NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Torque sensors, also called as torque transducers, are used commonly for measuring the torque of the rotating systems. Torque measurement and monitoring are an important parameter in all machines and engines.
To understand and assess the opportunities in this market, the report is segmented into four sections, namely, market analysis by product type, mechanical configuration, application, and region. The report provides information about the key trends, drivers, and restraints influencing the growth of the global torque sensor market currently. Impact analysis of key growth drivers and restraints, based on the weighted average model, is included in this report to better equip clients with crystal clear decision-making insights.
The report starts with an overview and introduction of the global torque sensor market and market segments. In the same section, PMR offers insights about the global torque sensor market performance in terms of value.
The torque sensor market is segmented as follows:
By Product Type
By Mechanical Configuration
On the basis of product type, the torque sensor market is segmented as follows:
Rotary Torque Sensor
Reaction/ Static Torque Sensor
Optical Torque Sensor
Surface Acoustic Wave (SAW) Torque Sensor
Other - Magnetoelastic Torque Sensor
Of these, the rotary torque sensor segment accounted for the highest value share of the global torque sensor market in 2014. The global torque sensor market is mainly driven by factors such as emerging applications of torque sensors, rising demand for precise torque measurement technology, and high demand from the automotive application segment. Major trends observed in the global torque sensor market include the development of non-contact & wireless sensors, growing adoption of quality standard specifications (such as ISO 9000), and strict government regulations related to machine safety in developed countries.
The report also comprises a section that analyzes the market on the basis of mechanical configuration and evaluates the market size in terms of value for the forecast period.
On the basis of mechanical configuration, the torque sensor market is segmented as follows:
Of the above segments, in terms of value, the flange style segment is expected to expand at the highest CAGR during the forecast period.
On the basis of application, the torque sensor market is segmented as follows:
Automotive & Transportation
Aerospace & Defense
Medical & Healthcare
Other – Oil & Gas
Of these, the automotive & transportation segment is expected to contribute highest revenue to the global torque sensor market as compared to the other application segments. However, despite being the largest contributor to the global torque sensor market, the segment is expected to expand at a slower CAGR as compared to the other application segments
Leading market participants are focusing more on the development of innovative products in order to offer advanced solutions to their customers. For example, in June 2013, ATI Industrial Automation, Inc., launched Wireless F/T for up to six ATI multi-axis force/torque transducers, which can be powered by internal battery as well as an external power source
The report also analyzes the market across various key regions and evaluates market size in terms of value for the forecast period (2015–2021).
Regions covered in the report are as follows:
The Middle East & Africa
Of the aforementioned segments, APAC is expected to dominate the market, accounting for 31.9% value share of the overall market by the end of 2015 and it is expected to remain dominant through 2021. However, the Middle East & Africa market is anticipated to expand at the highest CAGR during the forecast period.
The report on the global torque sensor market profiles key market players, including ABB Ltd., ATI Industrial Automation, Inc., FUTEK Advanced Sensor Technology, Inc., Interface Inc., Honeywell International Inc., Crane Electronics Ltd., Kistler Holding AG, HBM GmBH, Sensor Technology Ltd., and Datum Electronics Limited.
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