Wilmington, Delaware, United States, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The assembly fastening tool market was estimated to have acquired US$ 3 billion in 2020. It is anticipated to register a 4.4% CAGR from 2021 to 2031, with a market value of US$ 4.8 billion by 2031.
The key to creating innovative products, companies strive to make them user-friendly, noiseless, vibration-free, and lightweight. It is expected that the market for these tools will grow in the coming years. Research and development are becoming increasingly important as investments rise and developments grow.
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Global supply chains and trade agreements may affect the availability of assembly fastening tools. There may be a competitive advantage for regions that can easily access raw materials and components. Manufacturing companies around the world are investing in screwdriver technology that will permit robots and workers to collaborate on assembly lines to meet labour shortages.
Assembly fastening tools can now be monitored in real-time and data collected during the fastening process with Internet of Things (IoT) technology. Smart tools enable precise and consistent fastening by recording angle, torque, and other factors.
Ergonomics and worker safety will likely continue to be emphasized. Repetitive strain injuries may be reduced by using lighter, more comfortable fastening tools. Materials with advanced properties can be used in the design of tools in order to increase their durability and decrease the need for maintenance. It is imperative to take such measures in industries that have high production volumes.
With the advancement of battery technology, cordless fastening tools have become increasingly popular. These tools are expected to perform better and last longer. Manufacturing companies are generating recurring revenue streams by offering comprehensive service and maintenance contracts. Achieving customer satisfaction and loyalty begins with timely support and after-sales service.
Key Findings of the Market Report
- Increasing demand for battery-powered cordless and easy portable tools is expected to drive the market.
- A growing aerospace & defence industry will drive sales of assembly fastening tools in the market.
Piston grip tools have grown in popularity due to their ease of maintenance and handling. - Depending on the region, safety and quality regulations can affect the use of specific fastening tools.
Rapid urbanization and infrastructure development will lead to an increase in the need for fastening tools for construction projects.
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Global Assembly Fastening Tool Market: Growth Drivers
- Rapid technological advances including actuators, sensors, and intelligent control systems are revolutionizing fastening tools. Increasingly, smart tools that are capable of real-time monitoring are being developed.
- Technology trends and advances in materials have the potential to lead to more efficient and specialized assembly fastening tools. Investing in technology may help companies produce a greater variety of these tools and grow their business. Increasing adoption of Industry 4.0 will result in an increase in market demand for these machines.
- Home improvement projects and DIY enthusiasts drive assembly fastening tool sales. Consumer disposable income and housing trends can have an impact on this market. Manufacturers are using advanced fastening tools in order to produce premium and quality products.
- Machine learning and artificial intelligence algorithms are useful for analyzing fastening data, identifying trends, and enhancing assembly quality. The use of augmented reality can improve assembly workers' ability to accurately use fastening tools with visual aids.
Using eco-friendly materials and energy-efficient technologies may make fastening tools more environmentally friendly in the market. Fastening solutions that can be customized for specific assembly requirements may become more common.
Assembly Fastening Tool Market: Regional Landscape
- Assembly fastening tools are expected to dominate the market in North America. Increasing infrastructure and industrial sectors are expected to drive the market's growth.
- As low-wage labour becomes less available, DIY ideology encourages regional business growth. Advances in technology and the need for advanced assembly techniques drive the market.
- Europe is a popular market for assembly fastening tools due to its robust automotive and aerospace industries. A stringent regulatory environment and quality standards are influencing demand for precision assembly fasteners.
- Incentives from the government, such as subsidies for manufacturing companies or tax breaks, may stimulate the growth of assembly fastening tool manufacturers in these regions.
Global Assembly Fastening Tool Market: Key Players
Several major assembly fastening tool manufacturers, including Atlas Copco AB, C. & E. Fein GmbH, Ingersoll-Rand Plc., Hitachi Koki Co., Ltd, Estic Corporation, HS-Technik GmbH, and Makita Corporation strive to provide customers with cost-effective assembly fastening tools.
Key Developments
- In April 2023, Sumake North America launched a new machine, BT-001 in Nashville at their booth #326 at The Assembly Show South.
- In July 2023, Panasonic, the world's leading manufacturer of cordless assembly technology, introduced its new AccuPulse® QP Series cordless pulse tools that have a lower noise level to increase productivity. AccuPulse QP Series offers an increased work capability and is eco-friendly, consuming less energy compared to pneumatic tools.
Global Assembly Fastening Tool Market: Segmentation
By Type
- Corded
- DC Electric Tools
- Screwdriver
- Impact Driver/Wrench
- Nutrunners
- Others (Presses, Balancers, Retractors, etc.)
- Pneumatic
- Screwdriver
- Impact Driver/Wrench
- Nutrunners
- Others (Presses, Balancers, Retractors, etc.)
Cordless
- Screwdriver
- Impact Driver/Wrench
- Nutrunners
- Others (Presses, Balancers, Retractors, etc.)
By Tool Type
- Right Angle Tool
- Inline Tool
- Pistol Grip Tool
- Others (Torque Tool, Pneumatic tools, etc.)
By Control Mechanism
- Transducer Controlled
- Current Controlled
- Clutch Controlled
By End User Base
- Aerospace & Defense
- Heavy Equipment
- Automotive
- Semiconductor & Electronics
- Healthcare
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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