What is Global Electric Torque Wrench Market?
The Global Electric Torque Wrench Market is a vast and dynamic field that encompasses a wide range of tools and technologies. These tools are designed to provide precise and controlled application of torque to a fastener such as a nut or bolt. The market is global in nature, meaning it spans across various countries and regions, catering to a diverse range of industries and applications. The electric torque wrenches are powered by electricity, which makes them more efficient and easier to use than their manual counterparts. They are commonly used in various industries including automotive, aerospace, construction, and manufacturing, among others. The market is driven by various factors such as the increasing demand for efficient and precise tools, advancements in technology, and the growing need for automation in various industries. The market is also influenced by various trends and developments such as the increasing adoption of cordless electric torque wrenches and the growing popularity of digital electric torque wrenches. Despite the challenges such as high cost and maintenance issues, the market is expected to grow steadily in the coming years, thanks to the continuous innovations and improvements in the field.
Straight Type Electric Torque Wrench, Angled Type Electric Torque Wrench in the Global Electric Torque Wrench Market:
The Global Electric Torque Wrench Market is segmented into various types based on their design and functionality. The two main types are Straight Type Electric Torque Wrench and Angled Type Electric Torque Wrench. The Straight Type Electric Torque Wrench is designed with a straight handle and is typically used for applications that require direct and straightforward application of torque. They are commonly used in automotive and manufacturing industries for tightening and loosening bolts and nuts. On the other hand, the Angled Type Electric Torque Wrench is designed with an angled handle, which allows the user to apply torque at an angle. This type of wrench is particularly useful for applications that require working in tight spaces or at awkward angles. They are commonly used in aerospace and construction industries. Both types of wrenches offer various advantages such as high precision, ease of use, and efficiency. They also come with various features such as adjustable torque settings, digital displays, and ergonomic designs, among others. The choice between the two types depends on the specific requirements and preferences of the user.
Oil & Gas, Plants and Refineries, Power Industry, Other in the Global Electric Torque Wrench Market:
The Global Electric Torque Wrench Market finds its application in various industries and sectors. In the Oil & Gas industry, these wrenches are used for various applications such as pipeline installation and maintenance, drilling operations, and equipment assembly and disassembly. They help in ensuring the proper tightening and loosening of bolts and nuts, which is crucial for the safety and efficiency of the operations. In Plants and Refineries, electric torque wrenches are used for various maintenance and repair tasks. They help in ensuring the proper functioning of the equipment and machinery, thereby reducing downtime and increasing productivity. In the Power Industry, these wrenches are used for the installation and maintenance of various equipment and infrastructure such as turbines, generators, and transformers. They help in ensuring the proper assembly and disassembly of the components, which is crucial for the performance and longevity of the equipment. Other applications of electric torque wrenches include construction, automotive, aerospace, and manufacturing, among others.
Global Electric Torque Wrench Market Outlook:
The Global Electric Torque Wrench Market has shown a steady growth over the years. In 2023, the market was valued at US$ 41 million. It is projected to reach a value of US$ 50 million by 2030. This indicates a Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period from 2024 to 2030. This growth can be attributed to various factors such as the increasing demand for efficient and precise tools, advancements in technology, and the growing need for automation in various industries. The market is also influenced by various trends and developments such as the increasing adoption of cordless electric torque wrenches and the growing popularity of digital electric torque wrenches. Despite the challenges such as high cost and maintenance issues, the market is expected to grow steadily in the coming years, thanks to the continuous innovations and improvements in the field.
| Report Metric | Details |
| Report Name | Electric Torque Wrench Market |
| Accounted market size in 2023 | US$ 41 million |
| Forecasted market size in 2030 | US$ 50 million |
| CAGR | 3.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Enerpac, Hytorc, Hydratight, ITH, TorcUP, Powermaster, Norwolf Tool Works, Plarad, WREN, HTL, Torq/Lite, TorsionX, Torc-Tech, Maxpro Corporation |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
