensors Market Size To Reach USD 16 Billion At A 9% CAGR By 2030 Report By Market Research Future (MRFR)

Torque Sensors Market Size To Reach USD 16 Billion At A 9% CAGR By 2030 Report By Market Research Future (MRFR)

Torque Sensor Market Research Report Information by Type (Rotary Torque Sensor, Reaction Torque Sensor), by Application (Automobile, Industry, Test & Measurement, Aerospace & Defense, Others) and by Region (North America, Europe, Asia Pacific, and Rest of the World)

NEW YORK, USA, MAY 1, 2023 (GLOBE NEWSWIRE) - According to a comprehensive research report by Market Research Future (MRFR), " Torque Sensor Market Research Report by Type, Application and Region - Forecast Market by 2030 is expected to be worth approximately 16 billion USD by the end of 2030. The report also predicts that the market will expand at a sharp CAGR of more than 9% during the assessment period.

Torque Sensors Market Analysis

The growing importance of torque measurement is a major driving force in the torque sensor market. Torque measurement is an important step in the automotive industry. Torque measurement is required in a variety of applications, including engine gearbox testing, pump testing, turbine testing, and power measurement. Torque is an important quantity in the development of industrial and combustion engines. Furthermore, torque measurement is very important for any machine that achieves angular velocity. Engine efficiency is increased by torque sensing.

The demand for torque limiting for automobiles will increase in the coming years. Moreover, the growing demand for hybrid vehicles is driving the torque sensor industry. In hybrid vehicles, torque applications need to be higher and wider. As demand continues to grow, the market advantage will expand. Moreover, the development of industrial automation is the driving force of this industry.

The production of light vehicles has a positive impact on this sector. As the industry becomes more automated, the demand for torque sensors is increasing. According to the torque sensor market analysis, the expansion rate and profitability will be higher during the forecast period. As a result, the above factors related to torque sensor have fueled the CAGR of global torque sensor market in recent years.

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Major players in the torque sensor market include:

Scope of the Torque Sensors Market Report:

Reporting metrics

the details

Estimated revenue in 2030

$16 billion

The growth rate of the gyro sensor market

9% compound annual growth rate from 2023 to 2030

reference year

2022

Education period

2023-2030

Major market opportunities

The demand for electric and hybrid vehicles continues to grow around the world

Major market leaders

The torque tuning requirements of a vehicle would be huge.

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Torque sensors market segment

The torque sensor market is divided into two types: torque sensors and feedback torque sensors. In 2022, the rotational torque sensor category accounted for a significant portion of the torque sensor market revenue. The torque sensor measures the torque applied to the rotating shaft, making it ideal for situations where the shaft is constantly rotating.

On the other hand, feedback torque sensors measure the force applied to a stationary object and adjust it in situations where the stationary shaft is subjected to torque.

Automotive, industrials, test and measurement, aerospace and defense and others are the application segments of the torque sensors market. The automotive category is leading the market in 2022 and is expected to be the fastest growing segment between 2023 and 2030.

This study divides the market into four regions: North America, Europe, Asia Pacific, and Rest of the World. The Asia-Pacific region has the largest market for torque sensors including China, Japan and South Korea, which greatly contribute to the growth of the market.

The Asia Pacific market is being driven by the growth of the automotive sector in the region and the growing demand for advanced torque sensors.

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The European torque sensor market is the third largest in the world. Europe is an important market for torque sensors, with growing demand in industries such as automotive, aerospace, wind power, and manufacturing. The presence of large companies in the region and the growing need for advanced torque sensors for applications such as engine control, powertrain control and wind turbine control are major factors in the European market.

In addition, the European Union's focus on reducing carbon emissions and improving vehicle fuel efficiency has led to increased use of advanced torque sensors in the automotive industry. The growing demand for wind energy in the region has also led to an increase in the demand for torque sensors in the wind energy sector.

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The North American torque sensor market is expected to grow at the fastest CAGR from 2023 to 2030. This is due to the growing demand for advanced torque sensors in the automotive and aerospace industries, as well as the growing demand for wind energy in the region. Presence of major industry players and increasing focus on improving fuel efficiency and reducing emissions is expected to drive the expansion of torque sensors market in North America in the coming years. Moreover, the torque sensor market in the United States holds the largest market share, while the torque sensor market in Canada is the fastest growing market in the North American region.

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Insights on the future of market research:

Market Research Future (MRFR) is a global market research firm that prides itself on its services, providing comprehensive and rigorous analysis of various markets and consumers around the world. Future Market Research aims to provide customers with optimum quality research and detailed research. Our market research on products, services, technologies, applications, end users and market players by global, regional and country market segments allows our clients to see more, learn more and do more, helping to answer your most important questions. to request.

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