The torque sensor is a device that is used to measure and record torque on a rotating system. Torque monitoring and measurement are critical parameters in nearly all rotating parts, equipment and machines, which guarantees high performance. Torque monitoring is implemented by using torque systems. There are two types of torque systems – static and dynamic torque. Dynamic torque is tricky to measure and requires transfer of some form of energy such as magnetic, hydraulic or electric. The magneto elastic sensors are non-contact based sensors having inherent advantages such as low cost structure and high robustness. The global magneto elastic torque market is likely to observe a healthy growth during the forecast period owing to its cost structure that makes it compatible with mass production. For instance, an existing component such as shaft can be converted into a primary force sensor with the help of magnetic coding. This process does not result into any extra cost and the step can be done within a very short period of time. This attractive cost structure makes magneto elastic sensors ideal for high volume production.
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The global magneto elastic torque market is expected to see a promising growth in the near future years owing to the rapid increase in electric power steering systems and need for better fuel efficiency. These have led the manufacturers to increase the production of magneto elastic torque sensor. In addition, the high demand for wireless connectivity has led to the increase in adoption of wireless sensor network in industries as they simplify the detection of designated signals. These signals are then analyzed by a system. This widespread adoption of industrial wireless sensor network is expected to increase the demand of magneto elastic torque sensor.
However, the lack of reliable magneto elastic torque sensor for high end use is predicted to inhibit the market growth rate to some extent during the forecast period.
The global magneto elastic torque market can be segmented on the basis of application, and geography. By application, the market can be segmented into medical, automotive, measurement & test, industrial, and defense& aerospace. Presently, the automotive application segment accounts for the maximum market share in the global magneto elastic torque market. The torque sensors have an extensive range of applications in the automotive industry including steering systems, dynamometers, chassis performance, driveline, and transmission. Lately, magneto elastic torque sensors made their way deep into the automotive applications and are also being used in various racing applications including the Formula 1 teams. These factors are likely to fuel the growth of the automotive application segment, thereby boosting the overall magneto elastic torque market over the forecast period.
Geographically, the global magneto elastic torque market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific magneto elastic torque market is expected to witness the maximum growth rate during the forecast period due to the increasing implementation of industrial automation technologies by various industries in this region. On the flip side, Europe is expected to hold the dominant market share owing to the technological advancements in the field on magneto elastic torque sensor that are taking place in the region. Rising demand for better fuel efficiency is likely to be one of the key factor for this region’s high growth rate during the forecast period.
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The key companies operating in the magneto elastic torque market have been reported with thorough information including mergers, acquisitions, agreements and new product launches. The key players operating in the market are Applied Measurements (U.K.), Futek Advanced Sensor Technology (U.S.), Crane Electronics (U.K.), PCB Piezotronics (U.S.) ABB (Switzerland), Honeywell (U.S.), HBM (Germany), MagCanica (U.S.), and Kistler Instrumente AG (Switzerland).