What Has Been the Progress and Growth of the Torque Tester Market in Recent Years?
The torque tester market has seen considerable growth due to a variety of factors.
• Over the past few years, there has been significant growth in the torque tester market size. It is projected that this market will expand from $8.61 billion in 2024 to $9.33 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.3%.
This growth during the historic period has been driven by demand from the automotive industry, the need for quality control and assurance, regulatory compliance, the expansion of the manufacturing sector, and the rise in automation in various industries.
How Does the Forecast Look for the Torque Tester Market?
The torque tester market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the torque tester market size is projected to witness substantial growth, expanding to a value of $12.49 billion by 2029 at a compound annual growth rate (CAGR) of 7.6%.
Factors contributing to the growth during the predictive period include the upswing in electric vehicle production, global supply chain expansion, downsizing in electronic components, emphasis on sustainability, and increased utilization in the aerospace and defense sectors. The forecast period is also likely to be characterized by progress in calibration technologies, the incorporation of Industry 4.0, technological breakthroughs, a focus on ergonomic and user-friendly design, as well as advancements in wireless torque testing.
What Are The Leading Drivers Of Growth In The Torque Tester Market?
The rise in energy generation needs is anticipated to propel the torque tester market's expansion. The term energy generation refers to the transformation of various energy types into electric power in dedicated electricity plants and combined heat and power plants. Torque testers ensure that crucial parts are held together properly with the right torque in bolts and nuts during energy generation. The Energy Information Administration, a US-based agency of energy statistics, reported in June 2023 that the subsequent generation of electricity from utility-scale generators in the US in 2022 was approximately 4,243 billion kilowatt-hours, with fossil fuels contributing to 60% of utility-scale electricity generation. Additionally, according to Exxon Mobil Corporation, a US-based oil and gas company, in August 2023, global energy demand is projected to hit 660 quadrillion Btu by 2050, which is a 15% increase from 2021. Consequently, the surging demand for energy generation is spurring the torque tester market's growth. Increased demand from the automotive industry is also expected to stimulate the growth of the torque tester market. The automotive industry encompasses a wide array of companies and organizations involved in various activities such as developing, producing, selling, maintaining, and personalizing vehicles. Numerous car manufacturers employ in-vehicle torque sensors for engine torque mapping and automatic transmission calibration. According to the European Automobile Manufacturers Association (ACEA), an Italy-based organization representing key European vehicle manufacturers, global vehicle production touched 85.4 million units in 2022, indicating an increase of 5.7% compared to the previous year. This growing demand from the automotive industry is fostering the enlargement of the torque tester market.
How Are The Segments Defined Within The Global Torque Tester Market?
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
Subsegments:
1) By Digital Torque Testers: Handheld Digital Torque Testers, Tabletop Digital Torque Testers
2) By Manual Torque Testers: Beam-Type Torque Testers, Click-Type Torque Testers
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What Trends Are Shaping The Torque Tester Market?
Leading enterprises in the torque tester market are concentrating on creating unique products like preset torque screwdrivers to ensure trustworthy services for clients. A preset torque screwdriver features a predetermined torque value that applies the accurate torque level to a fastener. As an example, Sturtevant Richmont, a torque tools and testers manufacturer based in the US, unveiled the BP-Series Torque Drivers in April 2022. This product stands out with its anti-backlash technology that reduces the negative torque directed at the fastener and a super smooth rotation that only necessitates an 18-degree turn to reach the desired torque. It also boasts of bi-directional adaptability and an ergonomically-friendly, comfortable grip that provides better control when turning the driver to achieve the intended torque. The clutch automatically disengages once the grip is rotated in order to avert applying excessive torque to the fastener.
Who Are the Key Players In The Torque Tester Market?
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.
What Is The Most Dominant Region In The Torque Tester Market?
North America was the largest region in the torque tester market in 2024. The regions covered in the torque tester market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
