Magneto Elastic Torque Sensor Market Size, Share, Opportunities, And Trends By Type (Dynamic, Static), By Application (Automotive, Aerospace and Defence, Research and Development, Others), And By Geography - Forecasts From 2024 To 2029

The magnetoelastic torque sensor market is anticipated to grow from US$89.950 billion in 2024 to US$134.246 billion in 2029 at a CAGR of 8.34%.

A magneto elastic torque sensor is a type of sensor used to measure torque, which is the rotational force applied to an object. This sensor operates based on the magnetoelastic effect, which is the change in the magnetic properties of a material in response to mechanical stress.

A magnetoelastic torque sensor works by selecting a material, applying a magnetic field, measuring the magnetic field, and calculating torque. The sensor is made of a magnetoelastic substance such as ferromagnetic steel, nickel, or iron. Mechanical stress causes a reversible change in the magnetic properties of certain materials.

A magnetic field is applied to the magnetoelastic material, causing its magnetic domains to align in a predetermined orientation. When torque is given to the sensor, the magnetoelastic material undergoes mechanical stress, altering its magnetic characteristics. This change in magnetic characteristics has an impact on the material's permeability, coercivity, and other magnetic parameters.

Magnetic sensors, such as Hall effect or magneto resistive sensors, detect changes in the magnetic characteristics of magneto elastic materials. They measure and calculate torque fluctuations to calibrate the torque-magnetism connection.

Magnetoelastic torque sensors are a dependable and effective option for detecting torque in a variety of applications, helping to increase performance, efficiency, and safety in numerous industrial processes.

Market Drivers

• Rising Demand for  torque measurement is fueling the Magnetoelastic torque sensor market growth

As industries such as automotive, aerospace, manufacturing, and robotics develop, the necessity for accurate torque measurement grows, resulting in the widespread use of magnetoelastic torque sensors for dependable solutions.

Among various torque measuring tools available in the market, the TS 104 Reaction Torque Sensor is very precise and one of the smallest form factor response type torque sensors in the market today. This gadget measures static and dynamic torque even when the equipment being tested is rotating at high speeds. Flange-to-flange connectors allow for in-line measurements while maintaining good quality.

Another such product is the DRV425QWRTJRQ1 automotive gadget is a single-axis magnetic field sensor with exceptional sensitivity and accuracy, making it perfect for high-current busbar applications, torque sensors, and motor diagnostic systems.

The magnetoelastic torque sensor market is growing due to the rising need for precise torque measurement across sectors, which is driven by quality assurance, safety, efficiency, maintenance plans, and developing applications.

• Advancements in sensor technology are contributing to the magnetoelastic torque sensor market growth

Continuous improvements in sensor technology have resulted in the creation of more sensitive, accurate, and dependable magnetoelastic torque sensors. Sensor performance has increased due to advancements in materials, manufacturing techniques, and sensor design, making them more suited for a variety of applications.

One of the products is the ZJ-AF flange torque speed sensor, The ZJ-AF flange torque speed sensor is intended to prevent measurement inaccuracies caused by bearing heating, making it ideal for high-speed rotational or short axial applications.

Sensor technology advancements fuel innovation, performance improvement, and market growth in the magnetoelastic torque sensor sector. The demand for high-performance, dependable, and diverse solutions is predicted to rise across a variety of industrial sectors.

Market Restraints

• Complexity of calibration and maintenance hamper the market growth

Magnetoelastic torque sensors require periodic calibration and maintenance to maintain accuracy and reliability over time. The complexity of calibration procedures, the need for specialized equipment, and the requirement for trained personnel can increase the overall cost of ownership and pose logistical challenges for users, particularly in remote or resource-constrained environments.

The magnetoelastic torque sensor market is segmented based on its different types

The magnetoelastic torque sensor market is segmented based on its various types. Dynamic magnetoelastic torque sensors are intended for dynamic applications and can accurately detect torque fluctuations, quick changes in torque direction, and transient occurrences. They provide high-speed data collecting, quick reaction times, and durable construction for applications such as engine testing, powertrain analysis, and rotating machinery monitoring.

