The global precision measuring and marking tools market is experiencing a significant growth and is expected to grow considerably in next few years. Precisely measuring the dimensional attributes of any object is very vital for various industries, especially if that object is to be coupled with other object. To fulfill this purpose of precise measurement and marking, precision measuring, and marking tools are used. Precision measuring and marking tools are a broad term which encompasses many different types of tools such as calipers & micrometers, rulers & gauges, and squares & protractors. These tools are very common and have at least been used by all the professionals or students once in their life time. Furthermore, it is often advised to use a sharp marker to do the marking on the surface, as a blunt marker can add errors to the measurement. Precision measuring and marking tools are widely used in the industries such as construction, infrastructure, manufacturing, and utilities. Major players in the precision measuring and marking tools industry adopt advanced technologies to increase the precision offered by the tools to sustain the competition in the precision measuring and marking tools market.
Market Scope and Structure Analysis
Description
Precision measuring and marking tools are essentially the guide tools that are used to measure and make precise markings on a job piece. To add to the precision capabilities, these tools come with various incorporated technologies such as laser guides, digital displays, and electronic sensors. These tools are made of plastic, metal, or a combination of both to suit the needs of all types of industries.
COVID-19 Impact Analysis
- The COVID-19 pandemic ceased the production of various products in the precision measuring and marking tools industry, which is attributed to the global lockdown. This has hampered the growth of precision measuring and marking tools market in the year and a similar trend is expected to be seen in the first half of 2022.
- The major demand for precision measuring and marking tools was previously noticed from giant developed and developing countries, including the U.S., Germany, Italy, UK, India and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for precision measuring and marking tools.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Precision measuring and marking tools manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
- Precision measuring and marking tools manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
In recent times, the construction industry has witnessed a significant rise, due to the rapid rise. This sparked demand in many supporting industries, including precision measuring and marking tools. Furthermore, as the general public's disposable income rises around the world, so will the demand for premium wooden furniture, which is expected to drive the market for precision measuring and marking tools. In addition, the global home renovation industry is witnessing a steady rise. This is another factor which is anticipated to drive demand in the precision measuring and marking tools market. However, the local and small manufacturers provide substandard tools at a very low price. This is one of the restraining factors for large manufacturers that provide superior products but at a premium price. This can hinder the growth of big players in the precision measuring and marking tools market. Contrarily, technological developments in machining technology and laser technology that can provide tools with high accuracy can boost the precision of the equipment. This is expected to create lucrative opportunities for the precision measuring and marking tools market's growth during the forecast period.
Market Trends
- New products that contain improved capabilities are launched by leading market players. For instance, in August 2021, ANCA CNC machines launched AutoMarkX, an automated laser marking system at EMO 2021. The product launch enhanced the product offerings of the company to sustain the competition in the precision measuring and marking tools market.
- Similarly, competitors in the precision measuring and marking tools market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in February 2021, Worthington Industries, Inc. announced the acquisition of General Tools & Instruments Company LLC. This move will complement the current offerings of Worthington Industries.
- Moreover, business expansion strategies assist in enhancing the geographic footprint of the company and help in gaining significant market share for precision measuring and marking tools. For instance, in April 2021, Milwaukee Tool, a manufacturer of electronic precision marking tools, announced its further expansion in the U.S. by building a new manufacturing facility in Grenada, Mississippi. The facility is expected to improve the service offerings for precision measuring and marking tools for consumers in the region.
Key Benefits of the Report
- This study presents the analytical depiction of the precision measuring and marking tools industry along with the current trends and future estimations to determine the future investment pockets.
- The report presents information related to key drivers, restraints, and opportunities, along with detailed analysis of the precision measuring and marking tools market share.
- The current market is quantitatively analyzed to highlight the precision measuring and marking tools market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed precision measuring and marking tools market analysis based on competitive intensity and how the competition will take shape in coming years.
Precision Measuring and Marking Tools Market Report Highlights
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