Analyst Viewpoint
Significant growth of the automotive industry and rise in demand for high-performance electric and hybrid automobiles are key factors that are anticipated to boost the magneto elastic sensor market size in the upcoming years. Furthermore, advancements in technology, such as the development of minimal weight rotary sensors, enhanced stiffness, and shorter response time, are driving the torque sensing technology market.
Enactment of stringent regulations related to machine safety, expansion of applications of torque sensors in the healthcare sector, and increase in demand for accurate torque measurement technology are estimated to positively impact the magneto elastic torque sensor market demand in the next few years. Integration of wireless and digital features in torque sensors, development of non-contact and wireless sensors, and increasing usage of torque sensors in robotics are likely to offer lucrative growth opportunities to companies operating in the magneto elastic torque sensor business.
A torque sensor is employed to detect, monitor, and regulate rotational and linear forces on a rotating or stationary shaft. The sensor measures the minute twisting of the drive shaft that occurs naturally as it is rotated by the motor. It is commonly used in electric motors, rotors, crankshafts, gearboxes, and other rotating devices in order to ensure optimal performance of the entire system.
A few commonly available sensor types are strain gauge, optical, magneto elastic, super acoustic wave (SAW), and piezoelectric torque sensors. They are extensively used in diverse applications across various industries, including automotive, aerospace, defense, healthcare, agriculture and mining. Critical advantages, such as operational safety, efficiency improvements, enhanced productivity, weight savings, and cost savings, are likely to drive the magneto elastic torque sensor market value in the next few years.
Need for specialized materials and manufacturing processes contribute to the high cost of sensors. Furthermore, low reliability of available torque sensors and complexity of integration into existing systems hampers their adoption in high-end applications. These factors are anticipated to negatively impact the future analysis of magneto elastic torque sensor market.
Measurement of torque is vital in technological applications such as transmission and engine testing, pump testing, turbine testing, and power measurement through propulsion systems. Additionally, torque measurement is used for real-time torque management, engine and chassis performance measurement, and energy transmission of the automobile.
Rapid urbanization and surge in income levels across the globe are driving the sales of hybrid and electric vehicles, which in turn is boosting the adoption of torque sensors in the automotive industry. Furthermore, rise in demand for fuel-efficient and high-performance automobiles and enactment of stringent regulations to minimize carbon emissions from automobiles are boosting the magnetic strain torque sensors market.
Rise in focus on renewable energy and electric vehicles is boosting the demand for torque sensors in electric power trains in EVs and wind turbines. Furthermore, growing adoption of Industry 4.0 and Internet of Things (IoT) offers significant magneto elastic torque sensor market opportunities for manufacturers to integrate these sensors in smart industrial systems. Moreover, advances in technology have led to the development of miniaturized and wireless torque sensors, which in turn is projected to boost their application in remote monitoring environments.
Growing emphasis on e-mobility by governments worldwide and increase in stringency of emission regulations are expected to propel the use of magneto torque gauges in the automotive industry. Furthermore, significant rise in investments in new vehicle technology is anticipated to fuel market progress in the next few years.
Asia Pacific accounted for the largest magneto elastic torque sensor market share in 2022. This is attributed to rapid adoption of automated equipment in the manufacturing sector of China, Japan, India, and South Korea. Asia Pacific is also home to a prominent automotive industry, with China, Japan, South Korea, and India being major exporters of automobiles worldwide. Significant expansion of the automotive industry in Asia Pacific and growing sales of electric vehicles across the region are key factors driving market development in the region.
Continuous advancements in technology and increasing emphasis on industrial automation in Asia Pacific are rapidly driving the adoption of magneto elastic torque sensors in diverse sectors.
The global magneto elastic torque sensor business is highly consolidated with a few major players accounting for notable market share. Leading players are following the latest magneto elastic torque sensor market trends and focusing on new product launches and partnership to consolidate their presence in the global business. ABB Ltd., Applied Measurements Ltd., Crane Electronics Ltd., Honeywell Sensing and Control, HITEC Sensor Developments, Inc., Kistler Instrumente Ltd., MagCanica, Methode Electronics, and Texas Instruments, Inc. are a few prominent entities operating in the global market.
