The Global Torquing Tools Market size is estimated at US$ 320 million in 2023 and is estimated to reach US$ 490 million by 2029, with a CAGR of 8.70% during the forecast period 2024-2029.
The Torque Tool is a device employed to accurately apply proper torque to a fastener, such as a bolt or a nut, to prevent over or under-tightening. Torque tools are employed when tightening bolts and screws is critical. These types of tools allow the machinist to measure the torque applied to a fastener, such as a bolt or a nut, to suit the conditions of a particular application. The global torquing tools market is predicted to raise at a quick rate throughout the outlook period due to an increase in the call for torque tools in various businesses like automotive and construction. Torque tools are widely employed in vehicle maintenance and repair and automobile production activities.
Market Trends:
The torquing tools market in the offshore industry is likely to grow at moderate rates in the future. The escalating energy call for wind and oil and gas power sources is one of the main drivers of the expansion of the global torquing tools market. Market players are predicted to invest in sustainable and innovative solutions during the foreseen period. Support from universities and research institutes is also likely to affect the overall expansion of the offshore industry in the future. The automotive segment is predicted to contribute significantly to the worldwide torquing tools market during the forecast period. With the escalating complexity of vehicle engines, automotive torque tools greatly require higher performance and efficiency. Worldwide motor vehicle production is likely to increase at a tremendous rate in the coming days, which will promote the adoption of torquing tools.
Market Drivers:
The growing call for oil and gas together with the increase in exploration and production activities are the main expansion factors of the offshore industry, which is driving the expansion of the global torquing tools market. The increase in the number of offshore platforms, coupled with the depletion of oil and gas reserves, is likely to drive additional call for tuning tools in the offshore industry. More investment is needed to balance the depletion of reserves and the increasing call for energy and to further increase the efficient extraction of oil and gas. Continuous technological advancements have been seen in the oil and gas industry in recent years and torquing tools have been predicted to be a growing product segment of this industry. Augmented activities in deep and ultra-deep waters are also likely to drive the expansion of the torquing tools market in the coming years. Improved production of electric and hybrid vehicles is estimated to provide an opportunity for torque tool manufacturers around the world. The escalating complexity of car design is believed to be driving the call for specialized vehicle maintenance tools and equipment. This, in turn, is anticipated to drive market calls for torquing tools in the near future.
Market Restraints:
Financial conditions and risks largely associated with the offshore industry are likely to have a negative impact on the expansion of this market. For example, despite its various advantages, wind energy is capital-intensive in the investment phase and relies on stable conditions for financial support and investment. This exposes investors to risks in this technology. The political climate will have a decisive impact on the expansion of the worldwide torquing tools market.
Market Opportunities:
Policy goals and climate can be one of the main drivers of industry expansion, supported by favourable conditions. The expansion of the offshore industry will lead to a substantial expansion in the rate of adoption of tuning tools. There are plenty of expansion opportunities in the worldwide tuning tools market due to the escalating call for power. An increase in call for motor vehicles encourages major industry players to invest in automotive technology and equipment to improve production and operational efficiency. International standards for fine-tuning torque to improve operating efficiency are escalating business expansion. The torque tool is widely accepted in the automotive industry, which is foreseen to drive the expansion of the worldwide market. The rapid expansion of the manufacturing, construction, transportation, and aerospace industries is supposed to drive the call for torquing tools during the conjecture period.
Market Challenges:
Fluctuations in raw material prices and labour costs required for the operating process of mechanical devices are determined to limit the expansion of the worldwide torquing tools market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
8.70% |
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Segments Covered |
By Equipment, Application, End-User Industry, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Clover Tool Company, Forum Energy Technologies (FET), Hytorc Div Unex Corporation, Offshore Bolting LLC., TJ Tools, ITH Bolting Technology, Underwater Engineering Services Ltd, and Others. |
Market Segmentation:
Market Regional Analysis:
The Torquing Tools Market Report includes the segmentation of Regions:
Asia-Pacific had a significant share in the torquing tools market in 2019 and is determined to continue to dominate during the envisioned period. The region is an automotive hub. An increase in vehicle sales, the presence of prominent key players such as Toyota, Honda, and Suzuki, and the expansion of end-user industries in developing economies such as China and India are driving market expansion for torquing tools. Asia-Pacific is supposed to experience a significantly high call for torque tools from 2022 - 2027. This is mainly due to call from the automotive and manufacturing industries in major producing countries such as China, India, and Japan. Europe had a large share of the torquing tools market due to the increase in exports and imports and the adoption of advanced technologies in the region. Furthermore, Europe is a hub for the automotive industry, due to the presence of large manufacturers with high production capacities, such as BMW, Volvo, and Audi, in the area.
The current coronavirus scenario combines a supply shock with an unprecedented drop in appeals and a worldwide humanitarian crisis. Also, the financial and structural health of the oil and gas sector is worse than in previous crises. At its current course and speed, the industry may now enter an era defined by intense competition, rapid technology-driven supply response, stable or declining appeal, scepticism, and pressure from investors. growing public and government on the impact on the climate and the environment. Given its role in providing affordable energy, it is too important to fail. So, the question of how to create value in the next normal in this period is pivotal. To change the current paradigm, the industry will need to dig deep and build on its proud history of bold structural moves, innovation, and safe and profitable operations in the most difficult conditions. The winners will be those who take advantage of this crisis to boldly reposition their portfolios and transform their operating models. Companies that will not inevitably restructure or atrophy. The industry operates through long megacycles of changes and supply appeals, accompanied by shocks along the way. These megacycles have experienced strong fluctuations in value creation in the last few years.
Market Key Players:
Some of the key players operating in the global Torquing Tools Market for the offshore industry include
Market Recent Developments:
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