Market Overview:
The global electric torque wrench market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for electric torque wrenches in oil & gas, plants and refineries, power industry, and other applications. Additionally, the growing demand for electric torque wrenches from emerging economies is also contributing to the growth of this market. The straight type electric torque wrench segment is expected to hold a major share of the global electric torque wrench market during the forecast period. This segment is projected to grow at a CAGR of 5.8% during the forecast period from 2018 to 2030 due its high adoption rate in various applications such as oil & gas, plants and refineries, power industry, and others.
Product Definition:
An electric torque wrench is a power tool that uses an electric motor to apply torque to a fastener, such as a nut or bolt. It is used to tighten or loosen bolts and nuts without the need for manual effort. The importance of electric torque wrenches is that they can provide more consistent results than manual wrenches, and they are less likely to cause damage to the fastener or the workpiece.
Straight Type Electric Torque Wrench:
The straight type electric torque wrench is a device that helps in applying force in a controlled manner. It’s major application areas are the construction industry, automotive industry and aviation industry. The growth factor for this market is attributed to factors such as growing demand from developing countries, increasing awareness regarding the benefits of using electric torque wrenches over conventional wrenches and lastly growing popularity of e-commerce platforms due to their wide range of offerings along with easy payment options.
Angled Type Electric Torque Wrench:
The torque wrench is a device used to measure the turning force or torque. Torque is the rotary motion of any object about an axis. It’s measured in newton meters (Nm) or ft-lbf (ft pounds). The normal range for electric torque wrenches is from 0 to 250 Nm while petrol engine based torque wrenches can handle up to 1000 Nm.
Application Insights:
The oil & gas, plants and refineries, power industry, and other application segments are projected to account for a share of 33.3%, 32.9%, 30.4% respectively in the global electric torque wrench market by 2030 owing to the rising demand for electric motors in various industries such as oil & gas; manufacturing; transportation; energy generation; etc., which is expected to propel product demand over the forecast period.
Plants and refineries were one of the major end-use sectors that accounted for a significant share in 2017 due to high product demand from this sector coupled with low cost of production compared with other applications such as oil & gas or electricity generation where capital intensive equipment is used extensively Electric motors provide easy start up along with continuous service even after they get hot which makes them highly suitable for use across plants and refineries thereby propelling their growth over the forecast period.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region is home to several emerging economies, including China, India, and Japan. Increasing demand for electric torque wrenches from these countries coupled with growing industrialization has fueled the regional market growth.
The Asia Pacific was followed by North America which accounted for a revenue share of more than 22% in 2017 owing to presence of prominent players such as Snap-on Inc.; Pneu-Finder; Airhart Tools; and Bosch Corporation that are engaged in providing high quality electric torque wrenches across U.S., Canada, and Mexico regions since years ago when they first entered into these regions with their strong distribution channels & brand awareness campaigns through trade shows, seminars & events, field sales etc.; all this helped them gain significant customer base very early on which further boosted their sales volumes resulting into higher revenue share at present time.
Growth Factors:
- Increasing demand for electric torque wrench in automotive and aerospace industry
- Rising popularity of electric torque wrench among professional mechanics
- Growing number of online retail stores offering electric torque wrench at competitive prices
- Proliferation of social media platforms that promote the use of electric torque wrench
- Increasing awareness about the benefits of using electric torque wrench among consumers
Scope Of The Report
Report Attributes
Report Details
Report Title
Electric Torque Wrench Market Research Report
By Type
Straight Type Electric Torque Wrench, Angled Type Electric Torque Wrench
By Application
Oil & Gas, Plants and Refineries, Power Industry, Other
By Companies
Enerpac, Hytorc, Hydratight, ITH, TorcUP, Powermaster, Norwolf Tool Works, Plarad, WREN, HTL, Enerpac, TorsionX, Torc-Tech, Maxpro Corporation
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
239
Number of Tables & Figures
168
Customization Available
Yes, the report can be customized as per your need.
