Energy and power industries require a solid infrastructure to operate smoothly. The installation of heavy machinery requires skilled resources and tools. In order to satisfy the need for infrastructural development activities, manufacturers are introducing innovative technologies and tools. Hydraulic Torque tools are specially designed for smooth manufacturing process. By considering various growth prospects of the global Hydraulic torque market, QYR Consulting has released a new research report titled, “GlobalMarket Report, History and Forecast 2014-2025,” for the forecast period of 2019-2025. As per the report, the global Hydraulic Torque market is expected to touch the value of US$ 407 Mn by the end of 2025, which was about US$ 291 Mn in the year 2018. The market is projected to expand with a moderate CAGR of 4.8 % during the forecasted period.
Drive hydraulic wrench is a preferred hydraulic torque product.
The global Hydraulic Torque market is segregated into two segments such as by product and by application. By product, the market is further segmented into hollow hydraulic wrench and drive hydraulic wrench. Among products, drive hydraulic wrench is majorly adopted industrial product because of its compact size, durability, and cost-efficiency.
By application, the global Hydraulic Torque market is categorized into plants and refineries, oil and gas, power industry, and Other. Hydraulic Torque wrenches are used across the industries including nuclear or fossil fuel plants, and even in a refinery or chemical plant for efficiency, durability, and reliability. Torque products are usually designed for the most critical bolting application around the world.
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Growing sales of automotive vehicles in North America to increase global Hydraulic Torque market growth
Europe is one of the premier manufacturers and consumers of automobiles and therefore, it is anticipated to observe significant market growth in the global Hydraulic Torque market. Apart from Europe, North America is also to witness high demand in the Hydraulic Torque wrenches because of increasing sales of automotive vehicles in the region.
As far as Asia Pacific is concerned, growing urbanization and various infrastructural development activities in the oil, energy and power sector in Asia Pacific are supporting the growth of the global Hydraulic Torque market.
The global Hydraulic Torque market is majorly dominated by some of the key players such as Norwolf Tool Works, Hydratight, Powermaster, Torq/Lite, Tech, TorsionX, WREN, Torc, Enerpac, TorcUP, HTL Hytorc, Plarad, and ITH
Flourishing automobile industry to drive the global Hydraulic Torque market growth
The automotive industry is one of the largest end-use industries of Hydraulic Torque wrench. Torque wrenches are highly used in automobile manufacturing activities and for repairing and maintenance of vehicles. Therefore, increasing automobile sales and production expected to accelerate the demand for Hydraulic Torque wrench in the upcoming years. Product development is a noticeable trend across various industries, which is driving the overall growth of the global Hydraulic Torque market. Manufacturers are incorporating various innovative ideas for designing wrenches to improve their performance and reliability.
Various energy and power projects require bolting together hundreds of steel joints and Hydraulic Torque tools provide a precise amount of torque to each nut. Growing manufacturing and energy and power industry is further supporting the global Hydraulic Torque market growth. At the same time, companies are introducing various electric and hybrid cars, which is projected to create opportunities for manufacturers in the global Hydraulic Torque market.
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