The torque sensor market has been forecast to increase at a compound annual growth rate (CAGR) of 8.5% over the next five years, increasing from a value of $869.73 million at the end of 2012, to hit a market value of $1.43 billion by 2018.
A torque sensor or torque transducer or torquemeter is a device for measuring and recording the torque on a rotating system, such as an engine, crankshaft, gearbox, transmission, rotor, a bicycle crank or Cap Torque Tester.
Torque sensors are experiencing a strong demand in automotive, aerospace & defense and other potential applications due to increased awareness about importance of torque measurement and control in diverse fields.
The demand is expected to grow at a steady rate during the forecast period with the emergence of non-contact and wireless torque sensing technologies like magneto elastic, surface acoustic wave (SAW) and optical torque sensors.
Torque measurement and monitoring is a critical parameter in almost all rotating parts, machines and equipment to ensure high quality and optimum performance. Torque sensors are being used in numerous applications such as automotive, industrial, test & measurement, aerospace & defense and so on.
The development of non-contact and wireless sensors is further driving the future growth of this market. Currently, the largest market is in automotive and industrial sectors. Other applications such as medical, test & measurement, and aerospace and defense also present a huge potential market for these sensors in near future.
There are a large number of market participants competing in world industrial torque sensors market. Most of these companies supply torque sensors for a wide range of applications. In fact, in 2007-2010, reaction torque sensors and non-contact torque sensors showed the growth as these sensors were adopted by the industrial equipment market.
Major players currently dominating the torque sensors market include ABB (Switzerland), Applied Measurements (U.K.), Crane Electronics (U.K.), Futek Advanced Sensor Technology (U.S.), HBM (Germany), Honeywell (U.S.), Kistler Instrumente AG (Switzerland), MagCanica (U.S.), PCB Piezotronics (U.S.).
For more information on the torque sensors market, see the latest research: Torque Sensors Market
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