PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401883
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401883
Digital Torque Measuring Wrench Market Forecasts to 2030 - Global Analysis By Product Type, End User and By Geography
According to Stratistics MRC, the Global Digital Torque Measuring Wrench Market is accounted for $292.3 million in 2023 and is expected to reach $537.9 million by 2030 growing at a CAGR of 9.1% during the forecast period. An instrument for precise measurement and control of the torque applied to bolts, nuts, and fasteners during assembly, maintenance, or repair work is a digital torque measuring wrench. It uses sensors and electrical parts to measure torque precisely, and it frequently has digital readouts to show torque levels. The integrity, safety, and caliber of manufactured components in a variety of industries depend heavily on fasteners being tightened to precise torque standards, which is made possible by these wrenches. To save torque measurement data for quality control or record-keeping, certain digital torque wrench models come with memory or data storage built in.
Market Dynamics:
Driver:
Increased automation and industry 4.0
The utilization of intelligent technology and networked systems is emphasized by Industry 4.0 and these concepts of smart manufacturing are supported by digital torque measuring wrenches that have electronic sensors, data logging features, and wireless communication. Within networked production systems, they support connection, data collecting, and analysis. Manufacturing methods that are adaptable and configurable are encouraged by Industry 4.0 thus programmable torque standards and settings may be easily changed for various production needs or product variants using digital torque measuring wrenches driving the growth of the market.
Restraint:
Counterfeit products
The quality and dependability of counterfeit digital torque measuring wrenches are frequently compromised. These items might not adhere to the necessary standards or go through the necessary quality control procedures, which could result in errors, malfunctions, or early failure. Consequently, consumers could be disappointed with the dependability and performance of these fake goods. Unknowingly purchasing counterfeit wrenches might make it difficult for users to get after-sale servicing, warranties, or customer assistance from legitimate makers and customers may become irate and frustrated as a result of this.
Opportunity:
Growing precision and accuracy requirements
Correctness and precision are essential to preserving the safety and quality of products. When it comes to the integrity of integrated components, torque is vital. Using digital torque wrenches, producers may ensure that high-quality assemblies are made with fewer faults or failures by precisely adhering to torque parameters. Moreover, the precise torque control is required by emerging technologies including electric cars, electronics downsizing, and lightweight materials in aircraft. These technological breakthroughs would not be possible without the precise torque measurements provided by digital torque wrenches creating wide range of opportunities for the market growth.
Threat:
Price sensitivity
Digital torque measuring wrenches can be expensive, which could put off potential customers, particularly in sectors where cost is a major factor. The introduction of digital versions may be slowed down by certain companies or customers choosing to use less expensive traditional torque wrenches or other alternatives. Thus, price-sensitive manufacturers can find it difficult to effectively compete with conventional torque wrenches or other alternative products that are more affordable. This competitive disadvantage may have an effect on revenue creation and market share.
COVID-19 Impact
The manufacture and distribution of torque wrenches and their components were impacted by the interruptions to the global supply chain that resulted from restrictions, lockdowns, and decreased manufacturing capacity in different locations. Delivery of these tools to end users on schedule was hampered by supply chain delays. A lot of companies delayed or cut back on capital expenditures because of the unstable economic climate caused by the epidemic. Deferred investments in new tools or equipment, such as digital torque measuring wrenches, hindered the growth of the market.
The electronic torque wrenches segment is expected to be the largest during the forecast period
The electronic torque wrenches segment is estimated to have a lucrative growth, because electronic sensors, electronic torque wrenches offer extremely precise torque readings. In businesses where perfect torque control is required, their ability to provide accurate readings is essential in guaranteeing that fasteners are tightened to precise requirements. The torque readings on these wrenches are shown immediately in digital format on digital screens, which makes it simpler for users to read and understand the torque numbers.