Global Electric Torque Wrench Market Report Segments:
The global Electric Torque Wrench market is segmented on the basis of:
Types
Straight Type Electric Torque Wrench, Angled Type Electric Torque Wrench
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Oil & Gas, Plants and Refineries, Power Industry, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Enerpac
- Hytorc
- Hydratight
- ITH
- TorcUP
- Powermaster
- Norwolf Tool Works
- Plarad
- WREN
- HTL
- Enerpac
- TorsionX
- Torc-Tech
- Maxpro Corporation
Highlights of The Electric Torque Wrench Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Straight Type Electric Torque Wrench
- Angled Type Electric Torque Wrench
- By Application:
- Oil & Gas
- Plants and Refineries
- Power Industry
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Electric Torque Wrench Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
An electric torque wrench is a tool that uses an electric motor to apply torque to a bolt or nut. This allows the user to tighten or loosen bolts and nuts quickly and easily.
Some of the major companies in the electric torque wrench market are Enerpac, Hytorc, Hydratight, ITH, TorcUP, Powermaster, Norwolf Tool Works, Plarad, WREN, HTL, Enerpac, TorsionX, Torc-Tech, Maxpro Corporation.
The electric torque wrench market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Electric Torque Wrench Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Electric Torque Wrench Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Electric Torque Wrench Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Electric Torque Wrench Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Electric Torque Wrench Market Size & Forecast, 2018-2028
4.5.1 Electric Torque Wrench Market Size and Y-o-Y Growth
4.5.2 Electric Torque Wrench Market Absolute $ Opportunity
Chapter 5 Global Electric Torque Wrench Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Electric Torque Wrench Market Size Forecast by Type
5.2.1 Straight Type Electric Torque Wrench
5.2.2 Angled Type Electric Torque Wrench
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Electric Torque Wrench Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Electric Torque Wrench Market Size Forecast by Applications
6.2.1 Oil & Gas
6.2.2 Plants and Refineries
6.2.3 Power Industry
6.2.4 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Electric Torque Wrench Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Electric Torque Wrench Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Electric Torque Wrench Analysis and Forecast
9.1 Introduction
9.2 North America Electric Torque Wrench Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Electric Torque Wrench Market Size Forecast by Type
9.6.1 Straight Type Electric Torque Wrench
9.6.2 Angled Type Electric Torque Wrench
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Electric Torque Wrench Market Size Forecast by Applications
9.10.1 Oil & Gas
9.10.2 Plants and Refineries
9.10.3 Power Industry
9.10.4 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Electric Torque Wrench Analysis and Forecast
10.1 Introduction
10.2 Europe Electric Torque Wrench Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Electric Torque Wrench Market Size Forecast by Type
10.6.1 Straight Type Electric Torque Wrench
10.6.2 Angled Type Electric Torque Wrench
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Electric Torque Wrench Market Size Forecast by Applications
10.10.1 Oil & Gas
10.10.2 Plants and Refineries
10.10.3 Power Industry
10.10.4 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Electric Torque Wrench Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Electric Torque Wrench Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Electric Torque Wrench Market Size Forecast by Type
11.6.1 Straight Type Electric Torque Wrench
11.6.2 Angled Type Electric Torque Wrench
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Electric Torque Wrench Market Size Forecast by Applications
11.10.1 Oil & Gas
11.10.2 Plants and Refineries
11.10.3 Power Industry
11.10.4 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Electric Torque Wrench Analysis and Forecast
12.1 Introduction
12.2 Latin America Electric Torque Wrench Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Electric Torque Wrench Market Size Forecast by Type
12.6.1 Straight Type Electric Torque Wrench
12.6.2 Angled Type Electric Torque Wrench
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Electric Torque Wrench Market Size Forecast by Applications
12.10.1 Oil & Gas
12.10.2 Plants and Refineries
12.10.3 Power Industry
12.10.4 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Electric Torque Wrench Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Electric Torque Wrench Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Electric Torque Wrench Market Size Forecast by Type
13.6.1 Straight Type Electric Torque Wrench
13.6.2 Angled Type Electric Torque Wrench
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Electric Torque Wrench Market Size Forecast by Applications
13.10.1 Oil & Gas
13.10.2 Plants and Refineries
13.10.3 Power Industry
13.10.4 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Electric Torque Wrench Market: Competitive Dashboard
14.2 Global Electric Torque Wrench Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Enerpac
14.3.2 Hytorc
14.3.3 Hydratight
14.3.4 ITH
14.3.5 TorcUP
14.3.6 Powermaster
14.3.7 Norwolf Tool Works
14.3.8 Plarad
14.3.9 WREN
14.3.10 HTL
14.3.11 Enerpac
14.3.12 TorsionX
14.3.13 Torc-Tech
14.3.14 Maxpro Corporation