Key players in the magneto elastic torque sensor industry report have been profiled based on various parameters such as company overview, business strategies, financial overview, product portfolio, and business segments.
| Attribute | Detail |
|---|---|
| Size in 2022 | US$ 90.3 Mn |
| Forecast (Value) in 2031 | US$ 164.0 Mn |
| Growth Rate (CAGR) | 6.9% |
| Forecast Period | 2023-2031 |
| Historical Data Available for | 2017-2021 |
| Quantitative Units | US$ Mn for Value |
| Market Analysis | It includes segment analysis as well as regional level analysis. Moreover, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
| Competition Landscape |
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| Format | Electronic (PDF) + Excel |
| Market Segmentation |
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| Regions Covered |
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| Countries Covered |
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| Companies Profiled |
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| Customization Scope | Available upon Request |
| Pricing | Available upon Request |
The global market was valued at US$ 90.3 Mn in 2022
It is projected to grow at a CAGR of 6.9% from 2023 to 2031
Surge in demand for reduced emissions from combustion engines and rise in demand for e-mobility
In terms of application, the automotive segment held largest share in 2022
Asia Pacific is estimated to dominate in the next few years
ABB Ltd., Applied Measurements Ltd., Crane Electronics Ltd., Honeywell Sensing and Control, HITEC Sensor Developments, Inc., Kistler Instrumente Ltd., MagCanica, Methode Electronics, and Texas Instruments, Inc.
1. Preface
1.1. Market and Segment Definitions
1.2. Market Taxonomy
1.3. Research Methodology
1.4. Assumption and Acronyms
2. Executive Summary
2.1. Global Magneto Elastic Torque Sensor Market Overview
2.2. Regional Outline
2.3. Industry Outline
2.4. Market Dynamics Snapshot
2.5. Competition Blueprint
3. Market Dynamics
3.1. Macro-economic Factors
3.2. Drivers
3.3. Restraints
3.4. Opportunities
3.5. Key Trends
3.6. Regulatory Framework
4. Associated Industry and Key Indicator Assessment
4.1. Parent Industry Overview – Industry Automation Overview
4.2. Ecosystem Analysis
4.3. Pricing Analysis
4.4. Technology Roadmap Analysis
4.5. Industry SWOT Analysis
4.6. Porter Five Forces Analysis
5. Global Magneto Elastic Torque Sensor Market Analysis, by Application
5.1. Magneto Elastic Torque Sensor Market Size (US$ Mn) Analysis & Forecast, by Application, 2023–2031
5.1.1. Automotive
5.1.2. Aerospace & Defense
5.1.3. Research & Development
5.1.4. Industrial
5.1.5. Others
5.2. Market Attractiveness Analysis, by Application
6. Global Magneto Elastic Torque Sensor Market Analysis and Forecast, by Region
6.1. Magneto Elastic Torque Sensor Market Size (US$ Mn) and Volume (Million Units) Analysis & Forecast, by Region, 2023–2031
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Middle East & Africa
6.1.5. South America
6.2. Market Attractiveness Analysis, by Region
7. North America Magneto Elastic Torque Sensor Market Analysis and Forecast
7.1. Market Snapshot
7.2. Magneto Elastic Torque Sensor Market Size (US$ Mn) Analysis & Forecast, by Application, 2023–2031
7.2.1. Automotive
7.2.2. Aerospace & Defense
7.2.3. Research & Development
7.2.4. Industrial
7.2.5. Others
7.3. Magneto Elastic Torque Sensor Market Size (US$ Mn) and Volume (Million Units) Analysis & Forecast, by Country, 2023–2031
