The global torquing
tools market is expected to expand at a moderate rate in the
foreseeable future. The demand for torquing tools is gradually
rising, which will drive the global torquing tools market in the
years to come. By equipment, the global torquing tools market is
segmented into hydraulic bolt tensioners, wind turbine bolt
tensioners, hydraulic torque pumps, pneumatic torque wrenches,
hydraulic torque wrenches, and electric torque wrenches. Generally,
torque tools are used for loosening or tightening industrial bolted
joints. The demand for these tools is driven by their expanding
end-use industries. Let us look at the primary and secondary drivers
of the global torquing tools market.
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Primary Driver of
Global Torquing Tools Market: Increasing E&P Activities
The global torquing
tools market is driven by the rising demand for oil and gas and the
increasing exploration and production (E&P) activities in the
offshore industry. Furthermore, the elevated number of offshore
platforms and depleting oil and gas reserves are projected to add to
the demand for torquing tools in the global offshore industry. Some
of the applications of torquing tools are blowout preventer, heat
exchangers, pumps, valve covers, crackers, compressor stations, and
reactors.
The continuous
advancements in technology deployed in the global oil and gas
industry will further fuel the expansion of the global torquing tools
market. Rising deepwater and ultra-deepwater activities are also
projected to drive the demand for torquing tools in the foreseeable
future. Players in the global oil and gas offshore sector are
increasingly focusing on implementing programs to boost productivity,
optimize application cost, and enhance safety of their personnel.
Global Torquing
Tools Market to Benefit from Rising Energy Demand
By end-use, the
global torquing tools market is divided into wind energy and oil and
gas industry. The growth of these two sectors is expected to fuel the
global torquing tools market. Here are some of the factors driving
these end-use segments, in turn, impacting the demand for torquing
tools.
- Players in the global oil and gas offshore market are investing significantly in sustainable and innovative solutions
- Rising support from research institutes and universities will drive this innovation
- Political climate will impact the growth of the offshore industry directly shaping the growth of the global torquing tools market
- Rising energy demand worldwide will offer a plethora of growth opportunities to market players
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Financial Issues
to Suppress Global Torquing Tools Market
As mentioned above,
the global torquing tools market will grow at a moderate rate. One of
the key factors challenging this market’s growth is investment.
Risks associated with large offshore projects will constrain the
global torquing tools market. For example, wind energy projects are
capital intensive and depend on stable conditions for financial
support and investments. This poses a significant risk to the
investors in the global wind energy industry.
Nevertheless, the
investment in emerging economies is rising as players recognize these
regions have more growth prospects. It is projected that the emerging
economies of Asia Pacific and Africa will greatly drive the global
torquing tools market in the near future. The key players operating
in the global torquing tools market are Forum Energy Technologies,
Clover Tool Company, ITH Bolting Technology, Underwater Engineering
Services, and Offshore Bolting.
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