What Fueled The Previous Growth In The Specialty Tools Market?
The specialty tools market has seen considerable growth due to a variety of factors.
• The specialty tools market has shown steady growth in recent years. It will rise from $16.41 billion in 2024 to $17.29 billion in 2025, growing at a CAGR of 5.4%.
Growth drivers include innovations in materials, industry expansion, regulatory compliance, changing consumer preferences, and increased global trade.
What Is The Expected Growth In The Specialty Tools Market Size Evolve over the Forecast Period?
The specialty tools market is expected to maintain its strong growth trajectory in upcoming years.
• The specialty tools market is expected to experience significant growth, reaching $21.07 billion by 2029, with a CAGR of 5.1%.
This growth is driven by increased awareness of environmental sustainability, expanding emerging markets, the shift to remote work, changes in supply chain dynamics, and the rise in renewable energy demand. Key trends include the adoption of digital and green technologies, automation integration, a growing demand for customized products, and the use of robotics.
What Main Forces Are Fueling Expansion In The Specialty Tools Market?
The projected increase in construction activities is anticipated to spur the growth of the specialty tools market. These activities include all stages of putting up, renovating, or improving the infrastructure of residential, commercial, and public spaces. The surge in construction activities can be tied to several factors including population growth, urbanization, infrastructure development, economic growth, and heightened investments in real estate and public projects. Specialty tools are employed in these construction projects due to their unique abilities for exact cutting, measuring, heavy-lifting and quality control, thus boosting productivity and safety at the site. For example, in November 2023, the Office of National Statistics in the UK reported a significant gain of 15.8% in new work construction output, reaching an unprecedented value of $168,474 million. Additionally, in 2022, the total new work rose by $23,006 million, with the private sector expanding by 16.8% and the public sector by 13.1%. Thus, the specialty tools market is expected to benefit from the rising construction activities.
What Are The Primary Segments In The Global Specialty Tools Market?
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
Subsegments:
1) By Hand Tools: Pliers, Wrenches, Screwdrivers, Hammers, Chisels, Saws, Measuring Tools, Files And Rasps
2) By Power Tools: Drills, Grinders, Sanders, Saws, Impact Wrenches, Nail Guns, Rotary Tools, Angle Grinders
3) By Diagnostic Tools: Multimeters, Oscilloscopes, Thermometers, Pressure Testers, Circuit Testers, Diagnostic Scanners, Environmental Testers
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What New Trends Are Influencing The Specialty Tools Market?
Significant players in the specialty tools sector are turning their focus to automation technology including autonomous drilling robots for bettering their operations in terms of accuracy, safety, and efficiency, resulting in greater productivity and decreased operational costs. The use of automated systems and technology in autonomous drilling robots allows for superior performance in drilling operations with little to no human intervention, thus improving safety, particularly in industries like construction. For example, Hilti Corporation, a manufacturing company based in Liechtenstein which produces goods for the energy, construction, building maintenance, and manufacturing sectors, rolled out the Jaibot semi-automated construction robot in June 2022. This is designed to increase job site safety and productivity. The robot is capable of autonomously drilling holes in various ceiling types and offers improved accuracy in depth and distance measuring because of its built-in sensor system. Moreover, its vacuum system has been upgraded to provide 30% better dust removal, offering additional protection from dust for workers.
Who Are the Key Players In The Specialty Tools Market?
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 AG
• 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
What Is The Most Dominant Region In The Specialty Tools Market?
North America was the largest region in the specialty tools market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
