Torque Gauge Global Market Report 2024

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 expansion witnessed in the historical period can be attributed to the growth of industrial automation, the expansion of the manufacturing sector, an increased emphasis on quality control, adherence to regulatory compliance, and the rising production in the automotive industry.

The torque gauge market size is expected to see strong growth in the next few years. It will grow to $9.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be attributed to the influence of Industry 4 and smart manufacturing, the increasing adoption of electric vehicles, the expansion of the aerospace sector, a heightened emphasis on lightweight materials, and the globalization of supply chains. Key trends in the forecast period include a growing demand for portable torque gauges, the trend toward digitalization and Industry 4 integration, a focus on ergonomics and user interface improvements, the integration of augmented reality (AR) and virtual reality (VR), and advancements in wireless technology.

The anticipated growth in industrial automation is poised to drive the expansion of the torque gauge market in the future. Industrial automation involves leveraging advanced technology to automate different stages of the manufacturing process, spanning from material handling to the final delivery of products. This trend is driven by the pursuit of efficiency, increased productivity, cost reduction, and enhanced flexibility and scalability. Torque gauges play a crucial role in industrial automation, ensuring the accuracy, reliability, and compliance of assembly processes. They offer real-time torque measurements and data analysis capabilities, enabling manufacturers to optimize production lines, maintain product quality, and minimize costly errors and downtime. For example, the International Federation of Robotics, a Germany-based non-profit organization, reported a 31% year-over-year growth, with 517,385 new industrial robots installed worldwide in 2021. This underscores the significant impact of growing industrial automation on the torque gauge market.

Key players in the torque gauge market are focusing on innovative advancements, such as the B-RAD X series, a battery-powered torque wrench. This torque wrench operates using a rechargeable battery as its power source, eliminating the need for pneumatic or electric power sources. In June 2023, RAD Torque Systems, a Canada-based manufacturer of electronic pistol grip torque wrenches, launched the highly anticipated B-RAD X series, capable of torquing up to 11,000 ft. lbs. (15,000 Nm). The series features a redesigned anti-fatigue trigger switch, a standard handguard for increased operator protection, and a two-hand start option for safety. Moreover, it is designed to provide mobility and power for precision and efficient bolt fastening in remote locations.

In June 2022, Transcat Inc., a US-based calibration service provider, acquired Alliance Calibrations Group LLC for $4.7 million. This strategic acquisition is expected to enhance Transcat's professional services business, increase market share in the calibration industry, and broaden its capabilities to offer accredited calibrations to customers across diverse sectors such as life sciences, chemical, aerospace, and general industrial markets. Alliance Calibrations Group LLC specializes in torque gauge and electrical dimensional manufacturing.

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.

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

A torque gauge, also referred to as a torque sensor, is a device utilized to measure the torque or rotational force applied to an object by converting this torque into an electrical output signal, commonly known as a torque transducer or torque cell. Typically, it incorporates a calibrated spring mechanism or a strain gauge system designed to detect and quantify the rotational force being exerted. Torque gauges find widespread application in diverse industries, employed for tasks such as tightening bolts, testing machinery, and ensuring the proper assembly of components.

The primary types of torque gauges include digital torque gauges, mechanical torque gauges, electronic torque gauges, and others. A hand-held torque gauge is a portable device specifically employed for measuring torque applied to a rotating object manually. This category encompasses various products such as hand-held torque gauges and table-top torque gauges, with end users spanning across automotive, aerospace, manufacturing, electronics, energy, and other sectors.

The torque gauge market research report is one of a series of new reports that provides torque gauge market statistics, including torque gauge industry global market size, regional shares, competitors with a torque gauge market share, detailed torque gauge market segments, market trends and opportunities, and any further data you may need to thrive in the torque gauge industry. This torque gauge 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 torque gauge market consists of sales of analog torque gauges, torque testers, and torque measurement systems. 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 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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