Global Torque Sensor Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Torque Sensor Market 2021 (Includes Business Impact of COVID-19)
Global Torque Sensor Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights, which offers in-depth insights, revenue details, and other vital information regarding the global torque sensor market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global torque sensor market report has been segmented on the basis of type, technology, application, and region.
Request Covid - 19 Impact
The global Torque Sensor market size was valued at USD$8.90 billion in 2020 and is projected to reach UDS$17.45 billion by 2030, and is anticipated to expand at a CAGR of 7.03% over the forecast period from 2020 to 2030.

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Overview:

Torque sensors are also known as torque transducer. It is type of device used to measure and record torque of rotor, crankshaft, engine, etc. by conversion of a torsional mechanical input into an electrical output signal torque sensor measures provides the output. Commonly, torque transducer uses bonded strain gauge technology for measurement. Test duration, environment in which the measurement is taking place, speed of rotation, information required of the measurement being taken, and mechanical connections are some of factors that can affect measurement taken by torque sensor.

Dynamics:

Growing use of torque sensors in automotive sector, coupled with increasing demand for high performance cars are major factor driving growth of the global torque sensor market. There are various types of torque sensors are available in the market such as reaction torque sensors, slip ring-style torque sensor, clamp-on style torque sensors, analog telemetry torque sensor, digital telemetry torque sensor, etc. availability of various types of torque sensors for different applications and growing awareness regarding importance of torque measurement are also factors supporting growth of the global market. Furthermore, growing use of torque sensor in robotics is a factor expected to boost growth of the global torque sensor market in the near future.

However, low reliability of torque sensor is a factor that may hamper growth of the global torque sensor market. Nevertheless, introduction more advanced and reliable torque sensors can create high revenue opportunities for players in the target market.

Segment Analysis:

On the basis of application, optical segment expected to witness high growth in terms of revenue in the near future. optical sensor is electrically passive and has high sensitivity is a factor supporting growth of this segment in the target market.

Regional Analysis:

Market in Asia Pacific accounts for major share in terms of revenue and is expected to maintain its position over the forecast period. Growing automotive sector and increasing production of light vehicles are factors propelling growth of the target market in Asia Pacific region. In addition, increasing number of electronic production companies in countries such as China, India, Japan, and Taiwan in this region is another factor supporting growth of the target market over the forecast period. Growing adoption of automation in industrial sector is another factor anticipated to fuel growth of the torque sensor market in Asia Pacific region. Market in Europe expected to account for lucrative growth in terms of revenue over the forecast period, owing to increasing production of electric and hybrid vehicles in countries in this region.


Below are the active patents related to Torque Sensor Market.


Patent Number: DE102012024264B4

torque sensor

Abstract

A torque sensor comprising two axially opposed disk-shaped flanges (1, 2) axially spaced by a narrow annular groove (4) and rigidly connected together by a torque transmission element (3), the flanges (1, 2) each having a radially outer flange-ring portion (7) or a radially inner flange ring part (8), in which mounting holes (11) are arranged, characterized in that radially outside the inner flange ring parts (8) or outer flange ring parts (7) with the mounting holes (11) at least at one of the two Flanges (1, 2) symmetrical to the rotation axis (12) additionally axial recesses (5) are arranged, wherein the axial recesses (5) at least one flange (1, 2) penetrate axially to the annular groove (4) and in that the recesses (5 ) are formed so that between them radial stiffening webs (6) are left and that on a radially inner lateral surface (22) of a central cavity S (10) and / or the inner lateral surfaces (14) of the recesses (5) in the axial region of the annular groove (4) transducer (9) are arranged.

Application File Date: 2012-12-12

Application Granted Date: 2015-12-03

Current Assignee: Hottinger Baldwin Messtechnik GmbH Hottinger Bruel and Kjaer GmbH

Patent Number: US20070227268A1

Magnetostrictive torque sensor

Abstract

A magnetostrictive torque sensor having: a rotating shaft to rotate around a center axis, the rotating shaft having magnetostrictive characteristics; and a cylindrical magnetic core disposed at a predetermined distance on an outer periphery of the rotating shaft, the cylindrical magnetic core having a detection coil disposed on an inner periphery thereof to detect a torque applied to the rotating shaft. The detection coil is formed with a coil assembly to form a bridged circuit, and the coil assembly is formed with a flexible substrate coil disposed on a whole inner periphery of the magnetic core.

