Market Research Report
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 475 Pages
Delivery time: 1-2 business days
Global Torque Sensors Market to Reach US$16.7 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Torque Sensors estimated at US$10.6 Billion in the year 2020, is projected to reach a revised size of US$16.7 Billion by 2027, growing at a CAGR of 6.7% over the period 2020-2027.Rotary, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$9.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Static/Reaction segment is readjusted to a revised 6% CAGR for the next 7-year period. This segment currently accounts for a 44.4% share of the global Torque Sensors market.
The U.S. Accounts for Over 27% of Global Market Size in 2020, While China is Forecast to Grow at a 10.2% CAGR for the Period of 2020-2027
The Torque Sensors market in the U.S. is estimated at US$2.9 Billion in the year 2020. The country currently accounts for a 27.05% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$3.7 Billion in the year 2027 trailing a CAGR of 10.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR while Rest of European market (as defined in the study) will reach US$3.7 Billion by the year 2027.
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