The specialty tools global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Specialty Tools Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The specialty tools market size has grown strongly in recent years. It will grow from $15.61 billion in 2023 to $16.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to innovations in materials, industry growth, regulatory compliance, consumer preferences, and increased global trade.
The specialty tools market size is expected to see strong growth in the next few years. It will grow to $20.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to growing awareness of environmental sustainability, continued growth in emerging markets, a shift towards remote work arrangements, changes in supply chain dynamics, and growth in renewable energy. Major trends in the forecast period include the adoption of digital and green technologies, the integration of automation, increasing demand for tailor-made solutions and personalized products, and the integration of robotics.
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Scope Of Specialty Tools Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Specialty Tools Market Overview
Market Drivers –
Rising construction activities are expected to propel the growth of the specialty tools market going forward. Construction activities encompass the planning, development, and execution of projects involving the building, renovation, or infrastructure enhancement of residential, commercial, or public spaces. Rising construction activities can be attributed to factors such as population growth, urbanization, infrastructure development, economic expansion, and increased investment in real estate and public works projects. Specialty tools are used in construction activities that offer specialized capabilities for precise cutting, measurement, heavy lifting, and quality control, enhancing productivity and safety on-site. For instance, in November 2023, according to the Office of National Statistics, a UK-based statistics authority, the total new work construction output surged by 15.8%, achieving a historic milestone with a value reaching $168,474 million in 2023. Moreover, in 2022, total new work increased by $23,006 million, with private sector growth at 16.8% and public sector growth at 13.1%. Therefore, rising construction activities will drive the growth of the specialty tools market.
Market Trends –
Major companies operating in the specialty tools market are focusing on automation technology, such as autonomous drilling robots, to enhance efficiency, precision, and safety in their operations, thereby driving productivity and reducing operational costs. An autonomous drilling robot uses automated systems and technologies to perform drilling operations with minimal or no human intervention, enhancing efficiency and safety in industries such as construction. For instance, in June 2022, Hilti Corporation, a Liechtenstein-based company that manufactures products for the construction, building maintenance, energy, and manufacturing industries, launched the Jaibot semi-automated construction robot to enhance productivity and safety on job sites. This robot autonomously drills holes in complex ceiling types and features improved depth accuracy and distance measurement via an integrated sensor system. Additionally, the vacuum system can now deliver 30% higher dust removal performance, further protecting workers from dust.
The specialty tools market covered in this report is segmented –
1) By Product Type: Hand Tools, Power Tools, Diagnostic Tools
2) By Distribution Channels: Online, Retail
3) By End-User: Automotive, Construction, Manufacturing, Aerospace, Other End Users
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Regional Insights –
North America was the largest region in the specialty tools market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the specialty tools market are <b>Robert Bosch GmbH, 3M Company, ABB Ltd, Würth Group, Stanley Black & Decker Inc., Emerson Electric Co., Techtronic Industries Co. Ltd, Sandvik AB, Hilti Aktiengesellschaft, Makita Corporation, Ingersoll Rand Inc., Fluke Corporation, Husqvarna Group, Snap-on Incorporated, Lincoln Electric Holdings Inc., Graco Inc, Milwaukee Electric Tool Corporation, Festool Group GmbH & Co. KG, Klein Tools Inc., Metabo Corporation, Proto Industrial Tools, Matco Tools, Channellock Inc, Irwin Industrial Tool Company, Teng Tools AB</b>
Table of Contents
1. Executive Summary
2. Specialty Tools Market Report Structure
3. Specialty Tools Market Trends And Strategies
4. Specialty Tools Market – Macro Economic Scenario
5. Global Specialty Tools Market Size and Growth
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32. Global Specialty Tools Market Competitive Benchmarking
33. Global Specialty Tools Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Specialty Tools Market
35. Specialty Tools Market Future Outlook and Potential Analysis
36. Appendix
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