Global Torque Gauge Market Report 2024: Market Size, CAGR, Lucrative Segments

Overview and Scope
A torque gauge, also known as a torque sensor, is a device used to measure the torque or rotational force applied to an object by converting torque into an electrical output signal, also known as a torque transducer or torque cell. It typically consists of a calibrated spring mechanism or strain gauge system that detects and quantifies the rotational force exerted. Torque gauges are commonly used in various industries to tighten bolts, test machinery, and ensure the proper assembly of components.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry 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

The torque gauge market report table of contents includes:

1. Executive Summary

2. Torque Gauge Market Characteristics

3. Torque Gauge Market Trends And Strategies

4. Torque Gauge Market – Macro Economic Scenario

5. Global Torque Gauge Market Size and Growth
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32. Global Torque Gauge Market Competitive Benchmarking

33. Global Torque Gauge Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Torque Gauge Market

35. Torque Gauge Market Future Outlook and Potential Analysis

36. Appendix

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