Increasing proliferation of electric vehicles and technological advancement in the field of automotive is fueling the application of rotary torque sensors. Rising demand for better fuel efficient vehicles is another major driving factor for the market.
Albany, NY -- (SBWIRE) -- 10/10/2017 -- Torque sensors play an important role in many technological applications. The measurement of torque is paramount in applications such as turbine, engine and transmission testing, pump testing, and measurement of power within propulsion systems. Rotary torque sensor is one of the major types of torque sensors which have wide range of applications n different industries. Rotary torque sensors are rigorously applied in the fastener assembly market to verify the usability and performance of power and hand torque tools. The rotary torque sensor market has been segmented into power and signal transfer method which includes contact and non-contact. The market has been segmented by mounting methods which include fixed and floating. The market for rotary torque sensors has been furthermore segmented into by end use industry which includes industrial, automotive, test & measurement, oil and gas, aerospace & defense and healthcare among others. The market for rotary torque sensor has been segmented geographically into Asia Pacific, Europe, North America, South America and Middle East and Africa.
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Increasing proliferation of electric vehicles and technological advancement in the field of automotive is fueling the application of rotary torque sensors. Rising demand for better fuel efficient vehicles is another major driving factor for the market. Measuring as well as monitoring torque is a crucial parameter in most of all rotating parts, equipment and machines, which ensures high quality and optimum performance. Increasing demand for upgraded and advanced devices across different industrial setups is acting as a major driving factor for the market. Increasing research activities focusing on technological advancements in signal and power transfer for instance rotary electronics, rotary transformers, digitization, rotary torque sensors have wide range of applications in the hybrid and electrical automobile engines, healthcare device among others. Lack of reliability issues related to the measurement and monitoring along with design complexities are some of the prime restraining factor for the rotary torque sensor market globally. However, increasing research and development in the field of rotary torque sensor and innovation of new technologies related to rotary torque sensors is one of the major opportunities for the market globally.
In 2016, Asia Pacific is leading the market for rotary torque sensor in terms of revenue, followed by North America and Europe globally. Growing development in the automotive sector is driving the market for rotary torque sensor across Asia pacific. China accounted for the largest market share across Asia Pacific, followed by Japan, India, Taiwan and South Korea. The U.S. is dominating the market for rotary torque sensor across North America, followed by Canada and Mexico in 2016. In Europe, Germany, U.K., France and Italy is leading the market for rotary torque sensor. The U.A.E and South Africa along with Brazil and Argentina is contributing in the positive development of the rotary torque sensor market across Middle East and Africa and South America owing to growing technological advancement in different industries. Moreover, growing advancement in the field of oil and gas is also fueling the application of rotary torque sensor across Middle East and Africa.
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ABB Group (Switzerland), Applied Measurements (U.K.), Ati Industrial Automation (The U.S.), Crane Electronics (The U.S.), Datum Electronics (The U.S.), Teledyne Technologies International Corporation (The U.S.), Honeywell International Inc. (The U.S.), Futek Advanced Sensor Technology (The U.S), HBM Test and Measurement (Germany) and Kistler Group (Switzerland) among others are some of the major companies operating in the rotary torque sensor market globally. Product innovation in alliance with research activities to keep in pace with the customer demand is one of the prime business strategies of the companies. Geographical expansion by opening new sales offices in different countries to expand business is another major strategies followed by the companies.