The torque sensor market was predicted to have garnered income worth about USD 869.6 million in 2012. It is estimated to achieve around USD 1, 427.7 million by 2018. The market is projected to notice a CAGR of around 8.5 percent from 2013 to 2018. The said phase marks the forecast period. With regard to volume, the total torque sensors transported in 2012 were 525.7 thousand and are estimated to rise to about 969.8 thousand by 2018.
Torque estimation and control is a significant constraint in majority of rotating machines, parts and instruments. It makes sure that the entire process has high performance and quality. With rising consciousness in relation to the significance of torque estimation, torque sensors have paved their way in various branches, like engines of electric and hybrid vehicles and medical prosthetics. Rising demand for torque sensors from these branches is anticipated to drive more demand for the torque sensor market in the future.
Furthermore, increased demand for torque sensors from consumer segments is also estimated to drive the demand for the torque sensor market in the coming years. Product innovations in torque sensors are estimated to result in wireless and non-contact torque sensors. This factor is predicted to augment the utilization of torque sensors and drive the market further. The torque sensor market is divided on the basis of 3 categories. These include applications, technologies and geographies.
The applications market includes industrial, automotives, test and measurement, defense and aerospace, healthcare and others. Escalating demand for torque sensors in all these application sectors is also projected to drive the demand for the torque sensor market. The technologies market consists of surface acoustic wave, magneto elastic, rotary, static and optical. The torque sensor market, on the basis of geographies, is sliced further into Asia Pacific, Europe, rest of the world and North America.