Global DC Torque Tool Market - 2022-2029
DC torque tool market reached US$ XX million in 2021 and is estimated to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 3.06% during the forecast period (2022-2029).
DC torque tools are designed to tightly integrate and regulate all of the important aspects of the assembly automation process. DC torque tools are commonly employed at various stages in the automotive business. OEMs, as well as service and repair shops, employ these tools. These technologies simplify integration into an existing assembly line and configure new production initiatives quickly.
DC torque tools have several advantages: error proofing, a shorter production cycle, reliable and repeatable process control, quick torque data processing, low cost, and easy maintenance and repair. Increasing use of DC torque tools in the wind energy industry and increased sales of commercial and passenger cars manufactured with DC Torque Tools are expected to drive the market during the anticipated period.
In addition, the increased need for particular torque, flexible and efficient fastening tools and the expanding usage of electric fastening tools are expected to enhance the market in the coming years.
The tremendous adoption of DC torque tools in the wind energy industry has escalated the market growth for the product.
The tremendous adoption of DC Torque Tools in the wind energy industry has escalated the market growth for the product
Wind energy in the U.S. increased rapidly in 2020, making it the country's leading source of new electric-generating capacity additions.
In 2020, 16,836 megawatts (MW) of wind capacity were added to the U.S., bringing 121,955 MW. For the first time in past years, wind power installations outperformed solar power installations, with around US$24.6 billion in investment. In 16 states, wind generates more than 10% of electricity, and in Iowa, Kansas, Oklahoma, South Dakota, and North Dakota, it generates more than 30%.
Wind energy capacity expansions have been fueled by improvements in the cost and performance of wind power technology and the Production Tax Credit, resulting in low-cost wind energy. The average nameplate capacity of wind turbines was 2.75 MW in 2019, rising 8% from 2019 and 284 percent since 1998-1999. Wind's total health, environment, and grid-system advantages are nearly three times its Levelized energy cost.
The growth of wind energy has created huge growth opportunities for the DC torque tool.
Typically, the wind industry requires high torque fastening, which pneumatic tools fulfill. However, the growing development of powerful tools and benefits such as quality control, ergonomics, and convenience provided by cordless power tools, particularly in offshore wind installation, are important reasons to boost the demand for DC Torque Tools in the wind turbine industry.
Unsuitability in harsh environmental conditions and high cost of maintenance hurdles the market growth for DC torque tools
The DC control tool is a technology that speeds up the torque and automation processes while also providing precise, accurate, and repeatable torque control. Due to its great performance, manufacturers of torque fastening systems may optimize the assembly area while lowering labor costs and increasing productivity.
However, the unsuitability of the tool in harsh conditions limits the product's performance spectrum, therefore returning and challenging the market growth. Furthermore, the high cost of automotive DC torque tools reduces the purchasing demand for the product; particularly, higher costs associated with the maintenance and acquisition of these products may restrict the industry share over the forecast period.
In addition, Torque reaction is present in heavy power tools, which might result in a user wrist injury. Excessive usage of fastening tools might cause them to overheat.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has caused a severe impact on a variety of significant processes and industries, including energy and power, industrial, medical and others. The virus's rapid spread has prompted governments worldwide to impose stringent human and vehicle movement restrictions.
For instance, the wind turbine market's growth was moderately influenced by the COVID-19 outbreak in Q1 2020 regarding delays in manufacturing and supplying new turbines, capacity addition projections, and financial issues for leading companies' value chains. Wind energy installations have decreased by 30% compared to industry estimates.
Furthermore, due to the statewide lockdown, the supply chain and production of components, equipment, and systems and the supply of raw materials for manufacturing components utilized in a DC torque tool are all disrupted.
The global DC torque tool market is segmented based on type, power source, control system, end-user and region.
Fast charging techniques, more efficiency, and decreasing prices of Li-Ion batteries have escalated the adoption of cordless DC torque tools.
The global DC torque tool market is segmented into corded and cordless based on the power source. Due to the advantages of cordless DC torque tools, the market for cordless DC torque tools is predicted to develop a faster CAGR than corded tools.
