$14.2778 Billion for Torque Sensor Market

The revenue for global torque sensor market is projected to reach $14.2778 billion, growing at an estimated CAGR of 8.5% from 2013 to 2018; and shipments to amount to 969.84 thousand by 2018 from 525.78 thousand, according to market research firm MarketsandMarkets.

Currently, automotive and industrial applications contribute to maximum share in overall torque sensor market. But with increased awareness regarding the importance of torque measurement, torque sensors is set to increase applications in diverse fields such as medical prosthetics, test & measurement, and aerospace and defense, and so on, in considering torque measurement and control as the critical parameter in most rotating parts, machines and devices to ensure high quality and performance optimization of the process or the whole system.

In the near future, the above segments are expected to a major driving force supporting the growth of global torque sensor market. In addition, the development of non-contact and wireless torque sensors such as magnetoelastic, surface acoustic wave (SAW) and optical torque sensors will also boost the use of torque sensors in different fields.

On the region side, APAC is growingly enlarging its market shares mainly due to the contribution of huge vehicle consumption. North America will gradually decrease its market shares, and show low growth rate. ROW will be the most active region, seeing highest growth.