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Power Tools Market to Hit USD 31.28 billion by 2027; Increasing Emphasis on Lowering Maintenance Costs of Industrial Equipment to Feed Market Growth: Fortune Business Insights™

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Pune, July 27, 2020 (GLOBE NEWSWIRE) — The global power tools market size is projected to reach USD 31.28 billion by 2027, exhibiting a CAGR of 3.1% during the forecast period. Proliferation of urban spaces worldwide will be a crucial driver of market growth in the near future, predicts Fortune Business Insights™ in its report, titled “Power Tools Market Size, Share & COVID-19 Impact Analysis, (By Mode of Operation (Electric, Pneumatic, Others), By Tool Type (Frilling & Fastening Tools, Material Removal Tools, Sawing and Cutting Tools, Demolition Tools, Others), By Application (DIY, Industrial), and Regional Forecast, 2020-2027”. Analysis of urbanization trends by the UN Department of Economic and Social Affairs (DESA) postulates that by 2050, there will be an addition of roughly 2.5 billion people in urban areas around the world. This is would mean that in the next three decades, approximately 70% of the world population will be living in urban areas, with majority of the growth expected to be seen in Asia and Africa. Growing urban agglomerations would inevitably entail huge demand for construction materials and activities to provide housing and other facilities to these populations. Adoption of power tools for building operations is likely to surge in this scenario as they offer efficiency, effectiveness, and accuracy.The COVID-19 pandemic has created a sense of panic among people across the world. Accounting to the rapid spread of the disease, governments across the world have imposed lockdowns. Moreover, the practices followed by people to curb the spread of the disease have led to a shutdown in businesses. Having said that, several corporate offices are resuming operations under certain conditions and this will subsequently create several opportunities for the companies in the facility management market. The demand for sanitized and safe workplaces due to the coronavirus outbreak will bode well for the growth of the overall market in the immediate future.Comprehensive study of all market drivers and restraints;Detailed analysis of the market segments;In-depth profiling and evaluation of the key market players and their strategies; andThorough examination of the regional dynamics impacting market growth.Market DriverAdvent of Industry 4.0 to Augment Market PotentialThe emergence of Industry 4.0, which is characterized by the adoption of smart manufacturing machinery & equipment, is transforming machine tools utilization across industries. Power tools, for instance, are increasingly embedded with sensors that collect operational data and enable predictive maintenance to ensure sustained productivity and longer shelf-life of the equipment. Moreover, integration of Internet of Things (IoT) in existing machinery is advancing smart manufacturing techniques and leading to massive energy savings. In this regard, cordless power tools are expected to prove highly efficient. For example, the Cleco CellCore Cordless Assembly Tools are powered by intelligent sensors that can capture and transmit real-time data to operators to prevent downtime losses. Thus, adoption of Industry 4.0 technologies is boding well for the global market growth.Asia Pacific to Showcase Prolific Growth; Middle East & Africa to Offer Lucrative OpportunitiesIn 2019, the market size in Asia Pacific was USD 8.84 billion and in the coming years, the region is anticipated to dominate the power tools market share. The primary reason for the region’s leading position is the exponential growth in construction activities and rapid infrastructural development, especially in countries such as China and India.In the Middle East & Africa, the performance of the market is expected to be impressive owing to the promising advancements in the oil & gas and energy & power sectors in the region. The market in Europe and North America, on the other hand, is matured in nature and only incremental growth is expected in these regions.Competitive LandscapeSpecialized Product Developments to be the Central Focus for Market PlayersMajor players in this market are intensely focused on developing specialized tools for niche applications.  As a result, these companies have a strong portfolio of products with wide applicability and singular products with limited yet specialized uses. Building a diverse portfolio, therefore, is the top strategy pursued by the market players, which is a key factor driving the power tools market growth.
Industry Developments:May 2020: Bosch released the UniversalLevel 360 and the AdvancedLevel 360, its next-gen 360-degree line lasers for Do-It-Yourself (DIY) enthusiasts. Their hallmark feature is that the lasers are fitted with green diodes, which provide four times better visibility than red lasers.February 2020: Makita USA announced the launch of its latest innovation called the 18 Gauge 2” Brad Nailer (AF506). The new nailer boasts of a superior ergonomic design and an in-built air duster to facilitate smooth airflow to clear surfaces.Robert Bosch GmbH (Germany)Stanley Black & Decker, Inc. (United States)Hilti Corporation (Liechtenstein)Atlas Copco Ltd. (Sweden)Makita Corporation (Japan)Emerson Electric Co. (United States)Koki Holdings Co., Ltd. (Japan)Ingersoll Rand (United States)Techtronic Industries Co. Ltd. (United States)Enerpac Tool Group (United States)CHERVON (China)ANDREAS STIHL AG & Co. KG (Germany)IntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging Trends of MarketKey InsightsMacro and Micro Economic FactorsConsolidated SWOT Analysis of Key PlayersPorter’s Five Forces AnalysisImpact Analysis of COVID 19Global Power Tools Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Mode of Operation (Value)ElectricPneumaticOthers (Hydraulic, etc.)Market Sizing Estimations and Forecasts – By Tool Type (Value)Drilling & Fastening ToolsMaterial Removal ToolsSawing and Cutting toolsDemolition ToolsOthers (Routing Tools etc.)Market Sizing Estimations and Forecasts – By Application (Value)DIYIndustrialMarket Analysis, Insights and Forecast – By Region (Value)North AmericaEuropeAsia PacificMiddle East and AfricaLatin AmericaTOC Continued…!!!
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