The torque gauge market is anticipated to grow from USD 6.9 Billion in 2022 to USD 12.7 Billion by 2032, at a compound annual growth rate (CAGR) of 6.3% between 2022 and 2032. As of 2021, the market value of torque gauge was valued at USD 6.6 Billion and is forecast to register a Y-o-Y growth rate of 4.5% by 2022.
Torque gauges are measuring instruments that are used in all manufacturing industries to measure torque during a test or manufacturing process. Torque gauges are also known as quality control devices because they are commonly used to maintain the quality of the end product.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 6.6 Billion |
| Expected Market Value (2022) | USD 6.9 Billion |
| Anticipated Forecast Value (2032) | USD 12.7 Billion |
| Projected Growth Rate (2022 to 2032) | 6.3% CAGR |
Torque gauges are used in a variety of settings, including laboratories, research and development, and quality production in the field. These products have a long life span, are simple to use, and are extremely dependable. The expansion of the torque gauge market is entirely dependent on industrialization.
As a result, product innovation and development are the primary strategies employed by market participants in the torque gauge market. Furthermore, due to the large number of players in the global market, the torque gauge market is highly competitive and fragmented.
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Increasing manufacturing hubs around the world to meet rising demand is expected to drive torque gauge demand in the global market during the forecast period. Furthermore, torque gauge manufacturers in the global market are highly focused on product innovation in order to compete with new vendors in the market.
The global torque gauge market is being driven primarily by industrialization. The rapid establishment of manufacturing units around the world will create a demand for new torque gauges. Furthermore, the benefits provided by torque gauges, such as maintaining the quality of the end product, will create significant demand for torque gauges in the future.
During the forecast period, the North America Torque gauge Market is expected to grow at a CAGR of 6.5% until 2032. The commercial sector's adoption of torque gauges is expected to accelerate rapidly over the forecast period. High installation costs, on the other hand, are likely to stymie global market growth. The commercial sector evaluates and measures the demand for torque gauges based on the effects of drivers, constraints, and opportunities.
The USA has emerged as the fastest technology adopter, resulting in the exponential growth of electronic devices, upcoming automotive technologies such as healthcare monitoring systems, electric & hybrid vehicles, and others. Torque gauge that sales in the USA are increasing as the country's disposable income rises. Furthermore, growth in the semiconductor industry, as well as an increase in advanced system trends across industries, is driving growth in the USA torque gauge market.
The Asia Pacific region is expected to dominate the global torque gauge market. This can be attributed to the region's rapid industrialization, which is primarily due to the healthy growing economies of China and India. A torque tester is a quality control device that is required in all industries to maintain the quality of their work.
During the forecast period, the Asia Pacific Torque gauge Market would grow at a 7.8% CAGR. The Torque gauge market is being driven by the increasing adoption of rotary torque gauges in industrial automation, as well as the increasing demand for torque gauges from the robotics sector.
Because of growing environmental concerns, the transition from hydraulic to electric power steering systems increases the demand for torque gauges. The widespread use of torque gauges in a variety of end-user industries contributes to the market's expansion in the Asia Pacific.
To gain a significant market share in the global torque gauge market, manufacturers are heavily investing in product development. To compete with other manufacturers, a variety of products have been launched in the market, such as wireless torque gauges, battery-powered torque gauges, rechargeable torque gauges, and so on. Furthermore, the following are some of the market players involved in the development and sale of torque gauges:
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| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.3% from 2022 to 2032 |
| Market Value in 2022 | USD 6.9 Billion |
| Market Value in 2032 | USD 12.7 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Mode of Operation, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, BENELUX, Russia, Australia & New Zealand, China, Japan, South Korea, India, ASIAN, GCC Countries, South Africa, Turkey |
| Key Companies Profiled | WEBER Schraubautomaten GmbH; Crown Oilfield Instrumentation; Snap-on Incorporated; SUPER TOOL co. ltd.; Tohnichi America Corporation; Scientific Industries, Inc.; IMADA CO.LTD.; Mark-10 Corporation; OMEGA Engineering; Com-Ten Industries; IMADA, Incorporated; PCE Deutschland GmbH; ELECTROMATIC Equip't Co., Inc.; Flexible Assembly Systems Inc. |
| Customization | Available Upon Request |
FMI projects the global Torque gauge market to expand at a 6.3% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic Torque gauge market, expanding at a 7.8% CAGR
WEBER Schraubautomaten GmbH, Crown Oilfield Instrumentation, and Snap-on Incorporated are some prominent torque gauge manufacturers.
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