7.3.1. U.S.
7.3.2. Canada
7.3.3. Rest of North America
7.4. Market Attractiveness Analysis
7.4.1. By Application
7.4.2. By Country/Sub-region
8. Europe Magneto Elastic Torque Sensor Market Analysis and Forecast
8.1. Market Snapshot
8.2. Magneto Elastic Torque Sensor Market Size (US$ Mn) Analysis & Forecast, by Application, 2023–2031
8.2.1. Automotive
8.2.2. Aerospace & Defense
8.2.3. Research & Development
8.2.4. Industrial
8.2.5. Others
8.3. Magneto Elastic Torque Sensor Market Size (US$ Mn) and Volume (Million Units) Analysis & Forecast, by Country and Sub-region, 2023–2031
8.3.1. U.K.
8.3.2. Germany
8.3.3. France
8.3.4. Rest of Europe
8.4. Market Attractiveness Analysis
8.4.1. By Application
8.4.2. By Country/Sub-region
9. Asia Pacific Magneto Elastic Torque Sensor Market Analysis and Forecast
9.1. Market Snapshot
9.2. Magneto Elastic Torque Sensor Market Size (US$ Mn) Analysis & Forecast, by Application, 2023–2031
9.2.1. Automotive
9.2.2. Aerospace & Defense
9.2.3. Research & Development
9.2.4. Industrial
9.2.5. Others
9.3. Magneto Elastic Torque Sensor Market Size (US$ Mn) and Volume (Million Units) Analysis & Forecast, by Country and Sub-region, 2023–2031
9.3.1. China
9.3.2. Japan
9.3.3. India
9.3.4. South Korea
9.3.5. ASEAN
9.3.6. Rest of Asia Pacific
9.4. Market Attractiveness Analysis
9.4.1. By Application
9.4.2. By Country/Sub-region
10. Middle East & Africa Magneto Elastic Torque Sensor Market Analysis and Forecast
10.1. Market Snapshot
10.2. Magneto Elastic Torque Sensor Market Size (US$ Mn) Analysis & Forecast, by Application, 2023–2031
10.2.1. Automotive
10.2.2. Aerospace & Defense
10.2.3. Research & Development
10.2.4. Industrial
10.2.5. Others
10.3. Magneto Elastic Torque Sensor Market Size (US$ Mn) and Volume (Million Units) Analysis & Forecast, by Country and Sub-region, 2023–2031
10.3.1. GCC
10.3.2. South Africa
10.3.3. Rest of Middle East & Africa
10.4. Market Attractiveness Analysis
10.4.1. By Application
10.4.2. By Country/Sub-region
11. South America Magneto Elastic Torque Sensor Market Analysis and Forecast
11.1. Market Snapshot
11.2. Magneto Elastic Torque Sensor Market Size (US$ Mn) Analysis & Forecast, by Application, 2023–2031
11.2.1. Automotive
11.2.2. Aerospace & Defense
11.2.3. Research & Development
11.2.4. Industrial
11.2.5. Others
11.3. Magneto Elastic Torque Sensor Market Size (US$ Mn) and Volume (Million Units) Analysis & Forecast, by Country and Sub-region, 2023–2031
