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The market for electric shear wrench is gaining momentum and it is forecasted to grow in the coming years owing to rising infrastructure development across various geographies, conducting reconstruction activities and others. For instance, France government has developed Big Investment Plan with the investment of around USD 66 billion to support regional structural reforms. Similarly, as of 2019, the Brazilian Ministry of Infrastructure has 59 new qualified projects under its Investment Partnership Program (PPI Program), to include 22 airports, six port terminals, and 14,500 kilometers of highways to be granted to the private sector. The estimated total investment is about USD 10 billion. Owing to the aforementioned factors, the market for electric shear wrench is expected to flourish in the future times. Besides, emergence of customized TC (Torque Control) bolts across different applications majorly in erection of power plant structure, steel bridge and mining construction is widening. This would further contribute to the electric shear wrench market demand. However, volitatility in raw material prices is a a major factor hindering the market growth. Also, the outbreak of COVID-19 has drastically slashed the global economies. According to United Nations (UN) analysis, the global economy possibly will shrink up to 1% in 2020. In addition, according to The Associated General Contractors (AGC) of America stated that, the COVID-19 pandemic has delayed construction projects for 28% of the contractor. Owing to this, the market for electric shear wrench is anticipated to show slower growth with the slowdown of construction industry.
Key Market Driver -
• Availability of electric shear wrench tool on rental basis • Introduction of wireless wrench tools
Key Market Restraint -
• Volatility in raw material prices and high upfront investments restricting the market growth
Some of the key competitors in the electric shear wrench market include Tension Control Bolts Ltd, GWY, Omega Technologies, Technotorc Tools Private Ltd, Shandong(Jinan) HANPU Machinery Co., Ltd, SG Shear Wrench Co., Ltd, HANPU Machinery Co., Ltd, Tristar Industrial Tools Pvt. Ltd., Makita U.S.A. Tone Co., Ltd. and others.
Asia Pacific holds the highest share in the electric shear wrench market owing to presence of organized and unorganized Chinese players operating in this business segment, rising infrastructure development and others. Countries including China and Japan are continuously pouring heavy investments in research and development activities for automation tools further boosting the market growth.
North America and Europe region is anticipated to grow at an higher rate in the coming years with the presence of major manufacturers operting in this region. Also, these players are focusing on expanding its presence across developing economies in order to stay competitive in the global market. Further, rising construction projects across these regions is a major factor responsible for the market growth.
The adoption of electric shear wrench is expected to rise in Middle East and Africa and Latin America region owing to rising infrastructure development across major countries including GCC, Brazil, South Africa and others, presence of major players sales channels and distribution networks widespread in these regions.
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