Global Torque Sensor Market Size, Share, Growth Analysis, By Application(Automotive & Transportation, Aerospace & Defense), By Product(Rotary Torque Sensors, Reaction Torque Sensors) - Industry Forecast 2023-2030

Global Torque Sensor Market size was valued at USD 7 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 torque sensor market has seen notable growth recently, fueled by various factors and offering numerous prospects. Its primary aim is to fulfill the increasing need for accurate torque measurement across diverse applications, playing a pivotal role in ensuring precision, quality assurance, and safety across industries. The surge in electric and hybrid electric vehicle adoption stands out as a key driver, given the crucial role of torque sensors in efficient power transfer within electric powertrains. Alongside, the market benefits from the expanding industrial automation sector, particularly in emerging economies, where robotics and precise torque measurement requirements create fertile ground for market expansion. Furthermore, innovations like non-contact torque sensors and wireless connectivity options drive further opportunities for market growth. Despite challenges related to cost and integration, the torque sensor market is on a steady growth trajectory, propelled by factors like the EV adoption, automation, and sensor technology advancements.

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 on the basis of application, product, and region. Based on application, the market is segmented into automotive & transportation, aerospace & defense, medical & healthcare, and others. By product, the market is segmented into rotary torque sensors, reaction torque sensors, saw torque sensors, optical torque sensors, and others. By 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 torque sensor market is being propelled by the worldwide transition to electric and hybrid vehicles, spurred by stringent emission regulations and a growing embrace of sustainable transportation options. Torque sensors play a crucial role in electric powertrains by facilitating accurate torque measurement, which in turn enables efficient power distribution and improves overall vehicle performance.

Restraints in the Global Torque Sensor Market

The widespread adoption of torque sensors faces a significant obstacle due to their high cost, especially for small and medium-sized businesses. The intricate nature of sensor technology and the requirement for precise and dependable performance contribute to the elevated price of torque sensors. Consequently, price sensitivity within specific market segments can impede their uptake to a certain degree.

Market Trends of the Global Torque Sensor Market

A rising inclination towards the miniaturization and integration of torque sensors into compact, multifunctional systems is evident. This shift facilitates seamless integration into diverse applications, concurrently diminishing the overall size and weight of torque sensing solutions. Emphasizing miniaturization and integration permits torque sensors to be readily deployed in confined spaces and fosters the evolution of sophisticated applications, opening avenues for enhanced versatility and efficiency.