Machine power tools are defined as equipment actuated by an additional power source such as IC engines, electric motor, and compressed air. These are used for various applications in shipbuilding, energy, construction, and automotive industry. They have various commercial and industrial applications such as cutting, shaping, drilling, sanding, grinding, painting, routing, polishing, and heating and so on. These tools are often available in various forms including electric screwdriver, hammer drills, and fast screw guns. Reduced time and labor requirements, ease and efficiency of operation, and easy portability are some of the prominent factors driving the demand for power tools across various industries. With ongoing research & development (R&D), manufacturers are investing more in battery-operated power tools that are easy to operate on high torque and light in weight, efficient and compact. This, in turn, is predictable to drive the growth of Machine Power Tool Market.
Machine power tools are gaining popularity in household applications due to easy operability & ease of mobility. The rise in trend of Do-It-Yourself (DIY) activities has resulted in augmented demand from household users. In order to cater to the requirements of users that are not qualified professionals, firms are offering products with enhanced safety features.
On the basis of tool type, power tool market is segregated as routing tools, sawing & cutting tools, drilling and fastening/driving tools, demolition tools, material removal tools, and others. On the basis of mode of operation, market is segregated as engine-driven power tools, hydraulic power tools, electric power tools, pneumatic power tools, and others. Engine-driven power tools are extensively used in construction sites and various industries. These power tools are exclusive compared to electric counterparts while the most rigorous hazard with the use of fuel-powered devices comes from fuel vapor that can burn & explode and also give off dangerous exhaust fumes. In addition, on the basis of application, market is segregated as residential and industrial/professional.
The power tool market is in the growth phase, and Power Tools Market Competition is anticipated to become more intense by the end of forecast period. The competitive landscape section includes key development strategies and market share & market ranking analysis of the leading players globally. Key players contributing extremely towards the growth of the market include Atlas Copco, Robert Bosch, Ingersoll-Rand, Hilti, hGears, Stanley Black & Decker, Apex Tool Group, Techtronic Industries, Makita, and C. & E. Fein.
Rise in use of the power tools in wind turbines to reduce maintenance costs and construction charges will prompt the market growth over the forecast period. In addition, growth in utilization of electric power tools & production of energy efficient power systems has culminated into huge market demand in the recent years. Furthermore, high labor charges in the emerging economies have forced the companies in the manufacturing industry to optimize the use of power tools for growing the proficiency of the business operations as well as improve the productivity of material handing instruments. This, in turn, will help the power tools market increase over the coming decade.
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Power Tools Market Growth Analysis
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