The Zhitong Finance App learned that Fangzheng Securities released a research report saying that according to MarketsAndMarketsResearch data, the global torque sensor market size in 2021 is about 6.8 billion US dollars (about 43.9 billion yuan), and is expected to reach 9 billion US dollars by 2026, with a CAGR of about 5.7%. Torque sensors are currently mainly used in automotive testing, measurement and inspection, industry, aerospace and defense. In terms of six-dimensional torque sensors, the domestic six-dimensional force/torque sensor market in 2022 was 239 million yuan, of which the robotic six-dimensional force/torque sensor market was 156 million yuan. Currently, the six-dimensional force/torque sensor market is small, and the average price of six-dimensional force/torque sensors for robots has dropped from 46,000 yuan/set in 2017 to 32,000 yuan/set in 2022. Currently, it is still at a high level.

Investment advice: It is recommended to focus on Ke Li Sensing (603662.SH), China Aviation Electric Measurement (300114.SZ), Bafang Co., Ltd. (603489.SH), etc.

Foreword:

On the evening of December 12, 2023, local time, Tesla CEO Musk released the latest video of the second-generation Tesla humanoid robot Optimus (Optimus). Changes in the robot's hand flexibility, egg handling, squats, and walking speed all require major improvements to tactile sensors, force/torque sensors, etc., and subsequent sensors are expected to become the focus of the industry's attention.

▍ The main views of Fangzheng Securities are as follows:

When should I use a multidimensional force sensor?

A force sensor is a device used to measure the force applied to an object. According to the sensing element, force sensors can be broadly divided into three categories: strain/piezoresistive, piezoelectric/pressure-capacitive, and photoelectric. Currently, most of the six-dimensional force/torque sensors used in the market are based on strain measurement. Conventional one-dimensional force sensors are used when the direction and point of action of the force are fixed, while three-dimensional force sensors are used when the direction changes randomly and the force action point does not change. If the direction and point of action of the force are changing, a six-dimensional force sensor is required.

The torque sensor market is over 40 billion yuan, and six-dimensional torque sensors are still in the early stages of development.

According to MarketsAndMarketsResearch data, the global torque sensor market size in 2021 is about 6.8 billion US dollars (about 43.9 billion yuan), and is expected to reach 9 billion US dollars by 2026, with a CAGR of about 5.7%. Torque sensors are currently mainly used in automotive testing, measurement and inspection, industry, aerospace and defense.

In terms of six-dimensional torque sensors, the domestic six-dimensional force/torque sensor market in 2022 was 239 million yuan, of which the robotic six-dimensional force/torque sensor market was 156 million yuan. Currently, the six-dimensional force/torque sensor market is small, and the average price of six-dimensional force/torque sensors for robots has dropped from 46,000 yuan/set in 2017 to 32,000 yuan/set in 2022. Currently, it is still at a high level.

6-dimensional torque sensor:

Currently, six-dimensional force/torque sensors are mainly used in collision testing, wheel testing, component testing, etc. in the automotive industry, as well as in aerospace, biomechanics, medical rehabilitation, scientific research experiments, robotics and automation.

Humanoid robot:

A six-dimensional torque sensor may be used on the wrist and ankle. Joints may use current loop controls or one-dimensional force/torque sensors. According to estimates, under the assumption that a six-dimensional torque sensor is used on the wrist and ankle and a one-dimensional force/torque sensor is used at the joints, when the estimated sales volume of humanoid robots reaches 100,000 units and 1 million units, the corresponding six-dimensional force and torque sensors are expected to reach 4.8 billion yuan and 26 billion yuan respectively.

Force sensor enterprise layout:

The world's major brands of six-dimensional force/torque sensors can be divided into three categories: Japanese and Korean brands, European and American brands, and domestic brands. Domestic six-dimensional force/torque sensor manufacturers are gradually growing, such as Yuli Instruments (SRI), Kunwei Technology, Xinjingcheng, Hiberson, Blue Dot Touch, and Rite, etc., all of which have launched related products and entered industrial applications. Although there are still few domestic manufacturers with actual mass production capabilities, with the gradual release of downstream demand such as robots, various companies have begun to accelerate their layout.

Risk warning:

Downstream demand falls short of expectations, cost reduction falls short of expectations, risk of measurement errors, and technology research and development falls short of expectations.