Torque Gauge Global Market Poised to Reach $9.40 Billion at a CAGR of 6.3% By 2028, Predicts The Business Research Company

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Torque Gauge Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $9.40 Bn In 2028 At A CAGR Of 6.3% :

The torque gauge market size has grown strongly in recent years. It will grow from $6.85 billion in 2023 to $7.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to industrial automation growth, manufacturing sector expansion, quality control emphasis, regulatory compliance, and increasing automotive production.

The torque gauge market size is expected to see strong growth in the next few years. It will grow to $9.40 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to industry 4.0 and smart manufacturing, growing adoption of electric vehicles, expansion of the aerospace sector, increased emphasis on lightweight materials, globalization of supply chains. Major trends in the forecast period include rising demand for portable torque gauges, digitalization, and industry 4.0, focus on ergonomics and user interface, augmented reality (AR) and virtual reality (VR) integration, advancements in wireless technology.

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Torque Gauge Market Major Segments
The torque gauge market covered in this report is segmented -
1) By Type: Digital Torque Gauges, Mechanical Torque Gauges, Electronic Torque Gauges, Other Types
2) By Product Type: Hand Held Torque Gauge, Table Top Torque Gauge
3) By End User: Automotive, Aerospace, Manufacturing, Electronics, Energy, Other End Users

Key Driver - Industrial Automation Fuels Torque Gauge Market Expansion

The growing industrial automation is expected to propel the growth of the torque gauge market going forward. Industrial automation refers to using advanced technology to automate various stages of the manufacturing process, from material handling to final product delivery. It arises because of efficiency, productivity, cost reduction, flexibility, and scalability. Torque gauges are used in industrial automation to ensure assembly processes' accuracy, reliability, and compliance. They provide real-time torque measurements and data analysis capabilities that help manufacturers optimize their production lines, maintain product quality, and minimize downtime and costly errors. For instance, according to the International Federation of Robotics, a Germany-based non-profit organization, 517,385 new industrial robots were installed in industries worldwide in 2021, which indicates a 31% growth rate year over year. Therefore, growing industrial automation is driving the growth of the torque gauge market.

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Prominent Trend - RAD Torque Systems Introduces B-RAD X A Revolutionizing Torque Wrench Technology

Major companies operating in the torque gauge market focus on innovative advancements such as B-RAD X, a battery-powered torque wrench series. It is a torque wrench that works using a rechargeable battery as its power source, eliminating the need for pneumatic or electric power sources. For instance, in June 2023, RAD Torque Systems, a Canada-based manufacturer of electronic pistol grip torque wrenches, launched the highly anticipated B-RAD X, a battery-powered torque wrench series capable of torquing up to 11,000 ft. lbs. (15,000 Nm). It features a redesigned anti-fatigue trigger switch, a standard handguard for added operator protection, and a two-hand start option for safety. Additionally, this series is designed to provide mobility and power for fastening bolts in remote locations with precision and efficiency.

Torque Gauge Market Players
Major companies operating in the torque gauge market are Mitsubishi Electric Automation Inc., Bosch Rexroth AG, Applied Measurements Limited, AMETEK Calibration Inc., Snap-on Incorporated, Hottinger Brüel & Kjær A/S, Sauter AG, Kistler Holding AG, SCHUNK Intec Inc., VOGT GmbH, Desoutter Industrial Tools, Industrial Physics LLC, Mecmesin Ltd., Extech Instruments, Mountz Inc., Futek Advanced Sensor Technology Inc., Toledo Transducers Inc., IMADA Inc., Mark-10 Corporation, Norbar Torque Tools Ltd., Datum Electronics Ltd., Insize Co. Ltd., Checkline Europe B.V, HT Instruments, Sturtevant Richmont

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the torque gauge market in 2023. The regions covered in the torque gauge market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Torque Gauge Market Report Structure
3. Torque Gauge Market Trends And Strategies
4. Torque Gauge Market - Macro Economic Scenario
5. Torque Gauge Market Size And Growth
…..
27. Torque Gauge Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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