Measuring the torque of a rotating system is essential for diverse applications. It is a standard used for quality control and performance management of the applications and equipment in various industries. Torque sensor is the basic device, which is used for measuring the torque of these systems. These machines use strain gauge to a rotating shaft or axle for this job. Torque sensor market is witnessing a huge increase in demand from various industries.
Stronghold of these industries on the world market is the biggest reason for the growing torque sensor industry. This upward hill of the demand pattern is expected to continue for the near future, which stands as a great opportunity for the businesses holding on to these applications. Measurement and management of torque is a crucial parameter in all the rotating machines including engines, gearbox, crankshaft, rotor, cap torque tester, bicycle crank, transmission, etc.
Torque sensing technology helps maintaining excellent quality of the machines and optimum performance. As far as industrial applications are concerned, automotive, aerospace, industrial, defense, test and measurement, etc. are the most relevant markets for torque sensors. However, this technology is also gaining popularity in robotics and medical prosthetics. The emerging potential applications in these markets have increased the spread of the torque sensor market.
Apart from emerging markets, various technological advancements on global level are also serving as a major drive for this market. There is a great scope for growth and business opportunities in this market. The market segmentation provides better insight about the overall progress of the market. The segmentation is largely based on technologies, applications and geographical spread of torch sensors. Overall, the market is expected to grow at the CAGR of 8.5%.
Static, rotary, SAW, IR, magnetoelastic and optical are the basic technologies used for torque sensors. Automotive, aerospace, defense, industrial, medical prosthetics and testing are the basic application areas. As far as geographical demand for this technology is concerned, North America is leading the market. However, the Asia Pacific region holds great potential for growth and expansion.
CAGR of over 8% means the market will reach past $1,427.78 million by the end of 2018. According to the market research reports in 2012, the torque sensor market was poised at USD $869.73 million. Dramatic increase in the global demand for this technology, emerging technological advancements and potential applications in new markets are the three driving factors for the market. They provide many opportunities for growth, revenue and business expansion on global platform.
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