Portable Torque Meter Market Size, Share, Growth, and Industry Analysis by Type (Analog Torque Meters and Digital Torque Meters) By Application (Aviation, Automobile Manufacturing, and Other), Regional Forecast To 2031

Updated On: 22 April 2024

Portable Torque Meter Market REPORT OVERVIEW

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The global portable torque meter market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

The torque meter is used to tighten screws as well as to measure the torque that is causing them to loosen. The torque meter can be utilized as a monitoring tool at the same time. A device for measuring torque comes with a keyless chuck and two stable handles. Portable torque meters are also known as quality control devices since they are frequently employed to maintain the quality of the finished product. Moreover, shifting from hydraulic to electric power steering systems is encouraged by growing environmental concerns, which in turn raises the demand for portable torque meters.

The widespread use of portable torque meters across numerous end-user sectors serves as more evidence for this. The portable torque meter market, which is dependent on industrialization, will experience spectacular expansion because of its advantageous features, including a long lifespan, ease of use, and high dependability. The portable torque meter market expansion for torque gauges is aided by its use in a variety of contexts, including laboratories and research & development facilities.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The portable torque meter market's whole supply chain has been badly hit by the COVID-19 epidemic. The market for portable torque meters has been impacted by the suspension of manufacturing and end-use sector operations. The epidemic has had an impact on the portable torque meter market growth. The COVID-19 pandemic's sudden emergence in 2020 and the beginning of 2021 prompted the imposition of strict lockdown laws across a number of countries, which disrupted the import and export of portable torque meters.

LATEST TRENDS

"Application in Automotive Industry to Boost Market Growth"

Because of the capacity to create customized products, the ability to reduce errors, and reductions in development time and cost, the global portable torque meter market is anticipated to expand significantly over the course of the forecast period. With the advent of Industry 4.0, industrial robotics, and smart factory ideas, the measurement of torque in various tools created in the automotive industry, aerospace and defense, medical, test & measurement, and industrial sectors are expanding. This will undoubtedly increase demand shortly. A rise in the usage of portable torque meters for high-quality and performance optimization of crankshafts, helicopter tail rotors, engines, transmissions, gearboxes, bicycle cranks, and other rotating systems may also have a positive impact on the portable torque meter market.

Portable Torque Meter Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Analog Torque Meters and Digital Torque Meters. Analog torque meters are expected to dominate the portable torque meter market share.

• By Application Analysis

Based on application, the market is segmented as follows: Aviation, Automobile Manufacturing, and Other. The automobile manufacturing segment leads the portable torque meter market share.

DRIVING FACTORS

"Rise in Electronic Devices to Facilitate Market Development"

Rapid technology acceptance has resulted in an exponential rise in the electronics devices industry as well as the uptake of new automobile technologies like healthcare monitoring systems, electric and hybrid vehicles, and others. The demand for portable torque meters in these industries is anticipated to increase as a result. The increase in the nation's disposable income also aids in the expansion of the local portable torque meter market. Also, the US portable torque meter market is expanding as a result of expansion in the semiconductor industry and an uptick in sophisticated system trends across industries.

"Increasing the Number of Industrial Facilities to Promote Industry Progress"

Major market manufacturers are focusing on creating innovative items to survive the increased rivalry. This is done to encourage a market climate conducive to growth. The portable torque meter market will likely develop due to the increasing number of industrial facilities operating around the clock to satisfy the rising consumer demand. The worldwide torque gauge market is primarily driven by industrialization, and it is further fueled by the quick creation of manufacturing facilities around the globe. Additional considerations, such as end-product quality maintenance, are anticipated to significantly increase portable torque meter market demand.

RESTRAINING FACTORS

"Shortage of Skilled Workers to Hinder Market Growth"

It is anticipated that portable torque meter market demand will be constrained by a shortage of skilled workers in various industries who can operate and calibrate torque testers. Sales are also anticipated to be limited by portable torque meter frequent accuracy-related issues. Also, the high cost of torque testers prevents new entrants and small and medium-sized firms from purchasing them, which may have a detrimental effect on the portable torque meter market expansion.

Portable Torque Meter Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in Asia"

The portable torque meter market is expected to be dominated by the Asia region. This is due to the area's quick industrialization, which is complemented by China's and India's robustly expanding economies. During the course of the assessment year, the Asia portable torque meter market is anticipated to exhibit a strong CAGR of 7.8%. The portable torque meter market in this region is projected to be boosted by the growing use of rotary torque gauges in industrial automation and the rising demand for portable torque meters from the robotics industry.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• PCE Instruments (U.K)
• KERN & SOHN GmbH (Germany)
• Mark-10 Corporation (U.S.)
• IMADA Co., Ltd. (Japan)
• ANDILOG TECHNOLOGIES (France)
• Desoutter Industrial Tools (France)
• AIMCO (U.S.)
• KILEWS Industrial Co., Ltd (Taiwan)
• Tone Co., Ltd (Japan)
• SAM Outillage (France)
• Ono Sokki Technology, Inc. (U.S.)
• Shimpo Instruments (Japan)
• Mountz Torque (U.S.)
• IMADA (U.S.)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.