Torque Tester Market
Overview and Scope
A torque tester is a quality control device for testing or calibrating the torque-controlled tools for measuring torque and converting it into an electrical output signal. It is used to calibrate the torque tools to assure the accuracy and dependability of the devices. It is necessary to keep torque levels constant and avoid under or overtightening fasteners.
Sizing and Forecast
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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Segmentation & Regional Insights
The torque tester market covered in this report is segmented –
1) By Type: Digital Torque Testers, Manual Torque Testers
2) By Product Type: Torque Gauges, Torque Testers, Torque Calibrators, Torque Meter, Screwdrivers Torque Testers
3) By Function Type: Electric, Hydraulic, Mechanical, Pneumatic
4) By Modularity: Handheld, Portable, Bench Top
5) By Industry: Electrical, Automobile, Machinery Manufacturing, Other Industries
North America was the largest region in the torque tester market in 2023. The regions covered in the torque tester market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the torque tester market report are 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.
The torque tester market report table of contents includes:
1. Executive Summary
2. Torque Tester Market Report Structure
3. Torque Tester Market Trends And Strategies
4. Torque Tester Market – Macro Economic Scenario
5. Torque Tester Market Size And Growth
…..
27. Torque Tester Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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