The electronics segment is expected to have the highest CAGR during the forecast period
The electronics segment is anticipated to witness the highest CAGR growth during the forecast period, as high-sensitivity sensors can be included into digital torque wrenches thanks to electronics. With the help of these sensors, which precisely detect torque and translate mechanical force into electrical impulses, torque measurements may be obtained. These days, a lot of digital torque wrenches have wireless communication features like Bluetooth and Wi-Fi. Because of this connection, wrenches may interact with computers, tablets, and cell phones to upload data, monitor remotely, and integrate with software for reporting and analysis.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the precision and quality control which are highly valued in the Asia Pacific region's industries, particularly in the automobile and electronics manufacturing sectors. With the use of digital torque measuring wrenches, one may increase product quality and assure precise torque application while lowering mistakes. Torque wrenches are needed in civil engineering and construction applications for operations like tightening bolts and nuts to precise torque standards because of the continuous infrastructure developments and building activity in China, India, and Southeast Asian countries.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to these measurement instruments are widely used in the automotive and aerospace industries in North America. The need for digital torque wrenches is driven by these industries' need for precise torque application during the assembly, maintenance, and repair of automobiles, airplanes, and associated components. Precision and quality assurance is top priorities in many North American industries, including the automobile, aerospace, electronics, and equipment manufacturing sectors. Digital torque measuring tools reduce mistakes and improve product quality by assisting in the precise application of torque which drives the growth of the market.
Key players in the market:
Some of the key players profiled in the Digital Torque Measuring Wrench Market include Armstrong Tools, ENERPAC, GearWrench, Atlas Copco Industrial Technique, GEDORE Tool Center, GRIPHOLD ENGINEERING, HTL (Hire Torque Ltd), Ingersoll Rand, HYTORC, Mountz, RAD Torque Systems, SAM OUTILLAGE, Beta Utensili, Crane Electronics, Norbar , Tohnichi, Armstrong, Powermaster, Jinan Hanpu and FACOM
Key Developments:
In July 2023, GearWrench launches ultimate access solution sets to help technicians tackle tight spaces complete range of options ensures professionals have the right pliers for whatever the job needs
In July 2023, Atlas Copco expands its portfolio of Energy Storage Systems to transform the portable power supply sector. The new units take modular energy storage to a new level, expanding the spectrum of suitable applications, and providing customers with increased options for power.
In July 2023, RAD Torque Systems a world leader in manufacturing industrial torque wrenches has launched the first battery-powered torque wrench series capable of torquing up to 11,000 ft. lbs./ 15,000 Nm, the B-RAD Xtreme (B-RAD X).
Product Types Covered:
- Electronic Torque Wrenches
- Digital Click Wrenches
- Wireless Torque Wrench
- Super Power Wrench
- Adjustable Torque Wrenches
- Other Product Types
End Users Covered:
- Aerospace & Defense
- Manufacturing
- Automotive
- Construction
- Electronics
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Digital Torque Measuring Wrench Market, By Product Type
- 5.1 Introduction
- 5.2 Electronic Torque Wrenches
- 5.3 Digital Click Wrenches
- 5.4 Wireless Torque Wrench
- 5.5 Super Power Wrench
- 5.6 Adjustable Torque Wrenches
- 5.7 Other Product Types
6 Global Digital Torque Measuring Wrench Market, By End User
- 6.1 Introduction
- 6.2 Aerospace & Defense
- 6.3 Manufacturing
- 6.4 Automotive
- 6.5 Construction
- 6.6 Electronics
- 6.7 Other End Users
7 Global Digital Torque Measuring Wrench Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Armstrong Tools
- 9.2 ENERPAC
- 9.3 GearWrench
- 9.4 Atlas Copco Industrial Technique
- 9.5 GEDORE Tool Center
- 9.6 GRIPHOLD ENGINEERING
- 9.7 HTL (Hire Torque Ltd)
- 9.8 Ingersoll Rand
- 9.9 HYTORC
- 9.10 Mountz
- 9.11 RAD Torque Systems
- 9.12 SAM OUTILLAGE
- 9.13 Beta Utensili
- 9.14 Crane Electronics
- 9.15 Norbar
- 9.16 Tohnichi
- 9.17 Armstrong
