Magneto Elastic Torque Sensor Market Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies & Forecast 2023-2031

Wilmington, United States, 2024-Mar-01 — /EPR Network/ —

The Global Magneto Elastic Torque Sensor Market exhibited a size of US$ 90.3 million in 2022, with expectations to grow at a robust CAGR of 6.9% from 2023 to reach US$ 164.0 million by the end of 2031. This growth is propelled by the booming automotive industry, increased demand for high-performance electric and hybrid vehicles, and technological advancements in torque sensing technology.

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Market Drivers: The surge in the automotive industry, coupled with a demand for high-performance electric and hybrid automobiles, is a primary driver for the magneto elastic torque sensor market. Advancements in technology, such as the development of lightweight rotary sensors and integration of wireless and digital features, are fostering growth. Stringent regulations related to machine safety, expanding torque sensor applications in healthcare, and the need for accurate torque measurement are further driving market demand.

Opportunities and Trends: The market presents significant opportunities driven by the integration of wireless and digital features in torque sensors, development of non-contact and wireless sensors, and increased usage of torque sensors in robotics. The emphasis on e-mobility, renewable energy, and Industry 4.0 is expected to create lucrative growth prospects. Furthermore, the market is witnessing a rise in demand for reduced emissions from combustion engines, contributing to the adoption of magneto elastic torque sensors.

Market Dynamics: Torque sensors play a crucial role in various industries, including automotive, aerospace, defense, healthcare, agriculture, and mining. The sensors ensure operational safety, efficiency improvements, enhanced productivity, weight savings, and cost savings. However, the high cost of specialized materials and manufacturing processes, low reliability of available torque sensors, and complexity of integration into existing systems pose challenges to market adoption.

Regional Insights:

Asia Pacific dominated the market in 2022, driven by the rapid adoption of automated equipment in manufacturing sectors of China, Japan, India, and South Korea. The region’s significant automotive industry expansion and growing sales of electric vehicles contribute to market development. Continuous technological advancements and increasing emphasis on industrial automation further accelerate the adoption of magneto elastic torque sensors in diverse sectors.

Market Segmentation

• Application
• Automotive
• Aerospace & Defense
• Research and Development
• Industrial
• Others

Key Players:

• ABB Ltd.
• Applied Measurements Ltd.
• Crane Electronics Ltd.
• Honeywell Sensing and Control
• HITEC Sensor Developments, Inc.
• Kistler Instrumente Ltd.
• MagCanica
• Methode Electronics
• Texas Instruments, Inc.

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