Static magnetoelastic torque sensors are used in static or quasi-static applications, such as torque calibration, verification, and monitoring, to provide exact torque measurement with low dynamic variations. They provide excellent precision, stability, and repeatability, making them ideal for torque wrench calibration, assembly line testing, and torque limit testing.

North America is anticipated to hold a significant share of the Magnetoelastic torque sensor market.

The North American region is expected to have a sizable proportion of the Magnetoelastic torque sensor market. North America is home to many leading sensor manufacturers, research institutions, and technology companies such as S. Himmelstein and Company, Sentranllc, Honeywell, and Mountz Torque drive innovation in the field of torque sensing. The region benefits from a strong ecosystem of research and development, fostering the development of advanced magnetoelastic torque sensor technologies.

Magnetoelastic torque sensors are being used to monitor operations throughout the region's industrial infrastructure, notably in automotive, aerospace, manufacturing, and renewable energy. The region's sensor technology ecosystem, backed by universities and research institutes, promotes innovation and collaboration, therefore increasing its market position.

Overall, the combination of technological knowledge, industrial infrastructure, regulatory constraints, and market demand establishes North America as a major participant in the worldwide magnetoelastic torque sensor market.

Key Developments

• January 2024 - Texas Instruments (TI) introduced new chips that improved automobile safety and intelligence. The aWR2544 77GHz radar sensor chip was the first designed for satellite radar designs, enhancing sensor fusion and decision-making in ADAS. The DRV3946-Q1 and DRV3901-Q1 driver chips were software-programmable and provided diagnostic and functional safety assistance.
• April 2021 – Nautilus Labs, a technology firm that used artificial intelligence to improve ocean commerce efficiency, and Datum Electronics, a specialized manufacturer and supplier of torque and shaft power measurement solutions, announced a partnership. The partnership would provide ship owners, operators, technical managers, and charterers with a comprehensive solution for vessel digitalization and predictive decision support.

Company Products

• TMS 9250 – Honeywell's latest digital telemetry rotary torque measuring system, the TMS 9250, is intended for accurate torque measurement. Its non-contact architecture assures great data integrity and minimizes mechanical interference. The modular design enables easy customization to accommodate different test stands. The tiny system is simple to install, configure, and use, assuring long-term dependability and compliance with FCC/CE and EMC regulations.
• HTGS series– The HTGS series handheld digital torque gauge is an easy-to-use type with a torque measuring capability ranging from 50N-cm to 1000N-cm. Its high sampling rate assures repeatability and data graphing, while the following generation provides improved performance and functions such as noise reduction and firmware upgrades.

Market Segmentation

• By Type
  • Dynamic
  • Static
• By Application
  • Automotive
  • Aerospace and Defence
  • Research and Development
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key benefits to the stakeholder

