Published on : Dec 13, 2019
ResearchMoz.us has announced the addition of a report, titled “Global Hydraulic Torque Wrench Market Insights, Forecast to 2025”. The report on the hydraulic torque wrench market offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application. The forecast period of the report is 2019 to 2025. Base year is 2018.
The market for hydraulic torque wrenches is set to see growth over the forecast period owing to a number of factors. One of the primary factors includes their use in a wide variety of industry verticals. Some of these industries that depend on advanced hydraulic torque wrenches include Oil & Gas, Plants and Refineries, and Power Industry.
And, as population is set to see a high growth rate over the forecast period, demand for power will increase. To accommodate rising populations spacing demand, there is already a very high rate of increase in construction volumes expected by 2030. People will need homes, office spaces and recreational spaces. As per a study, an 85% increase is on the charts, bringing the worth of the construction market by USD 15.5 trillion. It is also pertinent to note here that the largest chunk will actually be occupied by just 3 countries as India, China and the United States will hold about 57% growth of this market. And, as this need for a roof grows, so will need for power. And, thus both power and hydraulic torque wrench market will see growth.
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Similarly, as oil and gas sees demand owing to use in multiple products such as creams and use as fuel, etc, it will propel the market for hydraulic torque market on a high growth trajectory. Thus, an increase in exploration and production will help put the market a positive chart.
And, as these markets prepare to see a significant increase in demand, the global hydraulic torque wrench market is set to see an increase in worth and grow at a considerable CAGR (Compound Annual Growth Rate), creating lucrative opportunities for market players. It will also increase the worth of the global hydraulic torque wrench market by a significant amount.
The global hydraulic torque wrench market is fragmented and major players include:
- Norwolf Tool Works
These have been covered in the report with a detailed analysis of business strategies, market hold, strengths, and weaknesses and so on. The players are heavy focused on improving product quality and functionality and thus, most pay attention to innovation. And, thus, it comes as surprise to no one that the investment in Research and Development is significant, But, there are more strategies in the global hydraulic torque wrench market landscape that players often resort to. Few players go for mergers and acquisitions and strategic partnerships and collaborations for exploring novel synergies that can bring more profits to them. Partnerships are often entered into for combining capabilities such as market penetration and know-hows.
The report also includes a regional analysis in terms of both production and consumption. Production wise the region covered include United States, Europe, China, Japan, and Other Regions. Consumption wise the list includes regions such as North America, Asia-Pacific, Australia, Europe, Russia, Central & South America, and Middle East & Africa.