NEWARK, Del, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global torque gauge is anticipated to reach a valuation of US$ 12.7 Bn by 2032 while exhibiting a positive CAGR of 6.3% during the forecast period of 2022 to 2032. In 2022, the torque gauge market will reach a value of US$ 6.9 Bn, scaling up from US$ 6.6 Bn in 2021.
It is predicted that the market will record a 4.5% YoY growth rate by the end of 2022. Dependent on industrialization, the torque gauge market will witness impressive growth due to beneficial properties like a long life span, easy to use, and high dependability. Its application in a wide range of settings like research and development centers and laboratories among others promotes the market expansion for torque gauges.
Used in all manufacturing industries, torque gauges are measuring instruments that are used to measure torque during a test or manufacturing process. Since they are generally used to maintain the quality of the end product, torque gauges are also called quality control devices.
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Major manufacturers of the market are concentrating on releasing innovative products in the market to survive the elevated competition. This is to foster an environment of growth for the market. The growing number of manufacturing facilities across the globe, that work round the clock to meet the rising consumer demand, will likely fuel market growth for the torque gauges market. Primarily driven by industrialization, the global torque gauge market is further propelled by the swift establishment of manufacturing units all over the world. Other factors like quality maintenance of end products are expected to create a substantial demand for torque gauges in the market.
“Rising industrialization along with an increase in the number of manufacturing units is expected to fuel the market demand for torque gauges over the forecast period,” says an FMI analyst.
Key Takeaways:
- Torque gauges market is anticipated to present a 4.5% YoY growth rate in 2022.
- High installation costs are likely to hinder the global market growth.
- North America torque gauge market is predicted to exhibit a CAGR of 6.5%.
- The U.S. is expected to present impressive market growth over the forecast period.
- Asia Pacific is likely to dominate the torque gauge market over the forecast period, with a 7.8% CAGR.
- Presence of large number of players makes the market a highly competitive and fragmented one.
Competitive Landscape
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, and others are some of the manufacturers of torque gauge profiled in the full version of the report.
Key players in the global torque gauge market are focusing on mergers and acquisitions of peers. Market players are investing heavily in product innovation and expansion. These businesses are interested in releasing a variety of products into the market to retain their competitive value.
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More Insights into the Torque Gauge Market Report
In its latest report, FMI offers an unbiased analysis of the global torque gauge market, providing historical data from 2015 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on product type (hand-held torque gauge, table top torque gauge), mode of operation (mechanical torque gauge, digital torque gauge), application (torque gauges for laboratory applications, torque gauges for industrial/ field applications), and region.
According to the latest report by FMI, based on region, North America is anticipated to register a 6.5% CAGR over the forecast period. The commercial sector's adoption of torque gauge is expected to quickly increase over the forecast period. This along with the U.S. market’s growth propels the region's overall growth.
Due to the United States' rapid adoption of technology, there’s been an exponential growth in the electronics devices sector, as well as in the adoption of upcoming automotive technologies such as healthcare monitoring systems, electric & hybrid vehicles, and others. This is expected to drive the demand for torque gauges in these industries. The rise in the country’s disposable income also contributes to the market growth of the region. Moreover, growth in the semiconductor industry, and an increase in advanced system trends across industries, are driving growth in the US torque gauge market.
The Asia Pacific region is projected to dominate the global torque gauge market. This is owing to the region's rapid industrialization, supplemented by the healthy growing economies of China and India. The Asia pacific torque gauge market is expected to display a robust CAGR of 7.8% over the assessment period. Rising adoption of rotary torque gauges in industrial automation, along with the increasing demand for torque gauges from the robotics sector is likely to augment the market sales of torque gauges in this region.
Moreover, rising environmental concerns promote the transition from hydraulic to electric power steering systems which in turn increases the demand for torque gauges. This is further supported by the overall use of torque gauges in multiple end-user industries.
Key Segments Covered in the Torque Gauge Market Report
Torque Gauge Market by Product Type:
- Hand Held Torque Gauge
- Table Top Torque Gauge
Torque Gauge Market by Mode of Operation:
- Mechanical Torque Gauge
- Digital Torque Gauge
Torque Gauge Market by Application:
- Torque Gauges for Laboratory Applications
- Torque Gauges for Industrial/ Field Applications
Torque Gauge Market by Region:
- North America Torque Gauge Market
- Latin America Torque Gauge Market
- Europe Torque Gauge Market
- Asia Pacific Torque Gauge Market
- Middle East and Africa Torque Gauge Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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