The global torque sensor market is expected to witness significant growth over the forecast period, due to emerging applications of the torque sensor, increasing demand for precise torque measurement technology, and high demand from the automotive application segment.
New York, NY -- (SBWIRE) -- 03/03/2016 -- Torque sensor is a device used for measuring the torque of the rotating systems, such as electric motors, engine, gearbox, craft shifts, etc. Torque measurement and monitoring is an important parameter in all machines and engines.
The global torque sensor market is expected to witness significant growth over the forecast period, due to emerging applications of the torque sensor, increasing demand for precise torque measurement technology, and high demand from the automotive application segment. On the other hand, technological challenges due to diversity in applications of torque sensors are expected to be the major restraining factor for the growth of the global torque sensor market during the forecast period.
In 2014, the rotary torque sensor segment dominated the global market, and it is estimated to account for more than 53% share of global torque sensor market by 2015 end. This segment is expected to remain dominant throughout the forecast period. However, by 2021, the segment is expected to lose its market share to other product type segments due to a development of new torque sensing technologies. By the end of 2021, the rotary torque sensor segment is expected to lose 410 BPS to other product type segments.
Rotary torque sensors are used widely in automotive applications. Some of the important applications of rotary torque sensors in the automotive industry include: for automotive engine testing, electric motor testing, efficiency testing, etc. Additionally, the rotary torque sensor segment is also witnessing a trend of a launch of advanced product offerings by key market players in order to cater to the emerging needs of customers.
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On the basis of regions, the global torque sensor market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). By 2015 end, revenue generated by the rotary torque sensor segment is estimated to be the highest among all the regions. The rotary torque sensor segment in the MEA region is expected to expand at the highest CAGR from 2015 to 2021.
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The global torque sensor market report also includes the company profile and competitive landscape of the key market players. It covers strategies adopted by key players, their recent developments and brief product description. This information will be useful for clients to compare the market players on different parameters.
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