- 9.18 Powermaster
- 9.19 Jinan Hanpu
- 9.20 FACOM
List of Tables
- Table 1 Global Digital Torque Measuring Wrench Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Digital Torque Measuring Wrench Market Outlook, By Product Type (2021-2030) ($MN)
- Table 3 Global Digital Torque Measuring Wrench Market Outlook, By Electronic Torque Wrenches (2021-2030) ($MN)
- Table 4 Global Digital Torque Measuring Wrench Market Outlook, By Digital Click Wrenches (2021-2030) ($MN)
- Table 5 Global Digital Torque Measuring Wrench Market Outlook, By Wireless Torque Wrench (2021-2030) ($MN)
- Table 6 Global Digital Torque Measuring Wrench Market Outlook, By Super Power Wrench (2021-2030) ($MN)
- Table 7 Global Digital Torque Measuring Wrench Market Outlook, By Adjustable Torque Wrenches (2021-2030) ($MN)
- Table 8 Global Digital Torque Measuring Wrench Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 9 Global Digital Torque Measuring Wrench Market Outlook, By End User (2021-2030) ($MN)
- Table 10 Global Digital Torque Measuring Wrench Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 11 Global Digital Torque Measuring Wrench Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 12 Global Digital Torque Measuring Wrench Market Outlook, By Automotive (2021-2030) ($MN)
- Table 13 Global Digital Torque Measuring Wrench Market Outlook, By Construction (2021-2030) ($MN)
- Table 14 Global Digital Torque Measuring Wrench Market Outlook, By Electronics (2021-2030) ($MN)
- Table 15 Global Digital Torque Measuring Wrench Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 16 North America Digital Torque Measuring Wrench Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Digital Torque Measuring Wrench Market Outlook, By Product Type (2021-2030) ($MN)
- Table 18 North America Digital Torque Measuring Wrench Market Outlook, By Electronic Torque Wrenches (2021-2030) ($MN)
- Table 19 North America Digital Torque Measuring Wrench Market Outlook, By Digital Click Wrenches (2021-2030) ($MN)
- Table 20 North America Digital Torque Measuring Wrench Market Outlook, By Wireless Torque Wrench (2021-2030) ($MN)
- Table 21 North America Digital Torque Measuring Wrench Market Outlook, By Super Power Wrench (2021-2030) ($MN)
- Table 22 North America Digital Torque Measuring Wrench Market Outlook, By Adjustable Torque Wrenches (2021-2030) ($MN)
- Table 23 North America Digital Torque Measuring Wrench Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 24 North America Digital Torque Measuring Wrench Market Outlook, By End User (2021-2030) ($MN)
- Table 25 North America Digital Torque Measuring Wrench Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 26 North America Digital Torque Measuring Wrench Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 27 North America Digital Torque Measuring Wrench Market Outlook, By Automotive (2021-2030) ($MN)
- Table 28 North America Digital Torque Measuring Wrench Market Outlook, By Construction (2021-2030) ($MN)
- Table 29 North America Digital Torque Measuring Wrench Market Outlook, By Electronics (2021-2030) ($MN)
- Table 30 North America Digital Torque Measuring Wrench Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 31 Europe Digital Torque Measuring Wrench Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Digital Torque Measuring Wrench Market Outlook, By Product Type (2021-2030) ($MN)
- Table 33 Europe Digital Torque Measuring Wrench Market Outlook, By Electronic Torque Wrenches (2021-2030) ($MN)
- Table 34 Europe Digital Torque Measuring Wrench Market Outlook, By Digital Click Wrenches (2021-2030) ($MN)
- Table 35 Europe Digital Torque Measuring Wrench Market Outlook, By Wireless Torque Wrench (2021-2030) ($MN)
- Table 36 Europe Digital Torque Measuring Wrench Market Outlook, By Super Power Wrench (2021-2030) ($MN)
- Table 37 Europe Digital Torque Measuring Wrench Market Outlook, By Adjustable Torque Wrenches (2021-2030) ($MN)
- Table 38 Europe Digital Torque Measuring Wrench Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 39 Europe Digital Torque Measuring Wrench Market Outlook, By End User (2021-2030) ($MN)
- Table 40 Europe Digital Torque Measuring Wrench Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 41 Europe Digital Torque Measuring Wrench Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 42 Europe Digital Torque Measuring Wrench Market Outlook, By Automotive (2021-2030) ($MN)
- Table 43 Europe Digital Torque Measuring Wrench Market Outlook, By Construction (2021-2030) ($MN)
