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Specialty Tools Global Market Report 2024 - By Size, Share, Growth, Trends, Forecast To 2033
Specialty Tools Market
As per the report, the specialty tools market size has grown strongly in recent years. It will grow from $15.61 billion in 2023 to $16.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The specialty tools market size is expected to see strong growth in the next few years. It will grow to $20.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
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Construction Resurgence Ignites Specialty Tools Market Growth
Rising construction activities are expected to propel the growth of the specialty tools market going forward. Construction activities encompass the planning, development, and execution of projects involving the building, renovation, or infrastructure enhancement of residential, commercial, or public spaces. Rising construction activities can be attributed to factors such as population growth, urbanization, infrastructure development, economic expansion, and increased investment in real estate and public works projects. Specialty tools are used in construction activities that offer specialized capabilities for precise cutting, measurement, heavy lifting, and quality control, enhancing productivity and safety on-site. For instance, in November 2023, according to the Office of National Statistics, a UK-based statistics authority, the total new work construction output surged by 15.8%, achieving a historic milestone with a value reaching $168,474 million in 2023. Moreover, in 2022, total new work increased by $23,006 million, with private sector growth at 16.8% and public sector growth at 13.1%. Therefore, rising construction activities will drive the growth of the specialty tools market.
Automation Revolutionizing Specialty Tools Market
Major companies operating in the specialty tools market are focusing on automation technology, such as autonomous drilling robots, to enhance efficiency, precision, and safety in their operations, thereby driving productivity and reducing operational costs. An autonomous drilling robot uses automated systems and technologies to perform drilling operations with minimal or no human intervention, enhancing efficiency and safety in industries such as construction. For instance, in June 2022, Hilti Corporation, a Liechtenstein-based company that manufactures products for the construction, building maintenance, energy, and manufacturing industries, launched the Jaibot semi-automated construction robot to enhance productivity and safety on job sites. This robot autonomously drills holes in complex ceiling types and features improved depth accuracy and distance measurement via an integrated sensor system. Additionally, the vacuum system can now deliver 30% higher dust removal performance, further protecting workers from dust.
The specialty tools market covered in this report is segmented -
1) By Product Type: Hand Tools, Power Tools, Diagnostic Tools
2) By Distribution Channels: Online, Retail
3) By End-User: Automotive, Construction, Manufacturing, Aerospace, Other End Users
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Major companies operating in the specialty tools market are Robert Bosch GmbH, 3M Company, ABB Ltd, Würth Group, Stanley Black & Decker Inc., Emerson Electric Co., Techtronic Industries Co. Ltd, Sandvik AB, Hilti Aktiengesellschaft, Makita Corporation, Ingersoll Rand Inc., Fluke Corporation, Husqvarna Group, Snap-on Incorporated, Lincoln Electric Holdings Inc., Graco Inc, Milwaukee Electric Tool Corporation, Festool Group GmbH & Co. KG, Klein Tools Inc., Metabo Corporation, Proto Industrial Tools, Matco Tools, Channellock Inc, Irwin Industrial Tool Company, Teng Tools AB
Contents of the report:
1. Executive Summary
2. Specialty Tools Market Report Structure
3. Specialty Tools Market Trends And Strategies
4. Specialty Tools Market - Macro Economic Scenario
5. Specialty Tools Market Size And Growth
…..
27. Specialty Tools Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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