DUBLIN, Sept. 21, 2023 /PRNewswire/ — The “Insulated Tools Market 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The global insulated tools market is poised to experience substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.
A key driver for this growth is the increasing necessity of insulated tools, especially in the context of evolving technologies. Insulated tools have long been essential in various industries, but recent technological developments have elevated them to a necessity, particularly for tasks involving high-voltage applications such as electric vehicles.
One of the critical factors driving the demand for insulated tools is the surge in the use of electric vehicles (EVs) worldwide. EVs operate at very high voltages that can be lethal if proper high-voltage insulated tools are not used during maintenance and inspection. Therefore, the market for insulated tools is experiencing exponential growth globally, as these tools play a crucial role in ensuring the safety of electricians and technicians working on high-voltage systems.
The global insulated tools market is segmented based on tools type, voltage type, and application:
- Holding Tools
- Cutting Tools
- Driving Tools
Geographically, the global insulated tools market is divided into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to witness significant growth during the forecast period due to its robust existing infrastructure and continuous technological advancements. These factors have led to an increased demand for insulated tools in the region. For example, according to the annual report for 2021 from Emerson Electric Co. (Greenlee), the company saw a 15% increase in underlying sales in the United States, with 53% of sales attributed to the Americas region, compared to the company’s global sales.
Key Market Players:
Major companies serving the global insulated tools market include:
- Fluke Corp.
- Klein Tools, Inc.
- Megger Group Ltd
- Milwaukee Electric Tool Corp.
- SNA Europe group (Bahco)
- Teng Tools
- Wera Werkzeuge GmbH
- Willi Hahn Corp.
Market players are actively contributing to market growth by implementing various strategies, such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to remain competitive in the market.
The Report Covers:
- Comprehensive research methodology of the global insulated tools market.
- A detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market, guided by key recommendations.
- Analysis of regional regulations and government policies impacting the global insulated tools market.
- Insights about market determinants stimulating the global insulated tools market.
- Detailed market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
For more information about this report visit https://www.researchandmarkets.com/r/l6wps4
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SOURCE Research and Markets