PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174546
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174546
Thread Gauges Market size was valued at USD XX Million in 2021, expanding at a CAGR of 6.2% from 2022 to 2028.
A thread gauge is a tool used to measure a screw thread's diameter. Although there are numerous varieties of thread gauges, they all measure the threads' width at various locations along their length. A screw's ability to fit into a hole of a certain diameter or its depth of penetration can both be calculated using this information.
The market is growing as a result of the rising demand for thread gauges from a variety of end-use industries, including the automotive and aerospace sectors. This market is expanding as a result of the rising demand for calibration services. Furthermore, during the coming few years, regional Type demand is likely to be driven by supportive government activities aimed at enhancing domestic manufacturing capacities. The market growth rate for thread gauges is being greatly accelerated by the increasing acceptance of smart gauges across numerous sectors. These gauges have cutting-edge capabilities including wireless communication, data logging, and others that are enhancing output and quality in a variety of industries.
Furthermore, rapid technological improvements are affecting the thread gauges industry and enhancing Type efficiency and accuracy. The market is growing as a result of these factors. Additionally, there is a growing need for precise tools and equipment across a range of end-use industries, including aerospace & defense, automotive, medical & scientific instruments. However, the COVID-19 pandemic had a negative impact on the growth of the thread gauges market as several industries including automotive, and manufacturing have witnessed a significant reduction in demand and supply chain disruptions.
The Global Thread Gauges Market is segmented on the basis of Type, Application, End User, and Region.
The market is split into three categories based on Type: ring gauges, plug gauges, and others. The ring gauges segment dominates the market. Growing demand from the automotive industry is mainly contributing to segment growth.
The market is segmented into three categories based on application: measuring screw threads, measuring calibrate gauges, and others. The measuring calibrates gauges segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for calibration services.
The market is segmented into four categories based on end users: automotive, electrical and electronics, aerospace, machinery industry, and others. The automotive segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for screws, thread gauges, etc.
The worldwide market for Thread Gauges is highly fragmented comprised of large and small-sized market players with few large ones dominating the global market share. The companies in the market emphasize adopting aggressive strategies to reach out large consumer base. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new Type launches, partnerships, distribution network development, R&D spending, and mergers and acquisitions.
For instance, in 2022, U.S. Gauge announces the launch of its new webshop, featuring its full line of pressure measurement products.
The scope of this report covers the market by its major segments, which include as follows: