A new report titled, “Global Market Study on Torque Sensor: Rotary Torque Sensor Expected To Be the Most Valuable Product Type Segment throughout the Forecast Period,” was recently published by Persistence Market Research. According to this report, the worldwide torque sensor market cleared more than $1.1 billion ($1,105.9 million USD) in 2015, and analysts are predicting it will further climb to nearly $1.9 billion ($1,889.9 million) by the end of 2021.
To make this prediction, analysts used a range of factors, including new applications of torque sensors, more demand for torque measurement technology, and increased demand coming from the automotive industry. These are the major factors driving this incredible industry growth.
This technology is also being widely used in cars to make them even better on the road. A used car report broke down the tech among different manufacturers to find consumers the best deal and revealed some of the differences between the technology in each one.
In addition to the aforementioned factors, other driving trends are the development of wireless sensors, increased adoption of quality standards, and more government regulations in developing countries for machine safety. Load cell are torque sensors are used in wide temperature ranges, from -452 degrees Fahrenheit to 450 degrees Fahrenheit. Safety measures have been a long time coming, and now that they are in place, the industry is responding.
This market can be divided into sub-sectors based on product type, mechanical configuration, application, and region. Each one is currently contributing to the growth of the industry as a whole, which is the driving force behind this global market increase.
One of the most dominant segments is the rotary torque sensor segment. This sector has about 53% of the torque sensor market worldwide. However, this dominant share will likely even out with other product types by 2021.
Another large factor in this growth is the application in vehicles; this sub-sector held the largest share of the market in 2014 and will like gain speed again over the next five years. In this segment, the growth is again down to better technology coupled with better applications of existing technology.
The report also broke down regional markets. They can be divided into five regions, with APAC dominating (31.9% share) and the Middle East and Africa gaining speed in their expansions.