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The global torque sensors market is witnessing significant growth due to the growing demand for electric vehicles (EVs) and hybrids, the growing adoption of automated torque monitoring technologies for the development of smart factories, and the growing focus on industrial safety and quality control.
The COVID-19 pandemic initially caused disturbances in the torque sensor market, leading to difficulties in supply and demand. Nonetheless, industries have adapted and are currently employing these sensors in a more strategic manner to improve operational efficiency and resilience following the pandemic.
The impact of generative AI on torque sensors is profound, leading to advancements in design, functionality, and application in collaborative robotics. By enhancing safety, accuracy, and adaptability, these technologies are paving the way for more efficient and effective robotic systems in various industrial applications. Moreover, the combination of generative AI with machine learning algorithms enables torque sensors to learn from historical data, optimizing their performance over time.
Rising Usage of Torque Sensors in Industrial Automation and Robotics to Drive the Market Growth
The market is being driven by the rise of industrial automation and the increasing use of robotics in various industries. Torque sensors play a crucial role in monitoring and regulating the torque applied by robotic arms and machinery in automated manufacturing processes. The demand for greater precision and efficiency in manufacturing processes is leading to the incorporation of advanced torque sensors. These sensors help industries achieve optimal performance and ensure the safety of automated systems as they strive for higher productivity and reduced downtime. Furthermore, the market receives a further boost from the expansion of Industry 4.0 and the adoption of smart manufacturing practices, as these sensors are essential for real-time monitoring and control in smart factory environments.
Integration Challenges with Other Systems May Hinder Growth
Integrating torque sensors into current systems or machinery can pose challenges, particularly when there are compatibility issues between sensor technologies and the equipment they are intended to function with. It can be time-consuming and challenging to ensure smooth integration and compatibility with different control systems, data collection systems, and communication protocols.
Miniaturization and Sensor Technology Innovation to Create Lucrative Opportunities in the Market
The need for incorporation into smaller and more intricate devices and systems is increasing, leading to a push for miniaturization and the development of more compact and lightweight torque sensors. Additionally, ongoing advancements in sensor technology, including the utilization of novel materials and sensor fusion methods, are enhancing the accuracy, reliability, and overall performance of torque sensors.
By Type | By Technology | By Industry | By Geography |
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The report covers the following key insights:
Based on type, the market is subdivided into rotary torque sensors and reaction torque sensors.
The rotary torque sensors segment accounts for the largest market share. The use of these sensors is widespread across different sectors, such as automotive, manufacturing, and aerospace. The rotary sector is set for continuous growth due to the increasing need for precise torque measurements to enhance performance and ensure quality, driven by ongoing technological advancements and expanding industrial uses.
Based on technology, the market is fragmented into surface acoustic wave, magnetoelastic, optical, strain gauge, and others.
Surface Acoustic Wave (SAW) technology plays a crucial role in the market as it provides a non-contact and highly sensitive method for measuring torque. By using acoustic waves, these sensors can identify alterations in surface waves resulting from torque-induced deformations. This technology offers benefits such as high resolution, low hysteresis, and immunity to electromagnetic interference. As industries place a greater emphasis on accuracy and dependability in torque measurements, SAW technology is becoming more prominent and fueling its market expansion.
Based on industry, the market is segmented into automotive, industrial, test & measurement, aerospace & defense, healthcare, and others.
The automotive segment accounts for the largest market share. The automotive market shows potential for growth due to the increasing production of automobiles. Torque sensors have been a staple in the automotive industry for a considerable period, serving various purposes such as strain measurement, gearbox testing, and assessing suspension system, clutch, brake, powertrain, and dynamic engine torque.
The global production of light vehicles experienced a decline to approximately 70 million units in 2020 during the COVID-19. It is expected that the automotive market will recover and return to pre-pandemic production levels by around 2023. Projections indicate that approximately 93 million light vehicles may be produced globally by 2025.
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Based on region, the market has been studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
North America accounted for the largest share of the global torque sensors market in 2023. The market is experiencing growth for a number of reasons. There is a rising focus on monitoring the efficiency of different systems, such as motors, machinery, and engines in the area, resulting in the increased need for torque sensors in various industries. These sensors are essential in applications such as engines, medical devices, automotive safety systems, robotics, assembly & welding, and aircraft flight control.
Europe is a significant market based on the demand for torque sensors. The market is growing strongly due to a combination of factors that demonstrate the region's dedication to research, development, manufacturing, and technological progress. An important factor driving this growth is the region's consistent emphasis on measuring torque and force, which play crucial roles in research, development, and production.
Asia Pacific is expected to witness rapid growth during the forecast period. The manufacturing sectors of Japan, South Korea, China, and India are swiftly integrating automated equipment to enhance production efficiency and meet industry demands. Additionally, there is a growing adoption of rotary torque sensors in the industrial automation and robotic industry, driving market growth.
The global torque sensors market is fragmented with the presence of a large number of group and standalone providers.
The report includes the profiles of the following key players:
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