11.3.1. Brazil
11.3.2. Rest of South America
11.4. Market Attractiveness Analysis
11.4.1. By Application
11.4.2. By Country/Sub-region
12. Competition Assessment
12.1. Global Magneto Elastic Torque Sensor Market Competition Matrix - a Dashboard View
12.1.1. Global Magneto Elastic Torque Sensor Market Company Share Analysis, by Value (2022)
12.1.2. Technological Differentiator
13. Company Profiles (Global Manufacturers/Suppliers)
13.1.1. ABB Ltd.
13.1.2. Overview
13.1.3. Product Portfolio
13.1.4. Sales Footprint
13.1.5. Key Subsidiaries or Distributors
13.1.6. Strategy and Recent Developments
13.1.7. Key Financials
13.2. Applied Measurements Ltd.
13.2.1. Overview
13.2.2. Product Portfolio
13.2.3. Sales Footprint
13.2.4. Key Subsidiaries or Distributors
13.2.5. Strategy and Recent Developments
13.2.6. Key Financials
13.3. Crane Electronics Ltd.
13.3.1. Overview
13.3.2. Product Portfolio
13.3.3. Sales Footprint
13.3.4. Key Subsidiaries or Distributors
13.3.5. Strategy and Recent Developments
13.3.6. Key Financials
13.4. Honeywell Sensing and Control
13.4.1. Overview
13.4.2. Product Portfolio
13.4.3. Sales Footprint
13.4.4. Key Subsidiaries or Distributors
13.4.5. Strategy and Recent Developments
13.4.6. Key Financials
13.5. HITEC Sensor Developments, Inc.
13.5.1. Overview
13.5.2. Product Portfolio
13.5.3. Sales Footprint
13.5.4. Key Subsidiaries or Distributors
13.5.5. Strategy and Recent Developments
13.5.6. Key Financials
13.6. Kistler Instrumente AG
13.6.1. Overview
13.6.2. Product Portfolio
13.6.3. Sales Footprint
13.6.4. Key Subsidiaries or Distributors
13.6.5. Strategy and Recent Developments
13.6.6. Key Financials
13.7. MagCanica
13.7.1. Overview
13.7.2. Product Portfolio
13.7.3. Sales Footprint
13.7.4. Key Subsidiaries or Distributors
13.7.5. Strategy and Recent Developments
13.7.6. Key Financials
13.8. Methode Electronics
13.8.1. Overview
13.8.2. Product Portfolio
13.8.3. Sales Footprint
13.8.4. Key Subsidiaries or Distributors
13.8.5. Strategy and Recent Developments
13.8.6. Key Financials
13.9. Texas Instruments, Inc.
13.9.1. Overview
13.9.2. Product Portfolio
13.9.3. Sales Footprint
13.9.4. Key Subsidiaries or Distributors
13.9.5. Strategy and Recent Developments
13.9.6. Key Financials
14. Go to Market Strategy
14.1. Identification of Potential Market Spaces
14.2. Preferred Sales & Marketing Strategy
List of Tables
Table 1: Global Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Application, 2023‒2031
Table 2: Global Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Region, 2023‒2031
Table 3: Global Magneto Elastic Torque Sensor Market Volume (Million Units) & Forecast, by Region, 2023‒2031
Table 4: North America Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Application, 2023‒2031
Table 5: North America Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Country, 2023‒2031
Table 6: North America Magneto Elastic Torque Sensor Market Volume (Million Units) & Forecast, by Country, 2023‒2031
Table 7: Europe Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Application, 2023‒2031
Table 8: Europe Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2023‒2031
Table 9: Europe Magneto Elastic Torque Sensor Market Volume (Million Units) & Forecast, by Country and Sub-region, 2023‒2031
Table 10: Asia Pacific Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Application, 2023‒2031
Table 11: Asia Pacific Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2023‒2031
Table 12: Asia Pacific Magneto Elastic Torque Sensor Market Volume (Million Units) & Forecast, by Country and Sub-region, 2023‒2031
Table 13: Middle East & Africa Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Application, 2023‒2031
Table 14: Middle East & Africa Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2023‒2031
Table 15: Middle East & Africa Magneto Elastic Torque Sensor Market Volume (Million Units) & Forecast, by Country and Sub-region, 2023‒2031
Table 16: South America Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Application, 2023‒2031
Table 17: South America Magneto Elastic Torque Sensor Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2023‒2031
Table 18: South America Magneto Elastic Torque Sensor Market Volume (Million Units) & Forecast, by Country and Sub-region, 2023‒2031
List of Figures
Figure 01: Supply Chain Analysis - Global Magneto Elastic Torque Sensor Market
Figure 02: Porter Five Forces Analysis – Global Magneto Elastic Torque Sensor Market
Figure 03: Technology Road Map - Global Magneto Elastic Torque Sensor Market
Figure 04: Global Magneto Elastic Torque Sensor Market, Value (US$ Mn), 2023-2031
Figure 05: Global Magneto Elastic Torque Sensor Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 06: Global Magneto Elastic Torque Sensor Market Projections, by Application, Value (US$ Mn), 2023‒2031
