Magneto Elastic Torque Sensor Market Size, Share, Analysis, Demand, and Forecast 2023 to 2031 | ABB Ltd., Applied Measurements Ltd., Crane Electronics Ltd.

Posted on 2024-03-13 by Transparency Market Research in Industrial, Technology // 0 Comments

Wilmington, United States, 2024-Mar-013 — /EPR Network/ — The Magneto Elastic Torque Sensor Market has been witnessing significant growth owing to various factors such as the expansion of the automotive industry, advancements in technology, and the enactment of stringent regulations related to machine safety. In this comprehensive market research study, we delve into the current state and future prospects of the magneto elastic torque sensor market, including market size, growth trends, key players, competitive landscape, market drivers, challenges, opportunities, and future outlook.

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Market Size and Growth Trends:

The global magneto elastic torque sensor market size was valued at US$ 90.3 Mn in 2022 and is expected to reach US$ 164.0 Mn by the end of 2031, growing at a CAGR of 6.9% from 2023 to 2031. This growth can be attributed to the increasing demand for high-performance electric and hybrid automobiles, advancements in technology, and the integration of wireless and digital features in torque sensors.

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.

Regions Covered

North America
Europe
Asia Pacific
Rest of World

Market Drivers:

The surge in demand for reduced emissions from combustion engines, the rise in demand for e-mobility, and the growing emphasis on industrial automation are key drivers propelling the growth of the magneto elastic torque sensor market. Additionally, advancements in technology leading to the development of miniaturized and wireless torque sensors are further boosting market growth.

Future Outlook:

Asia Pacific accounted for the largest market share in 2022, driven by rapid adoption of automated equipment in the manufacturing sector and significant expansion of the automotive industry. With continuous advancements in technology and increasing emphasis on industrial automation, Asia Pacific is expected to remain a key market for magneto elastic torque sensors in the foreseeable future.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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