Expanding Applications to Drive Demand for Torque Sensors, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Torque Sensors markets. Global market for Torque Sensors is projected to reach US$1.1 billion by the year 2018, driven by increasing demand from existing and emerging application areas, and technology developments that offer significant improvements in terms of longevity, performance, accuracy, and reliability.
San Jose, California January 13, 2014
Follow us on LinkedIn - Torque measurement and control is a significant factor considered in most rotating components, devices, and machines, and is essential for achieving high-quality performance of processes or the entire system. Torque sensor, also known as torque meter or torque transducer, is a device that can measure and record torque developed on rotating systems such as helicopter tail rotor, crankshaft, engine, transmission, gearbox, and bicycle crank, among others. The need for accurate torque measurement as a means to achieve significant improvements in operational efficiency of the component is driving up demand for torque sensors in varied applications. Currently, torque sensors are used widely in the automotive, aerospace and defense, medical, and industrial sectors. Increasing opportunities from newer applications are likely to stimulate growth in the market in the coming years.
Factors such as the need for improving fuel efficiency, ongoing upgrade to electric power steering systems, and the shift towards condition-based maintenance (CBM) are expected to fuel growth in the market. Torque sensors are also benefiting from technology advancements over the past several years that have led to the development of improved sensors with the ability to offer greater level of accuracy and enhanced performance in various applications such as dynamometers, hybrid and electric automobile engines, and medical prosthetics. Development of wireless and non-contact torque sensors such as magneto-elastic sensors, optical torque sensors and surface acoustic wave (SAW) sensors is expected to foster demand in a wide range of applications in the coming years, specifically in areas such as diagnostic equipment, medical robotics, and racing applications.
As stated by the new market research report on Torque Sensors, the United States represents the largest market worldwide. Improving economic fundamentals is driving consumer sales of new automobiles, thereby fostering demand for torque sensors. In developed nations, demand for torque sensors in the automobile industry is also benefiting from the adoption of stringent safety regulations adopted. Asia-Pacific represents the fastest growing regional market with a CAGR of 9.7% over the analysis period. Growth in the region is driven by growing automotive production and rapidly expanding aircraft fleet.
The automotive industry ranks as the dominant end-use sector, with electric power steering and engine crank being the primary application areas. Changing vehicle manufacturing standards, increasing use of driver assistance systems, such as dynamic/electronic stability control, is creating increased demand for non-contact sensors for use in passenger cars and commercial vehicles. In addition to the automotive industry, torque sensors are finding their way into several other application areas. In industrial applications, rotary and reaction torque sensors find use in a wide range of applications such as dynamometers, fan testing, electric motor testing, torsion testing machines, and hydraulic pump testing. In the aerospace industry, torque sensors are vital given the huge amount of torque generated during the flight of aircrafts or helicopters. In medical applications such as robotic surgery or prosthetics, accurate measurement of torque is essential for achieving precision results.
Major players covered in the report include ABB Ltd., Applied Measurements Ltd., ATI Industrial Automation Inc., Crane Electronics Ltd., Datum Electronics Limited, FUTEK Advanced Sensor Technology Inc., Honeywell Sensing & Control, Hottinger Baldwin Messtechnik GmbH, Kistler Instrumente Ag, Lorenz Messtechnik GmbH, MagCanica Inc., Measurement Specialties, Norbar Torque Tools Limited, PCB Load & Torque Inc., SCAIME SAS, SENSY S.A., and Teledyne Instruments, among others.
The research report titled "Torque Sensors: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for major geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. End-use markets analyzed include Automotive, Industrial, Medical, and Others.
For more details about this comprehensive market research report, please visit - http://www.strategyr.com/Torque_Sensors_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.