FORT WORTH, Texas, April 18, 2015 /PRNewswire/ --
The North America torque sensor market report defines and segments the concerned market with analysis and forecast of revenue. This market was valued at $318.4 million in 2014, and is expected to reach $452.0 million by 2019, at a CAGR of 7.3% from 2014 to 2019.
Browse through the TOC of North America torque sensor market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.
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The expansion of the North American torque sensor market is primarily attributed to the technological advancements made in the field of torque sensing technologies. The up-gradation to electric power steering systems has become one of the most significant drivers influencing the growth of the torque sensor market in North America.
In addition to the factors mentioned above, the demand for better fuel efficiency is driving the growth of the torque sensor market. As per the Corporate Average Fuel Economy (CAFE) standards, there has been a huge pressure on the auto manufacturers to step up the development of electric and hybrid vehicles, as well as radically improve the fuel economy on their large selling models. Also, different auto companies are undertaking initiatives to comply by these rigid guidelines. Due to this, the torque sensors market is expected to face a huge demand from the automotive sector for applications, such as electronic transmission control, electronic driveline control, engine management, and steering torque management among others. All these factors have propelled the growth of the torque sensor market in North America.
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Torque sensor market is segmented according to three major parameters, namely type, application, and geography. This report segments the North America torque sensor market by type into rotary torque sensors, static/reaction torque sensors, magneto-elastic torque sensors, and SAW torque sensors. The major applications of torque sensors are automotive, industrial, test and measurement, aerospace and defense, and medical. On the basis of geographical segmentation, the market is classified into U.S., Canada, and Mexico.
The importance of torque sensors across various applications has been widely prevalent across varied end-users applications of this market. The use of strain gauge is one of the oldest techniques of torque measurement that is being employed till date. However, recent advancements in the torque sensing technology have led to the development of several new varieties of torque sensors.
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