In every automobile, mining & offshore, Aviation and oil & gas industries Torque is the key concern in every machinery. The amount of torque should not exceed a certain value otherwise it will lead to fatigue failure and the shaft will be deformed plastically and then be destructed so on the end-user side there is always a demand for Torque transducers. Toque transducers are designed to detect the torsional deformation of a metal shaft. A torque is measured on a shaft placed between the motor and a load.
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The torque transducer market comes under the consolidated market because of the existence of a large number of dominant key players across the globe.
are amongst the prominent competitors across the globe in the Torque transducer market. Because in the global market is consolidated so to sustain a dominant position in the globe the companies may enter into new industries or companies can follow the inorganic growth strategy through merges, partnership and collaboration.
Magneto-elastic optical and SAW Torque Transducer technologies are some of the new technologies which are being evolved over the past few years. Apart from the advantage of being light weighted and compacted these technologies have magnificent linearity, appreciable resolution and significant electromagnetic noise immunity.
The torque transducer market is estimated to grow from USD 6.8 billion in 2021 to USD 9.0 billion by 2026. It is predicted to grow at a CAGR OF 5.7% from 2021 to 2026.
The global Torque Transducer market is predicted to witness a considerable growth rate over the forecast period from 2021 to 2026 because the application of Torque Transducer demand for accurate Torque measurement technologies in automotive industries is increasing day by day.
Several types of torque transducer based upon different-different technology are being utilized worldwide. The uninterrupted growth in the production of lightweight vehicle all over the world is the major parameter for driving the Torque transducer market.
The automobile industries in China, India, Europe and the USA is growing continuously at a considerable rate which pushes the Torque Transducer market in an upward direction. Also, in the field of agriculture, India produces the highest number of agriculture machinery, which also gives a positive response to the Torque Transducer market.
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The Sales study on the Torque Transducer market offers a scrutiny of the demand and consumption volumes, factors affecting these, and share and size of the various end-use segments.
The Torque Transducer Demand study has identified the segments that are expected to contribute major shares to the revenues.
The global Torque transducer market is categorized into seven major segments: product type, working, nominal speed, measuring range, geometry, end-use, technology and geographic region.
Rotary Torque Transducer is widely used in automotive manufacturing and design units. The uses of Rotary Torque transducer includes automotive engine testing, electric motor testing and efficiency testing over-torque. Moreover, the Rotary torque transducer market is predicted to launch advanced products to meet the demands of the consumers in the upcoming years.
The measuring range decides whether the Toque Transducer is been utilized in the laboratories or in the industries.
The wireless operations and battery-less advantages of surface acoustic wave (SAW) type torque transducer make it flexible for industrial purpose. Magneto-elastic torque transducer has a much higher frequency response and is resistant to environmental noise, making it ideal for industrial purpose.
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Based upon the regional split, the report “Torque Transducer Market” has been divided into account six prominent regions including North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa. The North American torque transducer market is forecasted to grow in upcoming years because of having the huge automobile industries and a trend towards automation.
The trend towards automation, electric vehicle, and renewable energy sources of Asia pacific countries including India, China, South Korea and Japan will lead to growing the Torque transducer market in 2021-2026.
East Asia holds a significant worldwide torque Transducer market share of around 29%, and the region is predicted to dominate the Torque transducer market throughout the forecasted period. The market of torque transducer market in North America holds the second-largest share globally, and it is anticipated to flourish at the highest CAGR of 8% till 2030.
Covid-19 forced all the countries to impose the complete lockdown due to which all the industries related to automotive, oil and gas, production and manufacturing were entirely closed, this leads to a negative impact on the “Torque Transducer Market”.
COVID-19 pandemic has destroyed the chain between the manufactures and end consumers this leads to economic losses in the Torque Transducer market at the global level.
All the prominent manufactures of Torque Transducer across the globe shut down therefore the production scale of Torque transducer has been reduced. However, in unlock, period of covid-19 has allowed the Torque Transducer market to gradually grow and the demand of Oil and gas, aviation, automotive increased slightly which gave a bounce back to the Torque and Transducer market.
No doubt the future of the Torque Transducer market is bright because all the countries across the globe are moving towards automation so there will be a high demand for Torque measuring device in end-user industries in upcoming years.
The business pattern of each player has been elaborately discussed in the Torque Transducer Demand report. This includes innovative product launches, partnerships, mergers and acquisitions, joint ventures, and others.
Besides this, the Torque Transducer Market Size report also encompasses the possible threats and possible growth opportunities that the Key players may face during the forecast period.
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