The torque gauge market is anticipated to grow from US$ 6.9 Billion in 2022 to US$ 12.7 Billion by 2032, at a compound annual growth rate (CAGR) of 6.3% between 2022 and 2032. As of 2021, the market value of torque gauge was valued at US$ 6.6 Billion, and is forecast to register a Y-o-Y growth rate of 4.5% by 2022.
Torque gauge is a type of measuring instrument used in all manufacturing industries for measurement of torque during a test or during the manufacturing process. Torque gauges are generally used to maintain the quality of the end product so are also known as quality control device.
Some of the key applications of the torque gauge includes laboratory, research & development, quality production in the field environment. These products are having long life span, easy to operate and are highly dependable. The growth of torque gauge market is totally dependent on the industrialization.
Hence, the increasing manufacturing hubs across the globe in order to cater the growing demand is expected to propel the demand for torque gauge in the global market during the forecast period. Moreover, the manufacturers of torque gauges in the global market are highly focused on the product innovation in order to compete with the new vendors in the market.
Therefore, product innovation and development is the key strategy opted by the players in the torque gauge market. Additionally, the market for torque gauge is highly competitive and fragmented owing to the presence of huge number of players in the global market.
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Global Torque Gauge Market: Dynamics
Industrialization is the key driver of the global torque gauge market. The demand for new torque gauges will be created with the rapid establishment of manufacturing units across the globe. Moreover, the advantages offered by torque gauge like in maintaining the quality of the end product is also going to create significant demand for the torque gauges in the future.
Global Torque Gauge Market: Regional Outlook
The global market of torque gauge is expected to be dominated by Asia Pacific region. This can be attributed to the rapid industrialization in the region, mainly due to healthy growing economies of China & India. A torque tester is a quality control device which is mandatorily required in all industries to maintain the quality of work done by them.
Hence, the establishment of new industries and workshops in the countries of Asia Pacific region is projected to create healthy demand for torque gauges in the future. Moreover, the expansion of production facilities of many industries in Europe and North America is also expected to propel the demand for torque gauge from the respective regions.
Furthermore, growing investment in the Middle East & Africa and Latin America region for the establishment of local manufacturing units in the region for low cost manufacturing is also anticipated to drive the market growth in the future.
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Global Torque Gauge Market: Market Participants
In the global market of torque gauges manufacturers are highly engaged in product development in order to capture significant market share. For an instance variety of products have been launched in the market such as wireless torque gauges, battery powered torque gauges, rechargeable torque gauges etc. to compete with the other manufacturers.
Moreover, list of some of the market players engaged in the development and sales of torque gauges are mentioned below:
- WEBER Schraubautomaten GmbH
- Crown Oilfield Instrumentation
- Snap-on Incorporated
- SUPER TOOL co. ltd.
- Tohnichi America Corporation
- Scientific Industries, Inc.
- IMADA CO.LTD.
- Mark-10 Corporation
- OMEGA Engineering
- Com-Ten Industries
- IMADA, Incorporated
- PCE Deutschland GmbH
- ELECTROMATIC Equip’t Co., Inc
- Flexible Assembly Systems Inc.
The research report presents a comprehensive assessment of the Torque Gauge market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated Torque Gauge market data. It also contains projections using a suitable set of assumptions and methodologies.
The research report provides analysis and information according to Torque Gauge market segments such as geographies, application, and industry.
The report covers exhaustive analysis on
- Torque Gauge Market Segments
- Torque Gauge Market Dynamics
- Torque Gauge Market Size
- Torque Gauge Supply & Demand
- Torque Gauge Current Trends/Issues/Challenges
- Torque Gauge Competition & Companies involved
- Torque Gauge Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on Torque Gauge market segments and geographies.
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Global Torque Gauge Market: Segmentation
The global market for torque gauges, can be segmented on the basis of product type, mode of operation, application and region.
On the basis of product type, global torque gauge market is segmented as:
- Hand Held Torque Gauge
- Table Top Torque Gauge
On the basis of mode of operation, global torque gauge market is segmented as:
- Mechanical Torque Gauge
- Digital Torque Gauge
On the basis of application, global torque gauge market is segmented as:
- Laboratory
- Industrial/ Field
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