New York, USA, April 20, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global nutrunner market is anticipated to rise at a stable CAGR of 4.2%, thereby garnering a revenue of $1,180.2 million in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the nutrunner market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Nutrunner Market:
Drivers: The increased expanse of the manufacturing sector due to growing pace of manufacturing of automobiles, industrial machinery, etc. This has led to an increase in demand for nutrunners, which is expected to contribute to the growth of this market in the forecast timeframe. Moreover, growing demand for earth moving equipment, which is extensively used in the construction industry is predicted to drive the market even further.
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Opportunities: Adoption of power tools in the manufacturing industry has steadily increased over the years and is expected to continue in the forecast period. This trend is anticipated to offer numerous growth opportunities to the nutrunner market in the 2021-2028 timeframe. Additionally, the growth in investment in the automobile sector is expected to push forward the market even further.
Restraints: However, market analysts fear that the high cost of electric nutrunners might become a hurdle in the growth of the nutrunner market.
Impact of Covid-19 on the Nutrunner Market
The Covid-19 pandemic has disrupted industrial processes across all sectors and has negatively impacted their corresponding global markets. The nutrunner market has faced a similar crisis. This is mainly due to the lockdowns and travel restrictions that were put in place to minimize the spread of the virus. These restrictions caused a virtual stoppage of all manufacturing industries, which led to a massive decline in the demand for nutrunners. The decline in demand, in turn, led to the decline in the growth rate of the market.
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Segments of the Nutrunner Market:
The Research Dive report has fragmented the nutrunner market across different segments such as type, end-user, and region.
Type: Pneumatic Nutrunner Sub-segment to be the Most Profitable
By type, the pneumatic nutrunner sub-segment is expected to generate the highest yield of $419.0 million by 2028. High accuracy, which is one of the main characteristics of pneumatic nutrunners, is expected to be the leading reason behind the growth of the sub-segment. Additionally, high product adaptability of pneumatic nutrunners is also expected to boost the market.
End-User: Automotive Sub-segment to Have the Largest Market Share
By end-user, the automotive sub-segment is anticipated to have the most dominating market share and reach $431.7 million by 2028. Increasing investments in the automotive sector and increasing adoption of power tools in this industry are predicted to be the main growth drivers of this sub-segment.
Region: Nutrunner Market in the Asia-Pacific Region to be the Fastest Growing
By regional analysis, the nutrunner market in Asia-Pacific region is anticipated to be the fastest growing one. It is predicted to reach $331.6 million by 2028. Growing manufacturing sector in the developing economies of this region is expected to be the main growth factor of this market. Furthermore, the increasing investments in the automotive sector is further expected to increase the market expanse in this region.
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Prominent Nutrunner Market Players:
Some prominent players in the nutrunner market are
- Stanley Black & Decker
- Atlas Copco AB
- Robert Bosch
- Techtronics Industries
- AIMCO
- DAI-ICHI DENTSU LTD
- Ingersoll Ran
- ITH bolting Technology
- Maschinenfabrik Wagner GmbH & Co. KG
- ESTIC CORPORATION., among others.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market. – Inquire here@ https://www.researchdive.com/purchase-enquiry/8581
For instance, in October 2020, Atlas Copco Tools, a manufacturer of an extensive range of machines and tools, and Industry Assembly Solutions, the provider of quality electric and pnematic tools and systems for the manufacturing sector, launched a new product range of smart battery nutrunners. This cordless nutrunner product range is powered by Lithium-Ion 36V battery and facilitates better accuracy along with a user-friendly interface. This new launch by Atlas Copco Tools is expected to help the company to increase its market share substantially in coming years.
Finally, this comprehensive report also summarizes many crucial facets of the nutrunner market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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