Digital Torque Meters Market Size, Share, Growth, and Industry Analysis, By Type (Portable & Benchtop), By Application (Medical Institution & Industrial Organization), and Regional Forecast to 2032

DIGITAL TORQUE METERS MARKET OVERVIEW

The global Digital Torque Meters Market size was USD 32 million in 2023 and is projected to touch USD 67.4 million by 2032, exhibiting a CAGR of 3.0% during the forecast period.

The Digital Torque Meters Market comprises instruments that can be used to measure torque in different operations in industries including automobiles, aviation, and production. These meters give very accurate digital display; as a result, mechanical and production processes are made effective and qualitative. Higher accuracy is related to using automation and the quality standards to drive the growth of the market. Technological developments and embracing smart technologies widen up the application and usability of digital torque meters.

GLOBAL CRISES IMPACTING DIGITAL TORQUE METERS MARKETCOVID-19 IMPACT

Digital Torque Meters Industry Had a Positive Effect Due to Remote Monitoring during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 outbreak helped the Digital Torque Meters Market move forward because industries became more concerned with processes that did not involve physical contact. Growing customer expectations in application sectors such as health, drugs, and the food industry meant a greater need for accuracy in torque measurement. This shift has fuelled the demand for digital torque meters, which are known to have driven market demand during the pandemic. There were other advantages that contributed to the steady demand for such devices in the manufacturing industry; automation and remote monitoring were on the rise, hence promoting their use.

LATEST TREND

"Wireless torque meters enhance market growth through real-time data tracking"

One of the prominent developments in the digital torque meters market is the use of wireless or Bluetooth-enabled torque meters that enable wireless transfer of data and real-time tracking. This development is especially helpful in fields where real-time information enhances business production and anticipation of equipment failure. Other developments include the portable application of newer technology and improved digital instrumentation. The growing usage of IoT-enabled torque meters also boosts smart factory strategies, efficiency, and accuracy.

DIGITAL TORQUE METERS MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Portable & Benchtop

• Portable Hand-held digital torque meters enable the application of torque measurements at places that allow physical movement to and from positions within the industrial environment. These compact devices include lightweight structures that make it easy to use and transport where space is limited or hard to reach areas. Torque measurement by these tools boosts output and serves in quality assurance in maintenance and assembly operations.
• Benchtop A fixed-style digital torque meter is normally a benchtop device employed in the laboratory or production surroundings for the precise measurement of torque during tests and calibration. These instruments allow high accuracy, and in most cases, they are accompanied by features like data logging and programmability, depending on the type of measurement to be done. They are durable and reliable, thus considered effective for use in assessing quality and improving products by organizations operating across industries.

BY APPLICATION

Based on Application, the global market can be categorized into Medical Institution & Industrial Organization

• Medical Institution Digital torque meters are applied in the health care facilities in the assembly and calibration of medical instruments and equipment to avoid harming the patients and other users of these instruments. It is critical in correlated processes like surgery instrument calibration, diagnostic machine assembling, and other medical devices where near-perfection is a difference between life and death for the suffering human beings. Considering the healthcare industry’s ongoing development across the globe, it can be estimated that the need for torque measurement devices in medical applications will rise as well.
• Industrial Organization The digital torque meters find a number of purposes in industrial organizations, for instance in manufacturing and assembly processes, as well as quality control applications. These devices prove useful to guarantee correct fixing of parts, increase product stability, and reduce the chance of mechanical breakdowns. Currently, industries are advancing towards utilization of automation and advanced manufacturing techniques, which will grow the demand for torque measurement tools, hence the growth of the market.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                  

DRIVING FACTOR

"Accurate torque measurement drives market growth in automotive and aerospace industries"

In the formation of different, especially automotive and aerospace industries, the demand for digital torque meters has been significantly influenced by the requirement for accurate measurement of torque during production. These industries require quality control and product reliability, hence the need for standard measurement tools. This trend is favorable for the Digital Torque Meters Market growth since organizations try to achieve high requirements.

