Global Torque Sensor Market Forecast to 2030 - COVID-19 Impact and Analysis by Type (Rotary Torque Sensors and Reaction Torque Sensors); Technology (Strain Gauge, Surface Acoustic Wave (SAW), Optical, and Magnetoelastic); Application (Automotive, Test & Measurement, Industrial, Aerospace & Defense, and Others); and Geography
Global Torque Sensor Market Introduction
A torque sensor or torque transducer is a device that measures and records the torque on a rotating system such as a transmission, engine, gearbox, electric motor, crankshaft, bicycle crank, etc. A torque transducer converts a mechanical input into an electrical output signal. Substantial growth in the demand for high-performance vehicles and an increase in penetration of EPS in passenger vehicles are the prime factor responsible for the growth of the torque sensor market. On the other hand, the low reliability of available torque sensors in high-end applications is expected to restrain the market growth up to a certain level. Furthermore, an upsurge in demand for new measurement technologies, an increase in requirement of these sensors in robotics, and evolution in the use of torque sensors in industrial applications offer lucrative growth opportunities for the torque sensor market in the near future.
Players operating in the global torque sensor market are adopting various strategies, such as new merger & acquisition, product development & innovation, and partnership & collaboration to sustain the high industry competition. For instance, Teledyne Technologies Incorporated launched its non-contact torque sensor that is specially designed for its installation between power source and load to measure the torque accurately.
Global Torque Sensor Market Overview
The global torque sensor market provides an in-depth analysis of segments and sub-segments, region, and country analysis of the overall growth prospects in the market. The report offers a complete overview of the industry, including both qualitative and quantitative information. The torque sensor market report covers a complete analysis and provides market size and forecast estimation from the year 2017 to 2030 based on various segments and sub-segments with respect to four major regions, including North America, Europe, Asia-Pacific (APAC), Latin America & Middle East and Africa (LAMEA). The research report highlights underlying factors such as the drivers, restraints, opportunities, and trends of the global torque sensor market over the long as well as short period of time. Furthermore, the global torque sensor market report offers PEST analysis, NOISE analysis, improvement Venn diagram, brand recall, perceptual mapping, ecosystem/value chain analysis, Porters five forces analysis, and investment pocket analysis with respect to the market. By examining the data collected from primary and secondary methods, the report offers actionable insights into future growth based on inputs from industry experts to help readers formulate effective strategies. This information can help stakeholders to make appropriate decisions before investing.
Global Torque Sensor Market Insights
The market study offers a complete overview of leading companies and their successful marketing strategies and market contribution, such as business overview, financial information, SWOT analysis, and key strategies, such as recent developments, market expansion, partnership, merger & acquisitions, product launch, product update, and other contexts. Players operating in the global torque sensor market mainly focus on the adoption of various strategies to expand their footprint across the world and take the initiative for the development of innovative, efficient, and advanced products.
Market mapping or perceptual mapping is the graphical representation of where a brand, product, or service stands among competitors. Market mapping analysis helps to understand the client how their customers perceive their product offering with their competitors for the torque sensor market. By identifying their current products and competitor products on the market map, the business can fill an identified gap to compete with the competition actively.
COVID-19 Impact on Global Torque Sensor Market
The COVID-19 pandemic has largely impacted globally since December 2019. According to the World Health Organization (WHO) report, the US, India, Russia, Brazil, Italy, France, Argentina, Spain, Colombia, the UK, Germany, and Mexico are some of the worst affected countries due to the COVID-19. The pandemic is hampering the growth of economies worldwide, and it is likely to continue in 2021. The outbreak disrupts various industries, such as manufacturing, construction, automotive, textiles, chemicals, cosmetics, tourism, hospitality, consumer goods, transportation, IT and telecom, pharmaceutical, and among others. This results in several obstacles in the supply chain of raw materials required for packaging, resulting in demand-supply gaps. This scenario is expected to have a large impact on the global torque sensor market.
With Corona Virus Disease 2019 (COVID-19) pandemic, the world is fighting against Covid-19 pandemic and also economic pandemic, almost impacting trillions of dollars of revenues. Our company brings a high-level insight as well as very deep insights relevant to several promising markets. The study will cover:
· Rapid shifts in top 100 companies across each sector
· Growth and decline in each sector due to the COVID-19 pandemic
Global Torque Sensor Market Segmentation
Global Torque Sensor Market by Type
· Rotary Torque Sensors
· Reaction Torque Sensors
Global Torque Sensor Market by Technology
· Strain Gauge
· Surface Acoustic Wave (SAW)
Global Torque Sensor Market by Application
· Test & Measurement
· Aerospace & Defense
Global Torque Sensor Market by Geography
· North America
o Rest of Europe
· Asia-Pacific (APAC)
o South Korea
o Rest of APAC
o Latin America
o Middle East
1. Althen Sensors & Controls BV
2. Applied Measurements Ltd.
3. burster gmbh & co kg
4. Crane Electronics
5. Datum Electronics Ltd
6. FUTEK Advanced Sensor Technology, Inc.
8. Honeywell International Inc
9. Interface, Inc.
10. Kistler Instrument Corp.
11. Mountz Torque
12. PCB Piezotronics, Inc.
13. Sensor Technology Ltd
14. TE Connectivity
15. Teledyne Technologies Incorporated
Brand awareness is the methodology by which customers are able to recall or recognize a brand (unaided/aided) under several different conditions with respect to the market. These strategies will help the company make people more aware of your brand, especially by targeting relevant, high-quality audiences for the torque sensor market.
Key Questions Answered
· Which region provides more business opportunities for the global torque sensor market in the upcoming years?
· Who is the leading overall torque sensor market, and what strategies have been adopted by them?
· Which segment accounted for the largest torque sensor market share?
· What are the upcoming trends in the global torque sensor market? What impact would these trends make in the coming years for the torque sensor market?
· Which player offering the best product range for the global torque sensor market?
Key Benefits for Stakeholders
· This study presents the analytical description of the torque sensor market analysis along with the current trends and future estimations to describe coming up investment pockets
· The complete torque sensor market opportunity is resolute by knowing profitable trends to gain a stronger foothold
· The report describes insights associated with key drivers, restraints, opportunities, and trends of the global torque sensor market with thorough impact analysis
· The global torque sensor market is quantitatively analyzed from 2017 to 2030 to focus on the monetary ability
· PEST analysis defines the potency of the consumers and suppliers in the global torque sensor market
· Porters five forces analysis examines the five forces that make a competitive company while identifying its strength and weakness. The analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the global torque sensor market
We offer customized reports as per the requirement of clients to fulfill special requirements. We also provide regional and country reports as well.