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. MAGNETO ELASTIC TORQUE SENSOR MARKET BY TYPE

5.1. Introduction

5.2. Dynamic

5.2.1. Market opportunities and trends

5.2.2. Growth prospects

5.2.3. Geographic lucrativeness 

5.3. Static

5.3.1. Market opportunities and trends

5.3.2. Growth prospects

5.3.3. Geographic lucrativeness 

6. MAGNETO ELASTIC TORQUE SENSOR MARKET BY APPLICATION

6.1. Introduction

6.2. Automotive

6.2.1. Market opportunities and trends

6.2.2. Growth prospects

6.2.3. Geographic lucrativeness 

6.3. Aerospace and Defence

6.3.1. Market opportunities and trends

6.3.2. Growth prospects

6.3.3. Geographic lucrativeness 

6.4. Research and Development

6.4.1. Market opportunities and trends

6.4.2. Growth prospects

6.4.3. Geographic lucrativeness 

6.5. Others

6.5.1. Market opportunities and trends

6.5.2. Growth prospects

6.5.3. Geographic lucrativeness 

7. MAGNETO ELASTIC TORQUE SENSOR MARKET BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Type

7.2.2. By Application

7.2.3. By Country

7.2.3.1. United States

7.2.3.1.1. Market Trends and Opportunities

7.2.3.1.2. Growth Prospects

7.2.3.2. Canada

7.2.3.2.1. Market Trends and Opportunities

7.2.3.2.2. Growth Prospects

7.2.3.3. Mexico

7.2.3.3.1. Market Trends and Opportunities

7.2.3.3.2. Growth Prospects

7.3. South America

7.3.1. By Type

7.3.2. By Application

7.3.3. By Country

7.3.3.1. Brazil 

7.3.3.1.1. Market Trends and Opportunities

7.3.3.1.2. Growth Prospects 

7.3.3.2. Argentina

7.3.3.2.1. Market Trends and Opportunities

7.3.3.2.2. Growth Prospects

7.3.3.3. Others

7.3.3.3.1. Market Trends and Opportunities

7.3.3.3.2. Growth Prospects

7.4. Europe

7.4.1. By Type

7.4.2. By Application

7.4.3. By Country

7.4.3.1. Germany

7.4.3.1.1. Market Trends and Opportunities

7.4.3.1.2. Growth Prospects

7.4.3.2. France

7.4.3.2.1. Market Trends and Opportunities

7.4.3.2.2. Growth Prospects

7.4.3.3. UK

7.4.3.3.1. Market Trends and Opportunities

7.4.3.3.2. Growth Prospects

7.4.3.4. Spain

7.4.3.4.1. Market Trends and Opportunities

7.4.3.4.2. Growth Prospects

7.4.3.5. Others

7.4.3.5.1. Market Trends and Opportunities

7.4.3.5.2. Growth Prospects

7.5. Middle East and Africa

7.5.1. By Type

7.5.2. By Application

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.1.1. Market Trends and Opportunities

7.5.3.1.2. Growth Prospects

7.5.3.2. UAE

7.5.3.2.1. Market Trends and Opportunities

7.5.3.2.2. Growth Prospects

7.5.3.3. Israel

7.5.3.3.1. Market Trends and Opportunities

7.5.3.3.2. Growth Prospects  

7.5.3.4. Others

7.5.3.4.1. Market Trends and Opportunities

7.5.3.4.2. Growth Prospects

7.6. Asia Pacific

7.6.1. By Type

7.6.2. By Application

7.6.3. By Country

7.6.3.1. China

7.6.3.1.1. Market Trends and Opportunities

7.6.3.1.2. Growth Prospects

7.6.3.2. Japan

7.6.3.2.1. Market Trends and Opportunities

7.6.3.2.2. Growth Prospects

7.6.3.3. India

7.6.3.3.1. Market Trends and Opportunities

7.6.3.3.2. Growth Prospects

7.6.3.4. South Korea

7.6.3.4.1. Market Trends and Opportunities

7.6.3.4.2. Growth Prospects

7.6.3.5. Indonesia

7.6.3.5.1. Market Trends and Opportunities

7.6.3.5.2. Growth Prospects

7.6.3.6. Taiwan

7.6.3.6.1. Market Trends and Opportunities

7.6.3.6.2. Growth Prospects

7.6.3.7. Others

7.6.3.7.1. Market Trends and Opportunities

7.6.3.7.2. Growth Prospects

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisition, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Methode Sensor Technologies

9.2. MagCanica

9.3. Permanent Magnets Ltd.

9.4. Sushma Industries Private Limited.

9.5. Honeywell

9.6. ATESTEO GmbH & Co. KG

9.7. Lanmec electromechanical

9.8. IMADA Co., Ltd.

9.9. Texas Instruments Incorporated

9.10. Crane Electronics

Methode Sensor Technologies

MagCanica

Permanent Magnets Ltd.

Sushma Industries Private Limited.

Honeywell

ATESTEO GmbH & Co. KG

Lanmec electromechanical

IMADA Co., Ltd.

Texas Instruments Incorporated

Crane Electronics