The global torque sensor market is forecast to grow at a CAGR of 9.86% during the period 2016-2020.
According to the report, increased demand for torque sensors in oil and gas industry will be a key driver for market growth. The growth in the economy worldwide has led to an increased demand for energy and power. This, in turn, has resulted in a rise in demand for oil and gas globally. The oil and gas consumption increased to 93.8 million barrels per day in 2015 from 90.5 million barrels per day in 2012. We expect the same to increase to 100 million barrels per day by 2020.
Further, the report states that the initial capital investment required for the manufacture of torque sensors is high, which poses a major threat to the operation of manufacturers. The development and growth of worldwide economies have led to volatile raw material prices across industries.
As a result, vendors face a major challenge of maintaining competitive selling prices of their products. Technological innovations across industries have generated high demand for advanced torque sensors that can measure torque with utmost precision in harsh environmental conditions such as that in the oil and gas industry.
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- ATI Industrial Automation
- Crane Electronics
- FUTEK Advanced Sensor Technology
- HBM Test and Measurement
- Honeywell Sensing and Control
- Interface Advanced Force Measurement
- Kistler Holding
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by capacity
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: About the Author
For more information about this report visit http://www.researchandmarkets.com/research/g8l5zd/global_torque
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/research-and-markets---global-torque-sensor-market-growth-of-986-cagr-by-2020---trends-technologies--opportunities-report-2016-2020---vendors-abb-ati-crane-electronics-300344994.html
SOURCE Research and Markets