The latest report pertaining to ‘Torque Wrench Market’ collated by Persistence Market Research provides a detailed analysis regarding market size, revenue estimations and growth rate of the industry. In addition, the report illustrates the major obstacles and newest growth strategies adopted by leading manufacturers who are a part of the competitive landscape of this market.
Torque Wrench Market: Introduction
A torque wrench is a device which is used to employ precisely a particular torque to fastener tools such as nuts, bolts, etc. and is typically used in the type of a socket wrench including special internal mechanisms. Torque Wrench was created by Conrad Bahr in the year 1918 while working for the water department of New York City which was invented to prevent the excessive tightening of bolts on the steam or water pipe repairs. A torque wrench is used wherever the tightness of bolts and screws is very crucial.
It permits the operator to estimate or measure the torque which is applied to the fastener tools so it can be balanced with the specifications of a particular application. The torque wrench permits precise tension and loading to all parts of the machine, where it is applied. It can measures torque like a proxy for nuts or bolts tension. This technique can suffer from little inaccuracy owing to uncalibrated or inconsistent friction between the fastener tool and its mating hole. Measurement of bolt tension is actually what is needed, but usually, a torque wrench is the only practical measurement tool which can be performed.
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Torque Wrench Market: Market Dynamics
The market of torque wrench is driven by various factors such as growing automotive industry, manufacturing industry, construction industry, etc. As these industries witness a high rate of growth, which, in turns, will drive the demand for torque wrench market, owing to its applications in these industries. The automotive industry is one of the largest end-use industry of torque wrenches over the globe. Torque wrenches are extensively used in automobile production activities and for repairing and maintenance of vehicles. Thus, the growth in global automobile sales and production during the forecast period is expected to essentially accelerate the demand for wrenches.
The growing product innovations are one of the key factors driving the growth of the torque wrenches market. Manufacturers are incorporating several innovations in the design of torque wrenches by modifying the materials used and improving their reliability and efficiency. Innovative products enable significant differentiation in the product offerings of the vendors in the torque wrench market. This growth of torque wrench market is further supported by growing demand from manufacturing and engineering industry, and the hike in investments in the construction sector. On the other hand, various companies are proposing electric and hybrid cars, which will bring new opportunities to the automobile industry and torque wrench market.
Torque Wrench Market: Segmentation
- Market segmentation of the Torque Wrench market on the basis of its product type:
- Manual Torque Wrench
- Pneumatic Torque Wrench
- Electronic Torque Wrench
- Market segmentation of the Torque Wrench market on the basis of the applications:
- Engineering & Machinery Manufacturing
- Shipping & Aerospace
Torque Wrench Market: Regional Outlook
Asia Pacific region is estimating for more than 50% of the market share in 2017 and is expected to remain to dominate the global torque wrenches market over the forecast period, in terms of market share. Some of the Asia Pacific countries such as China and India will show an immense growth in the Torque Wrench global market attributable to rise in job opportunities. Asia Pacific region is followed by North America region and the Europe region respectively in terms of value market share. As usage of advanced technology is restraining the Torque Wrench global market in North America. Hence, Europe will show an enormous rise in the growth of global Torque Wrench industry owing to increased use of Torque Wrench in various sectors.
Over the forecast years, the global market of torque wrenches will witness diverse innovations in the torque wrenches material which is used for manufacturing them and its designs, which will make them more efficient and reliable in fastening tools applications. These innovations allow the great difference between product offerings from various vendors, which will feed the market growth of the torque wrench market.
Torque Wrench Market: Market Participants
Examples of some of the market participants in the Torque Wrench market identified across the value chain are Apex Tool Group Singapore Pte Ltd., Craftsman, Enerpac, FACOM, HYTORC DIV UNEX Corporation, K-Tool International, Maschinenfabrik Wagner GmbH & Co. KG, Mountz Incorporated, NORBAR TORQUE TOOLS LTD., Park Tool, Powermaster Engineers Pvt. Ltd., Precision Instruments, Primo Tools, Stanley Black & Decker, TEKTON, Tohnichi America Corporation, TONE CO., LTD, etc.
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