For example, when using a cordless tool, operators can go in and out of the automobile to complete the assembly. As a result, convenience, ergonomics, and portability are primary characteristics that support cordless DC Torque Tools demand.
Furthermore, the growing market for cordless fastening tools is aided by the demand for brushless DC motors. The need for DC torque tools is fueled by advancements in battery technology and lower Li-Ion battery prices.
The advancement of batteries and the quick replacement of Ni-Cd batteries with Li-Ion batteries have helped cordless tools capture a larger share of the DC torque tool systems market. Furthermore, acceptable and rapidly changing technologies fueled the cordless segment's growth.
Large wind turbine installations, the presence of large aerospace manufacturers, and the well-established automobile industry all contributed to Europe's market leadership
In 2020, Europe had the greatest DC torque tool market share, projected to continue in the future years. Large wind turbine installations, large aerospace manufacturers, and the well-established automobile industry contributed to Europe's market leadership.
Some of the key players of DC torque tools from the region include Atlas Copco AB (Sweden), Robert Bosch GmbH (Germany), and Ingersoll Rand plc (Ireland).
Furthermore, the Asia-Pacific market for the DC torque tool is expected to grow in the forecast period. According to the OICA, APAC accounted for 54% of total global automobile production in 2016 and is predicted to continue to increase in the forecast period. Asia-Pacific will dominate the automotive torque tools market size to increase automotive production.
The demand for tools rises as many vehicle manufacturers such as Toyota, Honda, and Suzuki grow. Furthermore, the regional share is increasing due to the creation of manufacturing plants in China, Japan, and India and a growing preference for personal automobiles. SCS Concept, for example, launched a new production facility in China in May 2019 to provide customers with direct tailored solutions for the installation, quoting, maintenance and repair, and calibration.
The global DC torque tool market is highly competitive with local and global companies. Some prime companies contributing to the market's growth are Snap-on Incorporated, Makita Corporation, Panasonic Corporation, Atlas Copco AB, Robert Bosch GmbH, Stanley Black & Decker, Inc, Murata Manufacturing Co., Ltd, LLC, Ingersoll Rand plc, Hitachi Koki Co., Ltd. Techtronic Industries Co. Ltd. and others.
The major companies are adopting several growth strategies such as acquisitions, product launches, and collaborations, contributing to the global growth of the DC torque tool market.
In 2021, The Massachusetts-based technology company ePropelled, which provides cutting-edge electric propulsion systems, announced that Ricardo contributed its tools and knowledge to assist ePropelled in building its own internal electric motor simulation system and in its goal to dominate the market for electric propulsion systems.
Murata Manufacturing Co., Ltd
Overview: Murata Manufacturing Co., Ltd, is a Japan-based company growing globally in the design, manufacture and sale of communication modules and power supply modules and ceramic-based passive electronic components & solutions. Murata is dedicated to creating cutting-edge, multi-functional, high-density modules and innovative electronic materials. The business has workers and production sites all over the world.
Product Portfolio: TZC3R100AA01B00: The product comes in SMD shape and offers a torque of 1.5 to 9.8mNm. Features offered by the product include improving setting conditions for adjusting the tool by employing a big plus driver slot, enhancing center axis corrosion resistance by nickel plating and improving the vacuum nozzle of the chip mounter's absorption conditions.
In December 2018, Murata announced to expand its product range of embedded-core technology DC-DC converters with the NXF1 series. The series is a cost-effective, fully regulated, high isolation converter with 3.3 V or 5 V outputs. The NXF1 series is an innovative new product that expands on our proprietary embedded magnetic core technology and offers our clients excellent electrical and isolation performance with simple installation at a reasonable price.
Why Purchase the Report?
• Visualize the global DC torque tool market segmentation by type, power source, control system, end-user and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the DC torque tool market by analyzing trends and co-development deals.
• Excel data sheet with thousands of global DC torque tool market-level 4/5 segmentation points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players
The global DC torque tool market report would provide approximately 69 market data tables, 62 figures and 219 pages.
Target Audience 2022
• Service Providers/ Buyers
• Electronic Companies
• Research Laboratory
• Consumer Goods Companies
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