Torque Tester Global Market Report 2024

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 expansion observed in the historical period can be attributed to factors such as the demand from the automotive industry, the emphasis on quality control and assurance, adherence to regulatory compliance, the growth of the manufacturing sector, and the increasing adoption of 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 anticipated growth in the forecast period can be attributed to factors such as the rise in electric vehicle manufacturing, the globalization of supply chains, the trend towards miniaturization in electronics, a heightened focus on sustainability, and increased adoption in aerospace and defense. Key trends in the forecast period encompass advancements in calibration technologies, integration with Industry 4.0 practices, technological innovations, a focus on ergonomics and user-friendly design, and progress in wireless torque testing methodologies.

The anticipated growth in the demand for energy generation is set to drive the expansion of the torque tester market. Energy generation involves the conversion of various forms of energy into electrical energy, primarily achieved through electricity-only plants and combined heat and power plants. Torque testers play a crucial role in energy generation by ensuring the correct torque tightness of bolts and nuts holding critical components together. For example, as reported by the Energy Information Administration, the net generation of electricity from utility-scale generators in the US reached approximately 4,243 billion kilowatt hours (kWh) in 2022, with 60% of utility-scale electricity generation stemming from fossil fuels. Additionally, Exxon Mobil Corporation forecasts that global energy demand will reach 660 quadrillion Btu in 2050, reflecting a 15% increase from 2021. This surge in energy demand propels the growth of the torque tester market.

The increasing demand from the automotive industry is expected to be a driving force behind the growth of the torque tester market. The automotive sector, a multifaceted industry involved in various aspects of vehicle creation, uses in-vehicle torque detectors for mapping engine torque and calibrating automatic transmissions. For instance, the International Trade Administration reported a rise in vehicle purchases in Australia, with 1,049,831 SUVs, new passenger cars, and commercial vehicles bought in 2021, compared to 916,968 in 2020. This heightened demand from the automotive industry significantly contributes to the growth of the torque tester market.

The anticipated challenge of limited raw material availability may hinder the growth of the torque tester market in the future. Scarcity of raw materials can result in increased costs, reduced production, and price fluctuations. The global manufacturing industry faced such challenges in 2021 due to the COVID-19 pandemic, highlighting the vulnerability of supply chains and the limited availability of crucial raw materials. This impact extended to industries relying on precision instruments such as torque testers, emphasizing the potential challenges posed by limited raw material availability for the torque tester market.

Key players in the torque tester market are concentrating on the development of innovative products, such as preset torque screwdrivers, to offer reliable services to their customers. Preset torque screwdrivers are equipped with preset torque values to ensure the correct application of torque to fasteners. For example, Sturtevant Richmont introduced the BP-Series Torque Drivers in April 2022. These torque drivers feature anti-backlash technology to reduce negative torque and offer smooth rotation, requiring only 18 degrees of turn to achieve the target torque. The bi-directional versatility and ergonomic grip make it user-friendly, preventing over-torquing of fasteners.

In January 2021, Battery Ventures L.P, a UK-based technology-focused investment company, acquired Alluris GmbH & Co. KG. This acquisition is expected to enhance new product development and testing solutions across various industries. Alluris GmbH & Co. KG is a Germany-based developer and manufacturer of force and torque testers.

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.

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 The countries covered in the torque tester market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The torque tester market consists of revenues earned by entities by providing services such as calibration, repair and maintenance, verification, and measuring the output. The market value includes the value of related goods sold by the service provider or included within the service offering. The torque tester market consists of sales of motorized torque testers, computer-controlled torque test systems, torque sensors, and transducers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of torque testers include digital torque testers and manual torque testers. Digital torque testers are transducers that measure torque and generate electrical signals. Products in this category include torque gauges, torque testers, torque calibrators, torque meters, and screwdriver torque testers, offering various functions such as electric, hydraulic, mechanical, and pneumatic. These devices come in different modalities, including handheld, portable, and benchtop, and find applications in industries such as electrical, automotive, machinery manufacturing, and others.

The torque testers market research report is one of a series of new reports that provides torque testers market statistics, including torque testers industry global market size, regional shares, competitors with a torque testers market share, detailed torque testers market segments, market trends and opportunities, and any further data you may need to thrive in the torque testers industry. This torque testers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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