DC Torque Tool Market - Expected to Reach $3.3 Billion by 2023 - Owing to Huge Growth in Wind Energy Industry

The DC torque tool 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. The growth of the DC torque tool market is propelled by various factors such as the increasing sales of commercial and passenger vehicles, the adoption of Industry 4.0 accelerates the use of DC torque tools. Moreover, the advent of DC brushless motors and Li-ion batteries has helped the DC torque tool market to evolve.

The DC torque tool 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. The growth of the DC torque tool market is propelled by various factors such as the increasing sales of commercial and passenger vehicles, the adoption of Industry 4.0 accelerates the use of DC torque tools. Moreover, the advent of DC brushless motors and Li-ion batteries has helped the DC torque tool market to evolve.

The energy industry is expected to drive the growth of the DC torque tool market owing to the huge growth in the wind energy industry. According to the Global Wind Energy Council (GWEC), at the end of 2016, the worldwide total installed capacity of wind energy was 486,790 MW, which has grown about 12% from the previous year. Typically, the wind industry requirement for high torque fastening is fulfilled by pneumatic tools. However, the development of powerful tools and benefits such as quality control, ergonomics, and convenience offered by cordless power tools, especially in offshore wind installation, are some key factors driving the growth of the said market.

The global DC torque tool market is dominated by handheld tools owing to their adoption for various applications in several industries ranging from automotive to consumer electronics. Electric nutrunner, electric screwdriver, and electric torque wrench are some of the hand tools, which are most frequently used. These tools offer more flexibility, better ergonomics, and more power to the weight ratio. Atlas Copco AB (Sweden), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), and Ingersoll-Rand plc (Ireland) Apex Tool Group, LLC (US) are some of the key players that are focusing more on the development of handheld fastening tools.

The market for cordless DC torque tools is expected to grow at higher CAGR than corded tools owing to the benefits offered by the former. For instance, operators can go in and out of the car to carry out the assembly once they operate a cordless tool. Thus, convenience, ergonomics, and mobility are some of the key factors that favor the demand for cordless DC torque tools. Moreover, the advancement in Li-ion battery further supports the demand for cordless DC torque tools.

Transducer control DC torque is the close-loop and most direct method of fastening data capturing, while other method calculates the power consumption of the motor, and then computes the torque delivered to fasteners. The motor power consumption can be influenced by the temperature, state of the joint, and performance of entire gear mechanism. Therefore, transducer control DC torque tools offer the most accurate and dynamic torque and angle reading.

Companies Mentioned:

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Electric Fastening Systems Market, By Type

7 Electric Fastening Systems Market, By Power Source

8 Electric Fastening Systems Market, By Control System

9 Electric Fastening Systems Market, By Industry

10 Geographic Analysis

11 Competitive Landscape

12 Company Profiles

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