DC Torque Tool Market Worth 3.38 Billion USD by 2023
PUNE, India, September 13, 2017 /PRNewswire/ --
According to the new market research report "DC Torque Tool Market by Type (Handheld and Fixtured Tools), Power Source (Corded and Cordless), Control System (Transducer and Current), Industry (Automotive, Aerospace, and Energy), and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to grow from USD 2.81 Billion in 2017 to USD 3.38 Billion by 2023, at a CAGR of 3.16% between 2017 and 2023. DC torque tool also known as electric fastening systems. Factors that are driving the growth of the market include the increasing sales of commercial and passenger vehicles, the use of Industry 4.0 accelerates the adoption of DC torque tool, and the requirement of specific torque as well as flexible and efficient fastening tools.
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"Handheld tools expected to hold the largest share of the overall DC torque tool market during the forecast period"
Handheld fastening tools have many applications across several industries and are available in both corded and cordless forms. Electric nutrunners, electric torque wrenches, electric screwdrivers, and electric impact wrenches are some of the most widely used handheld DC torque tools. These tools provide the precise torque required for various industrial applications. Handheld DC torque tools offer more flexibility, better ergonomics, and more power to the weight ratio. The popularity of cordless DC torque tools has helped this market to hold a larger market share of the global DC torque tool market.
"Market for cordless tools expected to grow at the highest CAGR"
Advancements in battery technologies and falling price of Li-Ion batteries lead to the increasing adoption of cordless DC torque tools. The improvements in batteries and strong replacement of Ni-Cd batteries with Li-Ion batteries help cordless tools to capture a larger share of the DC torque systems market. Moreover, the efficient and fast charging techniques accelerate the growth of the cordless segment.
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"Market for transducer control tools expected to grow at the highest CAGR"
Transducer control tools provide accurate and precise torque, depending on the application. Unlike the current control tools, transducer control tools are not a guesswork; these tools provide the highest accuracy in fastening process; therefore, owing to its multiple benefits, many manufacturers provide transducer control tool-based DC torque tool. Various factors such as variations in temperature, gear system, voltage, and motor performance do not affect the accuracy of the system. Companies such as Desoutter Industrial Tools, a subsidiary of Atlas Copco AB (Sweden), Stanley Black & Decker Inc. (US), Robert Bosch GmbH (Germany), Estic Corporation (Japan), and Ingersoll Rand plc (Ireland) have an extensive product portfolio of transducer control fastening tools.
"Europe expected to hold the largest share of the overall DC torque tool market between 2017 and 2023"
The presence of a huge automotive industry, many wind turbines installations (more than one-third of the global cumulative installations in 2016), and home appliance manufacturing plants helps Europe to hold the largest share of the global DC torque tool market. Atlas Copco AB (Sweden), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), Apex Tool Group, LLC (US), and Ingersoll Rand plc (Ireland) are some of the leading players in the DC torque tool market.
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Companies such as Snap-on Incorporated (US), Makita Corporation (Japan), Panasonic Corporation (Japan), Hitachi Koki Co., Ltd. (Japan) and Techtronic Industries Co. Ltd. (Hong Kong) play a vital role in the manufacturing of DC torque tools.
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