Acquisitions Like That of Protec Fire and Security Group Ltd by Bosch Building Technologies to Drive the Growth of the Global Nutrunner Market

Nutrunners come under the industrial torque wrench family and are also known as the pneumatic torque wrench. These are a series of tools that are used to tighten nuts, bolts, and screws in conditions where torque is crucial. Nutrunners are often used in heavy construction industries, such as mining, steel, railroad, mining, manufacturing, and many others where the tightness of a bolt or nut requires to meet certain specifications. Also, nutrunners act as safe options for jobs involving gases, flammable liquids, and chemicals.

Forecast Analysis of the Global Nutrunner Market

With the increasing supportive government schemes and policies to amplify investment in the automotive sectors, the market is expected to witness striking growth during the analysis timeframe. Besides, the increasing standard of living worldwide, stringent government regulations on vehicle emission levels, and increased population are the factors expected to fortify the growth of the nutrunner market during the estimated timeframe. Moreover, the growing demand for earthmoving equipment which is used for a wide range of work is expected to bolster the growth of the market by 2028. However, electric nutrunners are costly and heavier than pneumatic nutrunner, which is the factor that may hinder the growth of the market throughout the estimated timeframe.

According to the report published by Research Dive, the global nutrunner market is expected to generate a revenue of $1,180.2 million and rise at a CAGR of 4.2% during the analysis period from 2021-to 2028. The major players in the market include DAI-ICHI DENTSU LTD, AIMCO, Ingersoll Rand, Techtronics Industries, ITH bolting Technology, Robert Bosch, Maschinenfabrik Wagner GmbH & Co. KG, Atlas Copco AB, ESTIC CORPORATION, Stanley Black & Decker, and many more.

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global nutrunner market to grow exponentially.

For instance, in July 2021, McLaren Racing, a leading British motor racing team, announced its partnership with Stanley Black & Decker, a Fortune 500 American manufacturer of industrial tools and household hardware. With this partnership, the companies aimed to make the world’s largest tools with the implementation of modern technologies.

In October 2021, Bosch Building Technologies, a leading Germany-based company focused on designing and installation of energy efficiency projects for the industrial and commercial sector, acquired Protec Fire and Security Group Ltd., a renowned US-based fire detection and security company. With this acquisition, the companies aimed to expand their business in the European market with innovative products and service offerings.

In June 2020, Milwaukee, a tool division of Techtronic Industries Co. Ltd, which is a Hong Kong-based company that designs, produces, and markets power tools, outdoor power equipment, and many more, launched its new product named “1” D-Handle High Torque Impact Wrench”. This particular product is designed to speed up the applications of 2” bolts and provide various features with 2,000 ft-lbs of nut-busting torque.

Most Profitable Region

The Europe region of nutrunner market is expected to have the largest share and generate a revenue of $393.0 million by 2028. This is mainly because of the high adoption of power torque tools in the automotive, heavy machinery, and mining industry in this region. In addition, the strong existence of leading earthmoving, automotive, and industrial machinery manufacturers is predicted to drive the regional growth of the market over the estimated period.

Covid-19 Impact on the Market

With the rise of the Covid-19 pandemic, the global nutrunner market has experienced a negative impact, likewise, in several other industries. Governments of many nations have imposed strict regulations on non-essential travel and transport to control the spread of the virus. This has disrupted the supply chain of raw materials and hence, declined the sales of nutrunners. Furthermore, there was a lack of skilled workforce due to social distancing norms which have delayed the ongoing manufacturing activities. All these factors have affected the growth of the nutrunner market during the pandemic period.