The Torque Tester Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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
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:.
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.
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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
Major companies operating in the torque tester market are focusing on
developing innovative products, such as preset torque screwdrivers, to provide
reliable services to customers. A preset torque screwdriver is a type of torque
screwdriver with a preset torque value to apply the correct amount of torque to
a fastener. For instance, in April 2022, Sturtevant Richmont, a US-based
manufacturer of torque tools and testers, launched BP-Series Torque Drivers. It
is uniquely designed with anti-backlash technology to alleviate the negative
torque going to the fastener and extremely smooth rotation that requires only
18 degrees of turn to reach the target torque. It has bi-directional
versatility and a comfortable grip that is ergonomically friendly, giving a
more significant purchase in turning the driver to get target torque. The
clutch releases automatically when the grip rotates to prevent over-torquing
the fastener.
The torque tester market report table of contents includes:
1. Executive Summary
2. Torque
Tester Market Characteristics
3. Torque
Tester Market Trends And Strategies
4. Torque
Tester Market - Macro Economic Scenario
5. Global
Torque Tester Market Size and Growth
.
32. Global Torque Tester Market Competitive Benchmarking
33. Global
Torque Tester Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Torque Tester Market
35. Torque
Tester Market Future Outlook and Potential Analysis
36.
Appendix
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