Torque Transducer Market: Overview and Dynamics
In every automobile, mining & offshore, Aviation and oil & gas industries Torque is the key concern in every machinery. The amount of torque should not exceed a certain value otherwise it will lead to fatigue failure and the shaft will be deformed plastically and then be destructed so on the end-user side there is always a demand for Torque transducers. Toque transducers are designed to detect the torsional deformation of a metal shaft. A torque is measured on a shaft placed between the motor and a load.
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Torque transducer Market: Key Players
The torque transducer market comes under the consolidated market because of the existence of a large number of dominant key players across the globe.
- Selmic
- Sushma industry private limited
- HBM
- NCTE
- Crane electronics limited
- FUTEK
- Honeywell
- AMTEK
- Magtrol
- CLA
are amongst the prominent competitors across the globe in the Torque transducer market. Because in the global market is consolidated so to sustain a dominant position in the globe the companies may enter into new industries or companies can follow the inorganic growth strategy through merges, partnership and collaboration.
Torque Transducer Market: Drivers, Opportunities and Trend analysis
Magneto-elastic optical and SAW Torque Transducer technologies are some of the new technologies which are being evolved over the past few years. Apart from the advantage of being light weighted and compacted these technologies have magnificent linearity, appreciable resolution and significant electromagnetic noise immunity.
The torque transducer market is estimated to grow from USD 6.8 billion in 2021 to USD 9.0 billion by 2026. It is predicted to grow at a CAGR OF 5.7% from 2021 to 2026.
The global Torque Transducer market is predicted to witness a considerable growth rate over the forecast period from 2021 to 2026 because the application of Torque Transducer demand for accurate Torque measurement technologies in automotive industries is increasing day by day.
Several types of torque transducer based upon different-different technology are being utilized worldwide. The uninterrupted growth in the production of lightweight vehicle all over the world is the major parameter for driving the Torque transducer market.
The automobile industries in China, India, Europe and the USA is growing continuously at a considerable rate which pushes the Torque Transducer market in an upward direction. Also, in the field of agriculture, India produces the highest number of agriculture machinery, which also gives a positive response to the Torque Transducer market.
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The Sales study on the Torque Transducer market offers a scrutiny of the demand and consumption volumes, factors affecting these, and share and size of the various end-use segments.
The Torque Transducer Demand study has identified the segments that are expected to contribute major shares to the revenues.
Segmentation Analysis of Torque transducer Market
The global Torque transducer market is categorized into seven major segments: product type, working, nominal speed, measuring range, geometry, end-use, technology and geographic region.
On the basis of product type, the Torque transducer market has been segmented into two types.
- Contact type
- Non-contact type
On the basis of working Torque transducer market has been segmented into two types.
- Rotating
- Non-rotating / static
Rotary Torque Transducer is widely used in automotive manufacturing and design units. The uses of Rotary Torque transducer includes automotive engine testing, electric motor testing and efficiency testing over-torque. Moreover, the Rotary torque transducer market is predicted to launch advanced products to meet the demands of the consumers in the upcoming years.
On the basis of nominal speed Torque transducer market has been segmented into five types.
- Up to 10000
- From 10000 to 18000
- From 18000 to 20000
- From 20000 to 24000
- More than 24000
On the basis of measuring range Torque transducer market has been segmented as follows:
- up to 1 Nm
- From 1Nm to 10Nm
- From 10Nm to 100Nm
- From 100Nm to 1000Nm
- From 1000 to 10000 Nm
- From 10000 to 80000 Nm
- From 80000 to 300000 Nm
- More than 300000 Nm
The measuring range decides whether the Toque Transducer is been utilized in the laboratories or in the industries.
On the basis of end-use, the Torque transducer market has been segmented as follows:
- Automotive
- Production
- Oil & gas
- Mining & offshore
- Railway & subways
- Wind energy
- Aviation
- Agriculture / Heavy materials
- Motorsports
On the basis of technology used, the Torque transducer market has been segmented as follows:
- Strain gauge
- Surface acoustic wave (SAW)
- Optical
- Magneto-elastic
The wireless operations and battery-less advantages of surface acoustic wave (SAW) type torque transducer make it flexible for industrial purpose. Magneto-elastic torque transducer has a much higher frequency response and is resistant to environmental noise, making it ideal for industrial purpose.
On the basis of geographic regions, the Torque transducer market is segmented as:
- North America
- Europe
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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Torque Transducer Market: Regional Outlook
Based upon the regional split, the report “Torque Transducer Market” has been divided into account six prominent regions including North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa. The North American torque transducer market is forecasted to grow in upcoming years because of having the huge automobile industries and a trend towards automation.
The trend towards automation, electric vehicle, and renewable energy sources of Asia pacific countries including India, China, South Korea and Japan will lead to growing the Torque transducer market in 2021-2026.
East Asia holds a significant worldwide torque Transducer market share of around 29%, and the region is predicted to dominate the Torque transducer market throughout the forecasted period. The market of torque transducer market in North America holds the second-largest share globally, and it is anticipated to flourish at the highest CAGR of 8% till 2030.
COVID-19 Impact on Torque Transducer market:
Covid-19 forced all the countries to impose the complete lockdown due to which all the industries related to automotive, oil and gas, production and manufacturing were entirely closed, this leads to a negative impact on the “Torque Transducer Market”.
COVID-19 pandemic has destroyed the chain between the manufactures and end consumers this leads to economic losses in the Torque Transducer market at the global level.
All the prominent manufactures of Torque Transducer across the globe shut down therefore the production scale of Torque transducer has been reduced. However, in unlock, period of covid-19 has allowed the Torque Transducer market to gradually grow and the demand of Oil and gas, aviation, automotive increased slightly which gave a bounce back to the Torque and Transducer market.
No doubt the future of the Torque Transducer market is bright because all the countries across the globe are moving towards automation so there will be a high demand for Torque measuring device in end-user industries in upcoming years.
The business pattern of each player has been elaborately discussed in the Torque Transducer Demand report. This includes innovative product launches, partnerships, mergers and acquisitions, joint ventures, and others.
Besides this, the Torque Transducer Market Size report also encompasses the possible threats and possible growth opportunities that the Key players may face during the forecast period.
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