"Automation and IoT adoption drive market growth "

The shift toward automation and Industry 4.0 has raised the adoption of digital torque meters based on the IoT and smart systems. These meters enable real-time data capture and time-based maintenance requirements crucial in reducing loss of time in automated systems. This shift also promotes the growth of the market as many different industries move toward smart manufacturing systems.

RESTRAINING FACTOR

"High initial costs hinder market growth for torque meters"

The problem is that the initial cost of digital torque meters, particularly smart ones equipped with IoT or wireless connections, is high. Due to such costs, the change might be difficult for small and medium firms to implement such a technology. Direct selling might pose this as a significant barrier to market growth, especially in areas where the applicability of electricity is comparatively cheaper than most other sources.

OPPORTUNITY

"Emerging markets drive market growth for torque measurement systems"

The Digital Torque Meters Market has good prospects in the emerging markets as the automotive, electronics, and manufacturing companies are growing rapidly in these areas. With these sectors applying upgraded, better, and improved quality standards and the application of more automaticity in their operations, torque measurement systems for precision have become a necessity. Other factors that help market growth include investment in industrial infrastructure and digitalization in these areas.

CHALLENGE

"Training requirements for advanced models limit market growth for torque meters"

One major issue in the overall Digital Torque Meters Market is the increased sophistication and functional ability of some newer models: their functions can only be effectively utilized by trained personnel. This poses a challenge for organizations with constraints in the training of the personnel, particularly in start-up firms. The challenge can limit market expansion because organizations may avoid using the tools that require expertise.

DIGITAL TORQUE METERS MARKET REGIONAL INSIGHTS

• NORTH AMERICA

North America holds the largest share in the digital torque meters market owing to increased manufacturing industries and strict quality control measures to deliver precision in torque meters. The region enjoys robust expenditure on technology and automation, making the use of digital torque meters easier. Of all the North American countries, the United States Digital Torque Meters Market has a relevant impact on this growth propelled by evolving manufacturing initiatives and robotization plans. 

• EUROPE

Europe also plays a significant role in the growth of the Digital Torque Meters Market due to its focus on high-quality engineering products across the automotive, aerospace, and manufacturing sectors. Environmental rules and safe standards in the region call for accuracy to maintain compliance and product endurance, hence necessitating the use of high-precision instruments. Furthermore, constant research and development support the establishment of new and improved digital torque meters features and parameters. Thus, the European market remains an essential part of the global network of digital torquemeter providers, already committed to offering its customers only precise and high-quality goods.

• ASIA

Since it is evidenced that the Asia-Pacific region has the largest manufacturing industries across the globe, specifically with countries such as China, Japan, and India, the region is the most prominent in the Digital Torque Meters Market. The region is experiencing an increase in demand for precision tools because of the growing automotive and electronics industries that require quality. Also, growing worries over operational efficiency and rising application of automation and smart technologies are boosting the use of digital torque meters in several markets. They elucidate that this growth is in line with Asia’s strategic position in determining the directions and innovations in the precision measurement solutions in the world.

KEY INDUSTRY PLAYERS

"Advanced technologies and partnerships drive market growth "

Prominent industry stakeholders are introducing advanced technologies into the digital torque meter market, thus improving measurement precision and usability. With research carried out by manufacturers, different advanced features like wireless connectivity and IoT compatibility are being incorporated. The market was also expanded by the development of strategic partnerships and collaborations to create competitive advantages to fulfill the emerging and evolving needs of the various industries.

LIST OF TOP DIGITAL TORQUE METERS COMPANIES

• PCE Instruments (Germany)
• IMADA (Japan)
• Extech (U.S)
• KERN & SOHN GmbH (Germany)
• Mark-10 Corporation (U.S)

KEY INDUSTRY DEVELOPMENT

April 2023, Elekta, the top global precision measurement company, released the Elekta Torque Pro  with Bluetooth capability and real-time monitoring of data. This innovation enables the user to obtain torque measurements from a distance and can easily connect with other manufacturing systems, enhancing the performance and precision of numerous manufacturing industries.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential Applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.