Global Hydraulic Torque Market - WishTree Insight

Global Hydraulic Torque Market by Application (Plants & Refineries, Automotive, and Others), Type (Hollow Hydraulic Wrench Torque and Drive Hydraulic Wrench Torque), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Hydraulic Torque market size was valued at USD 41.6 billion in 2022 and is expected to surpass USD 51.3 billion by 2032, expanding at a CAGR of 4.2 % during the forecast period, 2022–2032. The market's growth is attributed to the increase in demand for torque wrench tools in various industries such as construction and automotive.

INTRODUCTION

Hydraulic torque is the use of pressurized fluid, typically oil, to generate a rotational force, or torque. It is commonly used in industrial settings such as oil and gas production, construction, and mining, where high levels of torque are required to tighten or loosen large bolts and nuts. Hydraulic torque tools, such as wrenches and multipliers, use this principle to apply precise and consistent torque to fasteners. The advantages of hydraulic torque include the ability to generate high levels of torque with relatively low weight and compact equipment, as well as the ability to easily control and measure the torque applied.

Market Trends, Drivers, Restraints, and Opportunities

• Increase in demand for energy efficiency and automation in industrial operations: The use of hydraulic torque tools allows for more precise and consistent tightening and loosening of fasteners, which can lead to improved energy efficiency and automation in operations.
• Growth in the oil and gas industry: The oil and gas industry is a major user of hydraulic torque tools, and as the demand for oil and gas increases, so does the demand for these tools.
• Increase in infrastructure development: The growth in infrastructure development, such as the construction of roads, bridges, and buildings, also drives the demand for hydraulic torque tools.
• Technological advancements: The development of new and advanced hydraulic torque tools, such as those with digital controls and monitoring capabilities, is also driving the market growth.
• Compliance with safety regulations: The use of hydraulic torque tools helps to ensure compliance with safety regulations, which is another factor that is driving the market growth.
• Increasing adoption of renewable energy sources: The increasing adoption of renewable energy sources such as wind and solar power is also driving the market growth as these projects require high torque tools.
• Growing adoption of Industry 4.0: The growing adoption of Industry 4.0, which is promoting the use of advanced and digitally connected technologies, is also driving the market growth

Scope of the Report

Market Segment Insights

The automotive industry segment is expected to expand at a rapid pace

The application segment is divided into plants & refineries, automotive, and others. The automotive segment is expected to expand at a rapid pace during the forecast period owing to its wide use in car repairs and car manufacturing operations.

The drive hydraulic wrench segment is projected to register a considerable CAGR

Based on type, the hydraulic torque market is bifurcated into drive hydraulic wrench and Hollow hydraulic wrench. The drive hydraulic wrench segment is expected to expand at a rapid pace during the forecast period as it applies torque to a fastener to achieve tightness or to release the connection. The increase in demand for torque wrench tools in various industries such as construction and the automotive industry.

The Asia Pacific is anticipated to constitute a key market share

In terms of regions, the hydraulic torque market is classified as APAC, Europe, North America, and LAMEA. The market of Asia Pacific is expected to constitute a key share of the market during the projected period owing to demand from the automotive and manufacturing industries in leading manufacturing countries such as India, Japan, and China. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period owing to an increase in export and import and the adoption of advanced technologies in the region.

Competitive Landscape

Key players competing in the Hydraulic Torque market are Enerpac (U.S.); Hydratight (England); ITH (Germany); Norwolf Tool Works (U.S.); HTL (U.K.); TorsionX (U.S.).

FAQs

How much is the market worth?

The Hydraulic Torque market size was valued at USD 41.6 billion in 2022 and is expected to surpass USD 51.3 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 4.2%.

What are the key drivers of the market?

The market's growth is attributed to the increase in demand for torque wrench tools in various industries such as construction and automotive.

What segments are covered in the Hydraulic Torque report?

The segments covered in the report are type (drive hydraulic wrench and Hollow hydraulic wrench), application (plants & refineries, automotive, and others).

Mention which region is expected to hold the highest share of the Hydraulic Torque market.

The APAC region is expected to hold the highest share of the Hydraulic Torque market.

Which segment holds the largest market share in Hydraulic Torque by 2032?

The hydraulic wrench segment holds the largest market share in Hydraulic Torque by 2032.

Mention the key players in the market.

Enerpac (U.S.); Hydratight (England); ITH (Germany); Norwolf Tool Works (U.S.); HTL (U.K.); TorsionX (U.S.).