Torquing Tools Market to Record an Exponential CAGR by 2023
Increasing
demand for the oil and gas coupled with growing exploration and
production activities are the key factors of growth in the offshore
industry. In turn, this drives growth in the torquing tools market.
Increase in number of offshore platforms coupled with depleting oil
and gas reserves are expected to fuel an additional demand for the
torquing tools in the offshore industry. Additional investment is
required to balance between the depleting reserves and growing energy
demand and further increase efficient extraction of the oil and gas.
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factors support growth in the offshore industry. Continuous
technological advancements are observed in the oil and gas industry
over the past few years and it has been estimated that torquing tools
will be a growing product segment of this industry. Increasing
deepwater and ultra-deepwater activities is also likely to propel
growth in the torquing tools in the offshore industry. The market
players in the oil and gas offshore industry are continually focusing
on developing programs to increases productivity, reduce application
cost, and improve safety standards for the labor force.
The
global torquing tools market for the offshore industry can be broadly
classified into categories: equipments, application, end-user
industry, and geography. On the basis of equipments, the torquing
tools market can be segmented as electric torque wrenches, pneumatic
torque wrenches, hydraulic torque wrenches, hydraulic torque pumps,
wind turbine bolt tensioning, and hydraulic bolt tensioners among
others. The market segmentation on the basis of application of
torquing tools can be done by identifying the application areas of
the torquing tools in the offshore industry.
The
application of torquing tools can include blowout preventer (BOP),
pumps, heat exchangers, crackers, reactors, valve covers, pipe
flanges, compressor stations, pipelines, wellheads, and mud pumps. On
the basis of end-user industry, the torquing tools market for the
offshore industry can be segmented as wind energy and oil and gas
industry.
The
market for the torquing tools in the offshore industry is likely to
grow at moderate rates in the future. The rising energy demand for
oil and gas and wind energy sources is one of the strongest drivers
of growth in the torquing tools market for the offshore industry. It
has been expected that the market players will be investing in
sustainable and innovative solutions over the forecast period.
Support from universities and research institutes are also likely to
impact overall growth of offshore industry in the future. Financial
conditions and risks associated largely with offshore industry are
likely to have negative impact on the growth of this market. For
instance, in spite of its various advantages, wind energy is capital
intensive in the investment phase and is dependent on stable
conditions for financial supports and investments.
This
exposes risk to the investors in this technology. Political climate
will have a decisive impact on the growth of offshore industry.
However, political targets and climate can be one of the major growth
drivers in the industry, if they are backed up by favorable
conditions. Growth in the offshore industry will drive substantial
growth in the adoption rate of the torquing tools. Plethora of growth
opportunities exist in the global torquing tools market on account of
growing energy demand.
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Regionally,
market segmentation can be done by identifying the countries with
greater prospects of growth in the future. It is expected that
emerging countries will drive growth in the near future. Some of the
key players in the torquing tools market for the offshore industry
include Clover Tool Company, Forum Energy Technologies (FET), Hytorc
Div Unex Corporation, Offshore Bolting LLC., TJ Tools, ITH Bolting
Technology, and Underwater Engineering Services Ltd.
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