Albany, NY -- (SBWIRE) -- 01/11/2019 -- ResearchMoz.us has announced the addition of a report, titled "Magneto Elastic Torque Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018–2026".The report on the global magneto elastic torque sensor market offers in-depth insights into the current growth dynamics, emerging trends, promising application areas, and key technological advancements. It also assesses latent demand in key end-use industries.
The global magneto elastic torque sensor market is driven by the rising demand for advanced torque measurement solutions in a range of safety-related assembly components. The global market is projected to rise at almost double-digit CAGR from 2018 to 2026. These torque sensor types have gained considerable traction in end-use industries and are fast replacing strain-gauge systems for the production of equipment en masse. The growing relevance of magneto elastic torque sensors in mass production of price-sensitive components stems from the attractive cost structures these have.
Magneto elastic torque sensors have shown promising potential for serial manufacturing process. Benefits include increased efficiency enhancements, better weight savings, and higher productivity and operational safety. Moreover, their robustness makes them increasingly popular in industrialized sectors.
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Rapid strides made by industrial testing systems are expected to catalyze the demand for magneto elastic torque sensors. The rising need for reducing the carbon footprints of combustion engines has bolstered the use of these in testing applications. Moreover, the market has gathered substantial momentum from the rising use of magneto elastic torque sensors in the automotive and aerospace industries. Furthermore, burgeoning number of aircraft fleets in various parts of the world is fueling the expansion of the market.
The rising use of torque sensors in rotocraft powertrain monitoring to be used in offshore oil exploration and production industries is a notable trend propelling the market's expansion. The rising popularity in-vehicle torque sensors in automotive is accentuating revenues of the market. Moreover, the rising popularity of fleet and customer-use testing among engineers has offered a large fillip to the demand for magneto elastic torque sensors. The market will witness several lucrative avenues from the growing need for more precise torque measurement in a growing number of automotive applications.
Regionally, Asia Pacific is expected to showcase vast growth potential in the global magneto elastic torque sensors market. A great deal of growth will be fueled by rising production of light vehicles. Meanwhile, both Europe and North America are promising regional markets. A large chunk of revenues in North America is likely to be contributed by the U.S.
Several companies in the global magneto elastic torque sensors market are focusing on strategic acquisitions and entering into tie-ups with players in numerous industries in order to consolidate their positions in the market. Key players operating in the magneto elastic torque sensors market are Texas Instruments, Kistler Instrumente AG, Honeywell Sensing and Control, Crane Electronics Ltd, and ABB Ltd.
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