Figure 07: Global Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Application, 2023‒2031
Figure 08: Global Magneto Elastic Torque Sensor Market Share Analysis, by Application, 2023 and 2031
Figure 09: Global Magneto Elastic Torque Sensor Market Projections, by Region, Value (US$ Mn), 2023‒2031
Figure 10: Global Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Region, 2023‒2031
Figure 11: Global Magneto Elastic Torque Sensor Market Share Analysis, by Region, 2023 and 2031
Figure 12: North America Magneto Elastic Torque Sensor Market Size & Forecast, Value (US$ Mn), 2023‒2031
Figure 13: North America Magneto Elastic Torque Sensor Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 14: North America Magneto Elastic Torque Sensor Market Projections, by Application (US$ Mn), 2023‒2031
Figure 15: North America Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Application, 2023‒2031
Figure 16: North America Magneto Elastic Torque Sensor Market Share Analysis, by Application, 2023 and 2031
Figure 17: North America Magneto Elastic Torque Sensor Market Projections, by Country, Value (US$ Mn), 2023‒2031
Figure 18: North America Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 19: North America Magneto Elastic Torque Sensor Market Share Analysis, by Country, 2023 and 2031
Figure 20: Europe Magneto Elastic Torque Sensor Market Size & Forecast, Value (US$ Mn), 2023‒2031
Figure 21: Europe Magneto Elastic Torque Sensor Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 22: Europe Magneto Elastic Torque Sensor Market Projections, by Application, Value (US$ Mn), 2023‒2031
Figure 23: Europe Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Application, 2023‒2031
Figure 24: Europe Magneto Elastic Torque Sensor Market Share Analysis, by Application, 2023 and 2031
Figure 25: Europe Magneto Elastic Torque Sensor Market Projections, by Country and Sub-region, Value (US$ Mn), 2023‒2031
Figure 26: Europe Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 27: Europe Magneto Elastic Torque Sensor Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 28: Asia Pacific Magneto Elastic Torque Sensor Market Size & Forecast, Value (US$ Mn), 2023‒2031
Figure 29: Asia Pacific Magneto Elastic Torque Sensor Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 30: Asia Pacific Magneto Elastic Torque Sensor Market Projections, by Application, Value (US$ Mn), 2023‒2031
Figure 31: Asia Pacific Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Application, 2023‒2031
Figure 32: Asia Pacific Magneto Elastic Torque Sensor Market Share Analysis, by Application, 2023 and 2031
Figure 33: Asia Pacific Magneto Elastic Torque Sensor Market Projections, by Country and Sub-region, Value (US$ Mn), 2023‒2031
Figure 34: Asia Pacific Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 35: Asia Pacific Magneto Elastic Torque Sensor Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 36: Middle East & Africa Magneto Elastic Torque Sensor Market Size & Forecast, Value (US$ Mn), 2023‒2031
Figure 37: Middle East & Africa Magneto Elastic Torque Sensor Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 38: Middle East & Africa Magneto Elastic Torque Sensor Market Projections, by Application, Value (US$ Mn), 2023‒2031
Figure 39: Middle East & Africa Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Application, 2023‒2031
Figure 40: Middle East & Africa Magneto Elastic Torque Sensor Market Share Analysis, by Application, 2023 and 2031
Figure 41: Middle East & Africa Magneto Elastic Torque Sensor Market Projections, by Country and Sub-region, Value (US$ Mn), 2023‒2031
Figure 42: Middle East & Africa Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 43: Middle East & Africa Magneto Elastic Torque Sensor Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 44: South America Magneto Elastic Torque Sensor Market Size & Forecast, Value (US$ Mn), 2023‒2031
Figure 45: South America Magneto Elastic Torque Sensor Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 46: South America Magneto Elastic Torque Sensor Market Projections, by Application, Value (US$ Mn), 2023‒2031
Figure 47: South America Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Application, 2023‒2031
Figure 48: South America Magneto Elastic Torque Sensor Market Share Analysis, by Application, 2023 and 2031
Figure 49: South America Magneto Elastic Torque Sensor Market Projections, by Country and Sub-region, Value (US$ Mn), 2023‒2031
Figure 50: South America Magneto Elastic Torque Sensor Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 51: South America Magneto Elastic Torque Sensor Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 52: Global Magneto Elastic Torque Sensor Market Competition
Figure 53: Global Magneto Elastic Torque Sensor Market Company Share Analysis
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Magneto Elastic Torque Sensor Market
