Torque Gauge Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Torque Gauge Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LANDON, GREATER LANDON, UK, June 20, 2024 /EINPresswire.com/ -- The torque gauge market, which measures rotational force applied to objects, is set to grow significantly in the coming years. Starting from $6.85 billion in 2023, it is projected to reach $7.37 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.6%. t will grow to $9.40 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. This growth is fueled by factors such as industrial automation, expanding manufacturing sectors, stringent quality control standards, regulatory compliance, and increased automotive production.

Industrial Automation Drives Market Growth

Industrial automation, leveraging advanced technologies to automate manufacturing processes, plays a pivotal role in the torque gauge market's expansion. By ensuring accuracy, reliability, and compliance in assembly processes, torque gauges enable real-time measurements and data analysis. This capability helps manufacturers optimize production lines, enhance product quality, and minimize downtime and errors. The International Federation of Robotics reported a 31% year-over-year growth in new industrial robot installations worldwide in 2021, underscoring the rapid adoption of automation technologies driving the demand for torque gauges.

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Key Players and Market Trends

Major players such as Mitsubishi Electric Automation Inc., Bosch Rexroth AG, and Snap-on Incorporated are driving innovation in the torque gauge market. For instance, RAD Torque Systems introduced the B-RAD X series in June 2023, a battery-powered torque wrench series capable of torquing up to 11,000 ft. lbs. This series exemplifies advancements in torque wrench technology, enhancing mobility, safety, and efficiency in bolt fastening applications.

Segments:

• Type: Digital Torque Gauges, Mechanical Torque Gauges, Electronic Torque Gauges, Other Types
• Product Type: Hand Held Torque Gauge, Table Top Torque Gauge
• End User: Automotive, Aerospace, Manufacturing, Electronics, Energy, Other End Users

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific emerged as the largest region in the torque gauge market in 2023 and is expected to continue its dominance. The region benefits from robust industrialization, particularly in automotive and electronics sectors, driving the demand for torque gauges.

Access the complete report for an in-depth analysis of the global torque gauge market: https://www.thebusinessresearchcompany.com/report/torque-gauge-global-market-report

Torque Gauge Global Market Report 2024 from TBRC covers the following information:

Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Torque Gauge Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on torque gauge market size, torque gauge market drivers and trends, torque gauge market major players, competitors' revenues, market positioning, and market growth across geographies. The torque gauge market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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