Application File Date: 2006-09-25

Application Granted Date: 2009-09-08

Current Assignee: Hitachi Cable Ltd

Patent Number: US9186784B2

Power wrench with a torque sensing unit

Abstract

A power wrench with a torque sensing unit includes a housing, a motor, an output shaft, and a planetary reduction gearing connecting the motor to the output shaft and including a stationary ring gear supported in the housing, wherein the torque sensing unit includes a torque transferring element with a single radially extending reaction arm arranged to transfer reaction torque from the ring gear to the housing and carrying strain measuring sensors for generating signals in response to the transferred reaction torque. The torque transferring element includes an annular body with two weak portions to be elastically deformed during torque transfer and having flat surfaces for carrying the strain measuring sensors.

Application File Date: 2012-05-03

Application Granted Date: 2015-11-17

Current Assignee: Atlas Copco Industrial Technique AB

Global Torque Sensor Market Segmentation:

Segmentation by type:

  
Reaction Torque Sensor
  
Rotary Torque Sensor

Segmentation by technology:

  
Optical
  
Magnetoelastic
  
Strain Gauge
  
Surface Acoustic Wave (SAW)

Segmentation by application:

  
Automotive
  
Aerospace and Defense
  
Test and Measurement
  
Industrial
  
Others (include Medical, Agriculture, and Mining)


Key Market Players included in the report:


  
ABB (Switzerland)
  
AIMCO (US)
  
Applied Measurements (UK)
  
Bota Systems (Switzerland)
  
Crane Electronics (UK)
  
Datum Electronics (UK)
  
FUTEK Advanced Sensor Technology (US)
  
HBM (Germany)
  
HITEC Sensor Solutions (US)
  
Honeywell (US)
  
Infineon Technologies (Germany)
  
Interface (US)
  
Kistler Holding (Switzerland)
  
KONUX (Germany)
  
MagCanica (US)
  
Monad Electronics (India)
  
Mountz (US)
  
Norbar Torque Too (UK)
  
PCB Piezotronics (US)
  
Robotiq (Canada)
  
S. Himmelstein & Company (US)
  
Sensor Technology (UK)
  
TE Connectivity (Switzerland)
  
Teledyne Technologies (US)
  
Transense Technologies (UK)


Below are the key development related to Torque Sensor Market in 2020 and 2021.


July 2021: Novanta Announces Agreement to Acquire ATI. Novanta Inc. (Nasdaq: NOVT) (the "Company"), a trusted technology partner to medical and advanced technology equipment manufacturers, announced that it has reached an agreement to acquire privately held ATI Industrial Automation ("ATI") for $172 million upfront in cash and additional contingent cash payments associated with 2021 financial performance. In addition, to further incentivize future financial performance, the Company will also grant performance stock units. The transaction is expected to close in the third quarter of 2021. ATI is a leading supplier of intelligent end-of-arm technology solutions to original equipment manufacturers ("OEMs") for advanced industrial and surgical robots. ATI develops, manufactures, and sells products such as robotic changing systems, force/torque sensors, and collision sensors for industrial, collaborative, and medical robotic applications. These products enable OEMs and end-users to increase safety, versatility, and productivity of their robotic systems. Source

December 2020: Gordon Technologies Announces Acquisition of Lodestar International & MaxWell Downhole Technology. Gordon Technologies LLC ("Gordon" or the "Company") is pleased to announce the acquisition of Lodestar International, LLC and its wholly owned subsidiary MaxWell Downhole Technology Limited ("Lodestar"). Lodestar is an independent manufacturer and service provider of downhole dynamics-while-drilling ("DWD") measurement tools, which are critical to the realization of continued drilling efficiencies and optimization. Lodestars flagship products, the I-SUB and I-STRING, provide a wide range of drilling measurements throughout the drill string and at the drill bit. Lodestar has a service, repair and maintenance facility in Kyle, TX and an international service and R&D facility in Aberdeen, UK. The Lodestar transaction represents Gordons second acquisition this year as the Company previously acquired Noralis in July. Terry Frith, President and Founder of Gordon stated, "Lodestar is a leading downhole, DWD provider with a full suite of DWD measurements, including weight-on-bit ("WOB"), torque-on-bit ("TOB") and bending. Source

July 2020: NSK Develops Worlds First Non-Contact Torque Sensor For Drive Shafts In Motor Vehicles. NSK Ltd. has developed a non-contact torque sensor that measures drive shaft torque in real time, the first in the world with this capability. The sensor can increase fuel economy, improve ride comfort and safety, and expand a world of new possibilities across CASE (Connected, Autonomous, Shared & Services, Electric). The sensor uses magnetic fields to detect torque by measuring minute twisting of the drive shaft that occurs naturally as it is rotated by the motor. Conventional torque sensors have been too complicated or expensive for wide scale use. NSK created a simple structure in a compact form, ideal for mass production and easy adoption by automakers. NSK estimates 6 billion yen in yearly sales by 2030. Source