Global Magneto Elastic Torque Sensor Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Magneto Elastic Torque Sensor Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global magneto elastic torque sensor market report has been segmented on the basis of application and region.
Global Magneto Elastic Torque Sensor Market: Overview
Magneto elastic is a technology used in torque sensor that is mounted on rotating shafts which helps to reduce measuring torque process complexity. There are two types of torque measurement derived such as measurement of twist angle and measurement of the surface strain. The magneto elastic torque sensors are compatible with mass production of vehicles or end product.
Global Magneto Elastic Torque Sensor Market: Dynamics
Growing installation of magneto elastic torque sensors in vehicles and growing automotive sector across the globe are major factors driving growth of the global magneto elastic torque sensor market. In addition, rising need to measure and monitor torque of machines and engines which includes crucial parameters of equipment, rotating parts, and machines to achieve high-quality and optimum performance in automotive vehicles are key factors expected to support growth of the global market in the near future.
Low system complexity, easy integration into original equipment manufacturer (OEM) products, and inherently low cost associated with magneto-elastic torque sensors make them ideal to use in various industrial applications across the globe. Moreover, increasing implementation of magneto-elastic technology in torque sensors and rising significance of force sensors due to increasing stringent requirements for efficient load gains, lower sensor weight, maximized safety, and cost efficiency in variety of applications is expected to result into high demand for magneto-elastic torque sensors in various industries across the globe. Aforementioned are some major factors expected to fuel growth of the target market in the coming 10 years.
However, diversity of applications for variety of sensors utilized and rising concerns associated with reliability of magneto-elastic torque sensors in high-end applications among various industries are factors may hamper growth of the global market to a certain extent. In addition, continuous evolution of technologies, high-tech end-user requirements, and growing environmental regulations in various regions is a challenging factor that may affect growth of the target market in the near future.
Global Magneto Elastic Torque Sensor Market: Segment Analysis
On the basis of application, the automotive segment is expected to account for major share in terms of revenue in the global market. Increasing installation of magneto elastic torque sensors in vehicles, owing to its cost-effective benefit and rising adoption to substitute to strain-gauge systems are factors expected to support growth of this segment market in the global market.
Global Magneto Elastic Torque Sensor Market: Regional Analysis
Market in North America is expected to account for major share in terms of revenue and is expected to register high growth over the forecast period. Growing automotive industry in economies such as US and Canada is another key factor expected to boost growth of the target market in this region. In addition, increasing adoption of magneto elastic torque sensor in aviation sector for mapping engine torque and calibrating automatic transmission is expected to support growth of the target market in the Asia Pacific in the coming 10 years.
Global Magneto Elastic Torque Sensor Market Segmentation:
Segmentation by Application:
- Aerospace and Defense
- Research & Development
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- ABB Ltd
- Magcanica, Inc.
- PMC Engineering LLC
- Methode Electronics, Inc.
- Cooper Instruments & Systems
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