Torque Sensor Market Share, Changing Lives, And Forecast 2029

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A Torque Sensor Market size was valued at US$ 7.06 Bn. in 2022 and the total Torque Sensor revenue is expected to grow by 5.5% from 2023 to 2029, reaching nearly US$ 10.28 Bn.

Torque Sensor Market Overview:
The Torque Sensor market analysis offers a comprehensive picture of the competition, encompassing market share and company profiles of the industry's top global rivals. It provides a complete examination of the Torque Sensor Market size and investigates the reasons behind variations in industry growth across different regions. This valuable information empowers businesses to make informed decisions, understand their competitors' strengths and weaknesses, and identify growth opportunities in various markets.

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Market Scope:
The research study heavily relies on secondary sources, including annual reports, press releases, journals, company websites, and databases. These sources are utilized to locate and gather relevant excerpts essential for the study. By leveraging such diverse and reliable information, the research ensures a comprehensive and accurate analysis, enabling businesses to make well-informed decisions based on robust data and insights.

Segmentation:

During the projection period, the automotive segment is expected to increase at a CAGR of 6.1%. Torque sensors have long been employed in the automotive industry, where rotating torque sensors are used to inspect gearboxes, strain gauges, clutches, braking, rear suspension, powertrain, and dynamic torque within the engine. With increased vehicle manufacturing, the sector has the potential for innovation. Furthermore, electric vehicles do not require a gearbox or a clutch. Nonetheless, the engines produce torque, which is required to power a limited range of engine speeds or gears, as well as to accelerate. This raises the global demand for torque sensors in EV production.

As the demand for vehicles rises, the automotive industry's manufacturing sectors are implementing automation procedures utilising sophisticated robotics. For example, giant robots with large payload capacities and long reach are used to join vehicle body portions, whilst smaller robots are employed to join parts and components such as brackets and mounts. Robotic MIG and TIG arc welding directs the flame in the same direction every cycle. Torque sensors are in high demand in the automotive sector because they ensure that every design is forged to the same high standard, with uniform speed and arc spacing.

Key Players:

1.ABB Ltd
2.Crane Electronics Ltd
3.HBK Benelux (Spectris PLC)
4.Applied Measurements Ltd.
5.Honeywell International
6.Norbar Torque Tools Ltd
7.Infineon Technologies AG
8.Teledyne Technologies, Inc.
9.TE Connectivity Ltd
10.Datum Electronics Ltd
11.PCB Piezotronics, Inc.
12.Kistler Instrumente AG
13.MagCanica, Inc.
14.FUTEK Advanced Sensor Technology
15.Interfaceforce

Regional Analysis:

The regional description of the Torque Sensor market analysis includes a detailed examination of individual market influencing variables and changes in market regulations that impact present and future market trends. The study reviews current and future trends to assess the overall market potential and identify lucrative opportunities for establishing a solid footing. The geographical market evaluation is grounded in both the existing environment and anticipated trends, offering businesses valuable insights to make informed strategic decisions in their target regions.

COVID-19 Impact Analysis on Torque Sensor Market:

end-user industries utilizing Torque Sensor experienced a drop in growth in several countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to operational pauses amid increasing COVID-19 cases and lockdowns. This decline in end-user industry revenues led to a significant decrease in demand for Torque Sensor manufacturers, directly impacting the growth of the Torque Sensor market in 2023. The global increase in COVID-19 instances contributed to the sharp decline in demand for Torque Sensor products as businesses faced challenging conditions during this period.

Key Questions Answered in the Torque Sensor Market Report are:

• What are the major factors influencing the growth of the Torque Sensor market in 2023?
• Which companies or brands are leading in the Torque Sensor market and what are their strategies?
• What are the key challenges faced by the Torque Sensor market during the forecast period (2023-2029)?
• How is the regulatory landscape affecting the Torque Sensor market's development?
• What are the emerging trends and opportunities in the Torque Sensor market that industry players should be aware of?
• Which customer segment is expected to experience the highest growth in the Torque Sensor market over the forecast period?
• What innovative technologies or product advancements are driving the evolution of the Torque Sensor market?
• What are the potential risks and threats that could impact the Torque Sensor market's growth trajectory?
• How is the COVID-19 pandemic affecting the Torque Sensor market and what recovery strategies are being adopted by businesses?
• Which distribution channels are proving to be the most effective for companies operating in the Torque Sensor market?

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