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2021
Hydraulic Torque Wrench Market

Hydraulic Torque Wrench Market by Product Type, (Drive Hydraulic Wrench, and Hollow Hydraulic Wrench), Application (Oil & Gas, Plants and Refineries, Power Industry), and Distribution Channel (Original Equipment Manufacturer (OEM) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030

A13590
Pages: NA
Dec 2021 | 156 Views
   
Author(s) : Onkar Sumant
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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A torque wrench is a tool used to accurately insert the appropriate torque into a fastener such as a bolt or a nut. Torque tools are used where the strength of bolts and screws is important. These types of tools allow the torque gauge used on a fastener, such as a screw or a nut, to be adapted to the conditions of a particular application. A hydraulic torque wrench is a power tool designed to apply torque to a fastener to achieve tightness or to release the connection.

Market Scope and Structure Analysis

The hydraulic torque wrench tools market (gun/wrench) is projected to grow rapidly during the monsoon season, due to increase in demand for torque wrench tools (gun/wrench) in various industries such as automotive and construction. Torque wrench tools are widely used during car repairs and car manufacturing operations. Asia-Pacific is expected to see the highest demand for torque tools (gun/wrench) from 2019 to 2027. This is largely due to demand from the automotive and manufacturing industries in leading manufacturing countries such as China, India, and Japan. In addition, the expansion of the automotive industry in Asia-Pacific is expected to address the need for torque tools (gun/screw) to increase the production quality of industrial parts and automotive parts. Europe had the largest share of the global arms market (gun/screw). This is due to the increase in export and import and the adoption of advanced technologies in the region. In addition, Europe is a hub for the automotive industry, thanks to the presence of high-tech manufacturers, such as BMW, Volvo, and Audi, in the region.

Report Metric

Details

Market size available for years

  2020–2030

 Base year considered

  2020

  Forecast period

  2021–2030

  Forecast unit

  Value (USD)

  Segments covered

Product Type, Distribution Channel, Application, and Region

  Regions covered

North America, Europe, Asia-Pacific, LAMEA

  Companies covered

Enerpac, Hytorc, Hydratight, ITH, TorcUP, Powermaster, Norwolf Tool Works, Plarad, WREN, HTL, Torq/Lite, TorsionX

 

COVID-19 Impact Analysis

  • COVID-19 pandemic has shut down the production of various products in the hydraulic torque wrench industry attributed to the lockdown in countries worldwide. This has hampered the growth of the hydraulic torque wrench market from the last few months and is likely to continue during 2021.
  • COVID-19 has already affected the sales of the hydraulic torque wrench market in the first quarter of 2021 and is anticipated to harm the market growth throughout the year.
  • COVID-19 has affected the market in 2020, leading to a decline in the shipping of hydraulic torque wrench as well as revenue received from them. Due to this, the decline in market growth showed in the first half of 2020.
  • The COVID-19 epidemic has a devastating effect on hydraulic torque wrench market prices. India, U.S., China, and Japan have been hit hard by the epidemic, are playing a key role in the production of the hydraulic torque wrench that is being promoted worldwide. The automotive and rail and defense industries see little hope, which is expected to continue for a brief period due to land recession.
  • This trend is hoped to discontinue in another half of the year as the need is expected to increase due to the growing need from construction machinery, mining industry, petrochemical industry, aerospace, transportation, and marine.

Top Impacting Factors

The expansion of the automotive, manufacturing, and construction industries is expected to improve the hydraulic torque wrench tool market (gun/screw) during the forecast period. This is due to its use in these industries. In addition, the rise of new products, such as manufacturers that incorporate more innovations into the design of torque tools and improve their reliability, is expected to improve the global torque tool market (gun/screw). Increased production of electric and hybrid vehicles is expected to provide an opportunity for a tool manufacturer of torque (gun/wrench) worldwide. Increased traffic congestion is estimated to further the need for special equipment and tools to assist vehicles. This is expected to increase the market demand for torque tools (gun/screw) soon. Torque tools (guns/screws) are operational devices and skilled workers are needed to operate or operate them. This increases labor costs, thus hampering the demand for torque tools (gun/screw). However, volatile price volatility is also a major factor that is expected to disrupt the market growth.

Marketing Trends

  • May 2021, ITH Bolting Technology, became the exclusive and official partner of the Cordless Alliance System (CAS) in May 2021. ITH is the worldwide leading system supplier in bolting technology. It develops prefixed system solutions and bolting tools to strengthen and loosen bolt connections by wires diameter greater than 16 mm. The company is from the Sauerlandarea in West Germany which is a leading global provider of technology reinforcement.
  • Plarad, a global company exhibits at the first virtual joint stand of the North Rhine - Westphalia in West Energy, in November 2020, by showcasing their reliable bolting technology products.
  • Agro Hytos a famous company in the hydraulic industry, launch EL7 in June 2021, The EL7 offers a wide range of input signals that is analog and provide customer the opportunity to switch to the bus interface named as CAN. Each item is easily accessible using the ARGO-HYTOS app, which is free to download for iOS and Android.

Key Segments Covered

Product

  • Drive Hydraulic Wrench
  • Hollow Hydraulic Wrench

Distribution Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

Application

  • Oil & Gas
  • Plants and Refineries
  • Power Industry

Region

  • North America 
    • U.S.
    • Canada
    • Mexico
  • Europe 
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific  
    • China
    • Japan
    • India
    • Rest of Asia-Pacific
  • LAMEA 
    • Latin America
    • Middle East
    • Africa

Key Benefits of the Report

  • This study presents the analytical depiction of the hydraulic torque wrench market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the hydraulic torque wrench market share.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the hydraulic torque wrench market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed hydraulic torque wrench market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Mobile Cranes Report

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