The global torque sensor market has witnessed substantial growth over the last five years, owing to the advent of new applications. Torque measurement is of prime importance in engine & transmissions testing, pump testing, turbine testing, and power measurement in propulsion systems. Torque sensors have a significant number of applications in automotive applications such as chassis performance, steering systems, dynamometers, transmission and driveline.
Some of the major drivers for the torque sensors market include trend towards adoption of electric vehicles, up-gradation to electric power steering system, trend towards condition-based maintenance, and need for better fuel efficiency. Lack of reliable sensors catering to high end applications is expected to restrain torque sensor market growth over the forecast period.
Quality control specifications such as ISO 9000 have been responsible for the torque sensors industry growth. As torque measurement is a vital parameter in rotating parts, devices, and machines to ensure high process quality and performance optimization, torque sensors have grown in prominence in several applications such as electric & hybrid car engines, medical prosthetics and robotics.
The torque sensors market can be bifurcated into application and technology. The application segment can be further categorized into test & measurement, automotive, aerospace & defense, industrial, and medical. The technology sector includes various types of torque sensors such as Surface Acoustic Wave (SAW), rotary, magnetoelastic, and optical. The rotary segment can be further broken down into contact and non-contact sensors.
Key players in the market include PCB Piezotronics Inc., Kistler Instrumente AG, Crane Electronics Ltd., Honeywell International Inc., MagCanica, and Datum Electronics Ltd.
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The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.