Transparency Market Research has published a new report "Torquing Tools Market for the Offshore Industry - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 - 2023" to its report store.
Albany, NY -- (SBWIRE) -- 12/12/2016 -- 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.
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.
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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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