Torque Sensor Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The torque sensor market is expected to register a CAGR of 9.02% during the forecast period 2021-2026.

- An increasing trend towards automation across all end-user industries is boosting the demand for industrial robots and torque measurement being a vital parameter in rotating parts of the industrial robots would boost the adoption of the torque sensors in the robots.

- For instance, in January 2019, ATI Industrial Automation, Inc. introduced Force/Torque Sensor for extensive robotic use for its client Hirebotics, a leading robotic service provider in the U.S. These sensors helped in increasing the operational capability in the complex work environment.

- Moreover, with increasing demands to improve safety, control and pilot operations, aerospace companies are expected to adopt torque sensors because these sensors measure torque in-flight controls, actuation systems, and braking systems. Also, to remain competitive in the market, torque vendors are coming up with new products that are suitable for specific applications.

- For example, in February 2019, FUTEK Advanced Sensor Technology, Inc. ...
... TFF400 reaction torque sensor made from aluminum and anodized for optimum durability for use in aerospace industries.

- However, on the flip, lack of reliable torque sensors catering to high-end applications for specific applications is one of the major challenges for the market.

Key Market Trends

Applications in Automotive Industry Offers Potential Growth

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- On the basis of the applications, the automotive industry is the major contributor to torque sensors market growth. Torque sensors are mainly used in the tire braking system, motor dynamometers, friction-skid testing, and twist measurement. Additionally, powertrain, brake, and suspension systems are tested using torque sensors, which are also used to measure horsepower in the interest of improving fuel efficiency.

- Moreover, due to the increasing penetration of hybrid vehicles globally, the electric motor provides instant torque, improving drivability and performance especially at low speeds, which is a desirable feature. Such features are driving the torque sensors in the hybrid vehicles.

- Also, the electric vehicles faced with consumer demand for vehicles that offer lower fuel consumption, greater operating safety, longer-lasting reliability, and higher levels of comfort. This demand has resulted in the increase of adoption of the torque sensors in the automotive industry.

- For instance, in December 2019, Porsche Engineering has developed and begun testing a new torque control system for an all-wheel-drive electric SUV that is expected to provide maximum stability and safety when driving, all without using additional sensors on board.

- Also mandated safety systems, such as tire pressure monitoring systems attained full implementation in new vehicles in major automotive markets. Thus, such initiatives are expected to increase the adoption of the torque sensors in the market.

Asia- Pacific to Witness Fastest Growth

- Asia-Pacific is expected to witness the fastest demand for the torque sensors owing to the presence of the developing economies such as India and China. The torque sensors market in these regions is primarily driven by the growing automobile manufacturing industry, especially in countries, such as China, Korea, and India.

- Also, with the rapid expansion of aircraft fleet in the Asia Pacific and with larger numbers of aircraft being manufactured, there will be a corresponding rise in the sales of torque sensors.

- According to the 2019 Boeing Services Market Outlook report, over the next 20 years, approximately 40% of all new commercial airplane deliveries will go to the Asia-Pacific region. And the same reports also state that Air cargo growth in the Asia-Pacific region will also require more than 1,000 dedicated freighters to meet market demand during the forecast period. Such a huge expansion in the aerospace industry is expected to have a [ositive outlook in the torque sensors market.

- Also, the companies are expanding their footprint in the region to gain competitive advantages. For instance, December in 2019, Mainboard-listed SIA Engineering Company Limited (SIAEC) and Safran Aircraft Engines have signed an agreement to provide engine maintenance services to Safran Aircraft Engines.

Competitive Landscape

The torque sensors market is extremely competitive owing to the presence of vendors such as ABB Ltd., Datum Electronics Limited, and Crane Electronics Ltd amongst others. Most of the companies concentrate their efforts on the development of torque sensors for multiple applications.

- January 2020- PACCAR Inc. partnered with Dana Incorporated on electric powertrain development for medium-duty Kenworth battery electric vehicles. Mechanical modifications to the Kenworth T680 would include redundant steering torque overlay system, upgraded high capacity alternator, a high-fidelity electronically controlled air braking system, and the addition of rear seats in the sleeper structure for the autonomous engineering team.

- September 2019 - Datum Electronics along with Comtel Corporation launched torque transducers, bolt-on strain & load sensors and shaft power measurement devices, for automotive testing applications.

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