Covid-19 Impact & Market Status
The continuing COVID-19 epidemic has had a tremendous effect on the world economy as well as numerous companies throughout the world due to the strict enforcement of lockdown. The electricity and electrical market has been listed as being one of the worst affected industries. As a result, in 2020, the global rate of adoption of hydraulic bolt tensioners fell, resulting in a drop in overall market demand.
With the recovery of the economy beginning in 2022, market for copper goods and components is gradually returning to pre-COVID levels. The global hydraulic bolt tensioners market prognosis seems to be hopeful through 2029, as regional governments throughout the world invest extensively in establishing a solid electrical infrastructure.
6-10 mm Hydraulic bolt tensioner Will Propel The Global Market Growth
Type segments with thicknesses of >10mm, 6-10mm, and 6mm. Because of its cost-effectiveness and ability to provide the essential protection for electronic components, the thickness 6-10mm category held the greatest market share of 43.81 percent and was valued at USD 8.61 Million in 2020. It is mainly used in industrial application like remodelling or reconstructing ridges, roofing, cladding, spires, doors, water gutters, and other exterior building features are all protected from the weather. Copper wires are employed in the automobile sector as well.
APAC Region Is Dominating The Global Bolt Tensioner Market.
In the future years, the global hydraulic bolt tensioner market is predicted to rise significantly. Because of the existence of substantial oil and gas and power generating sectors in the area, North America is likely to occupy a considerable share of the global hydraulic bolt tensioner market. Because of the increase in wind and electricity generation in Europe, hydraulic bolt tensioners are projected to be in high demand.
The global hydraulic bolt tensioner market is dominated by North America. In 2019, it had a market share of 29.4 percent. The region is known to some of the world's most developed economies. The oil and gas market is propelling the development of the region hydraulic bolt tensioners market. Drilling and intervention activities have expanded as a result of the large growth in unconventional shale activities across the regional market, primarily in the United States, fueled by the expanding need for energy.
Because of the region's growing oil and gas market, the hydraulic bolt tensioner market is predicted to expand at a rapid pace in the Middle East. Due to increased energy demands and the expansion of the oil and gas sector in the areas, the mechanical bolt tensioner market in China and Asia Pacific is predicted to develop at a significant rate. The hydraulic bolt tensioner market in Japan, on the other hand, is predicted to develop slowly.
New emphasis on renewable energy generation, new wind energy power plants being built throughout the world, growing oil and gas sectors, and development of oil reserves in the United States and other nations are all driving global hydraulic bolt tensioners market.
By 2029, the global market for hydraulic bolt tensioners is anticipated to achieve USD 613.6 million.
Bolted connections are essential in both local and large scale production plant. The development of improved tool technology for attaching bolts with hydraulic bolt tensioners has greatly reduced workplace accidents while also improving fitting efficiency and precision.
Hydraulic bolt tensioners are extensively used in sectors including wind, power generation, and oil and gas because they ensure leak-free, safe, and rapid bolted attachments for flanges, pipelines, as well as other industrial equipment.
Several fastener and bolt failures connected with subsea blowout preventer control components and systems have led to stricter restrictions and requirements for material and bolting strengths in subsea drilling equipment during the last several decades. The situation has led subsea drilling companies to create technology that are precise, dependable, and can readily assist operating divers in dangerous underwater environments while subjecting them to acceptable risk levels.
The global hydraulic bolt tensioner market may be hampered by a slowing global economy, fluctuating prices of raw materials, and high costs. Although hydraulic bolt tensioners have a number of advantages, they also have a number of disadvantages. While simplicity of efficiency and high effectiveness are two major benefits, high costs and raw material price volatility may limit market expansion throughout the foreseeable period.
Weakening economic development in both emerging and developed nations, such as the United States and the United Kingdom, has delayed global hydraulic bolt tensioner industrialisation to some extent, hampereding market expansion. Increasing international tensions, such as Brexit and the 2020 oil price war between Russia and Saudi Arabia, have generated uncertainty and slowed the long-established supply network between diverse economies. The circumstance has culminated in a raw material supply chain shortage and higher raw material costs. Steel, for example, is one of the primary materials used in the manufacture of hydraulic bolt tensioners, and the United States-China trade war, which resulted in a 25% tariff rise on steel imports from China to the United States, has harmed steel commerce in both areas. This is likely to hamper the global hydraulic bolt tensioner market.
Furthermore, the global hydraulic bolt tensioner market is being augmented by rising automation and the need for economical and time-saving tools. Several enterprises in different economic sectors are moving toward automation, which is a crucial aspect in increasing process efficiency. It necessitates the use of technology that deliver the greatest levels of precision, productivity, and safety on key joints, allowing manufacturers to save time while maintaining joint integrity.
Key players operating in the global hydraulic bolt tensioner market include Powermaster Engineers, TorcUP, Hydraulics Technology Inc (HTI), Wren Hydraulic Equipment, BRAND TS, Hire Torque, Primo, Hi-Force, Riverhawk, Beck Crespel, Siempelkamp Tensioning Systems, FPT - Fluid Power Technology, ITH Bolting Technology, SKF, Boltight, SPX FLOW Bolting Systems, Actuant, and Atlas Copco others.
To achieve significant growth in the market, major competitors are always concentrating on strategic alliances, acquisitions, new technologies, and venture capital investments.
In December 2021, ElectraMet announced a significant partnership from Wieland, the world's leading manufacturer of semi-finished items made from copper and copper alloys. The funding will enable ElectraMet to accelerate product commercialisation, particularly sustainable copper recycling from industrial effluents, giving the circular economy a new dimension.
Latest Innovations in the Global Hydraulic bolt tensioner Market: A Snapshot
- In August 2021 Aurubis released pre-rolled strip is used in a variety of industries, including construction, automotive, electronics, and telecommunications, as well as coin manufacture. This necessitates high quality standards, which necessitate cutting-edge manufacturing facilities and technology. The continuous cast form block is hot rolled, milled, cold rolled, annealed, and pickled into pre-rolled strip, resulting in some kind of a product with sizes and physical and technical attributes tailored to the processors' needs.
- Ilnor s.r.l., a company owned 100 percent by KME Italy SpA ("KME Italy"), an Italian affiliate of KME Group controlled by ITK, has purchased EGM's rolled goods business for Euro 21,8 million. The full sum would be invested in freshly issued KME Italy shares, giving EGM a 16 percent stake in the company.
Hydraulic Bolt Tensioner Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 613.6 million|
|Growth Rate||CAGR of 2.0 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Powermaster Engineers, TorcUP, Hydraulics Technology Inc (HTI), Wren Hydraulic Equipment, BRAND TS, Hire Torque, Primo, Hi-Force, Riverhawk, Beck Crespel, Siempelkamp Tensioning Systems, FPT - Fluid Power Technology, ITH Bolting Technology, SKF, Boltight, SPX FLOW Bolting Systems, Actuant, and Atlas Copco others.|
Key Segments of the Global Hydraulic Bolt Tensioner Market
Type Overview, 2019-2029 (USD Million)
- Top side bolt tensioner
- Subsea bolt tensioner
- Wind Power bolt tensioner
Application Overview, 2019-2029 (USD Million)
- Oil & Gas Market
- Wind & Power Generation
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa