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Torque Tester Market Size, Share, Top Key Players, Impacting Factors, Regional Outlook And Forecast To 2033
Torque Tester Market Size
According to The Business Research Company's, The torque tester market size has grown strongly in recent years. It will grow from $7.93 billion in 2023 to $8.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to automotive industry demand, quality control and assurance, regulatory compliance, expansion of manufacturing sector, increasing automation in industries.
The torque tester market size is expected to see strong growth in the next few years. It will grow to $11.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rise in electric vehicle manufacturing, globalization of supply chains, miniaturization in electronics, focus on sustainability, increased adoption in aerospace and defense. Major trends in the forecast period include advancements in calibration technologies, industry 4.0 integration, technological advancements, focus on ergonomics and user-friendly design, advancements in wireless torque testing:.
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Market Drivers and Trends:
The increasing demand for energy generation is expected to boost the growth of the torque tester market going forward. Energy generation refers to electricity generation by converting other forms of energy into electrical energy produced in electricity-only plants and combined heat and power plants. Torque testers are used in energy generation to ensure that the bolts and nuts that hold together critical components are tightened to the correct torque. For instance, in June 2023, according to the Energy Information Administration, a US-based statistical agency of energy, in the US the net generation of electricity from utility-scale generators was about 4,243 billion kilowatt hours (kWh) in 2022 and 60% of utility-scale electricity generation was from fossil fuels. Further, in August 2023, according to Exxon Mobil Corporation, a US-based oil and gas company, the global energy demand is expected to reach 660 quadrillion Btu in 2050 increasing by 15% from 2021. Therefore, the increasing demand for energy generation is driving the growth of the torque tester market.
Major companies operating in the torque tester market are focusing on developing innovative products, such as preset torque screwdrivers, to provide reliable services to customers. A preset torque screwdriver is a type of torque screwdriver with a preset torque value to apply the correct amount of torque to a fastener. For instance, in April 2022, Sturtevant Richmont, a US-based manufacturer of torque tools and testers, launched BP-Series Torque Drivers. It is uniquely designed with anti-backlash technology to alleviate the negative torque going to the fastener and extremely smooth rotation that requires only 18 degrees of turn to reach the target torque. It has bi-directional versatility and a comfortable grip that is ergonomically friendly, giving a more significant purchase in turning the driver to get target torque. The clutch releases automatically when the grip rotates to prevent over-torquing the fastener.
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Major Key Players of the Market:
Crane Electronics Group Limited, Shimpo International, Kistler Group, Transcat Inc., Bahco Group AB, Burke E. Porter Machinery Company, Tecnogi S.p.A., Sakor Technologies Inc., Warren & Brown Tools, FUTEK Advanced Sensor Technology Inc., Gedore-Torque Ltd., Mountz Inc., PCE Instruments UK Limited, Yokota Industrial Co. Ltd., Imada Inc., Labthink International Inc., Norbar Torque Tools Ltd., Mecmesin Limited, Alluris GmbH & Co. KG, Mark-10 Corporation, Access SecurePak, Sturtevant Richmont, SA Meier Co of Milwaukee Inc., Van F. BELKNAP Co. Inc., Wenzhou Sundoo Instruments Co. Ltd.
Torque Tester Market 2024 Key Insights:
• The Torque Tester is expected to grow to $11.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Energy Generation-Driven Growth In The Torque Tester Market
• Innovative Advancements In Torque Testing To Drive The Revenues
• North America was the largest region in the torque tester market in 2023
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