- Table 44 Europe Digital Torque Measuring Wrench Market Outlook, By Electronics (2021-2030) ($MN)
- Table 45 Europe Digital Torque Measuring Wrench Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 46 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Product Type (2021-2030) ($MN)
- Table 48 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Electronic Torque Wrenches (2021-2030) ($MN)
- Table 49 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Digital Click Wrenches (2021-2030) ($MN)
- Table 50 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Wireless Torque Wrench (2021-2030) ($MN)
- Table 51 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Super Power Wrench (2021-2030) ($MN)
- Table 52 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Adjustable Torque Wrenches (2021-2030) ($MN)
- Table 53 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 54 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By End User (2021-2030) ($MN)
- Table 55 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 56 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 57 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Automotive (2021-2030) ($MN)
- Table 58 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Construction (2021-2030) ($MN)
- Table 59 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Electronics (2021-2030) ($MN)
- Table 60 Asia Pacific Digital Torque Measuring Wrench Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 61 South America Digital Torque Measuring Wrench Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Digital Torque Measuring Wrench Market Outlook, By Product Type (2021-2030) ($MN)
- Table 63 South America Digital Torque Measuring Wrench Market Outlook, By Electronic Torque Wrenches (2021-2030) ($MN)
- Table 64 South America Digital Torque Measuring Wrench Market Outlook, By Digital Click Wrenches (2021-2030) ($MN)
- Table 65 South America Digital Torque Measuring Wrench Market Outlook, By Wireless Torque Wrench (2021-2030) ($MN)
- Table 66 South America Digital Torque Measuring Wrench Market Outlook, By Super Power Wrench (2021-2030) ($MN)
- Table 67 South America Digital Torque Measuring Wrench Market Outlook, By Adjustable Torque Wrenches (2021-2030) ($MN)
- Table 68 South America Digital Torque Measuring Wrench Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 69 South America Digital Torque Measuring Wrench Market Outlook, By End User (2021-2030) ($MN)
- Table 70 South America Digital Torque Measuring Wrench Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 71 South America Digital Torque Measuring Wrench Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 72 South America Digital Torque Measuring Wrench Market Outlook, By Automotive (2021-2030) ($MN)
- Table 73 South America Digital Torque Measuring Wrench Market Outlook, By Construction (2021-2030) ($MN)
- Table 74 South America Digital Torque Measuring Wrench Market Outlook, By Electronics (2021-2030) ($MN)
- Table 75 South America Digital Torque Measuring Wrench Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 76 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Product Type (2021-2030) ($MN)
- Table 78 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Electronic Torque Wrenches (2021-2030) ($MN)
- Table 79 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Digital Click Wrenches (2021-2030) ($MN)
- Table 80 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Wireless Torque Wrench (2021-2030) ($MN)
- Table 81 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Super Power Wrench (2021-2030) ($MN)
- Table 82 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Adjustable Torque Wrenches (2021-2030) ($MN)
- Table 83 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Other Product Types (2021-2030) ($MN)
- Table 84 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By End User (2021-2030) ($MN)
- Table 85 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
- Table 86 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 87 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Automotive (2021-2030) ($MN)
- Table 88 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Construction (2021-2030) ($MN)
- Table 89 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Electronics (2021-2030) ($MN)
- Table 90 Middle East & Africa Digital Torque Measuring Wrench Market Outlook, By Other End Users (2021-2030) ($MN)
