Global measurement and layout tools market
DUBLIN, Feb. 12, 2024 (Globe Newswire) — The “Global Measurement and Layout Tools Market – Outlook and Forecast 2023-2028” report has been added. ResearchAndMarkets.com Recruitment.
The global measurement and layout tools market is expected to reach $1.13 billion by 2028 from $910 million in 2022, growing at a CAGR of 3.70%
The measurement and layout tools market is characterized by low market concentration and high competition among players. Vendors manufacture measurement and layout tools with innovative product specifications to attract consumer interest and improve user experience. Users expect measurement and layout tools to be lighter and more compact, yet powerful with a wide range of temperature settings.
Global brands are introducing features such as longer operating times and sensor technology that reads surface temperature and automatically adjusts as distance changes. Thus, competition among manufacturers is expected to increase as global and domestic leaders continue to incorporate technological innovations into their products.
APAC accounted for the most significant market share in the global measurement and layout tools market, accounting for approximately 32% in 2022. The APAC region has a high concentration of several industries such as manufacturing, services, automotive, and electrical industries, resulting in power tools, specifically measurement and layout tools used in multiple industries.
Japan and South Korea are prominent manufacturers and exporters of electronics and automobiles, while Singapore leads the way when it comes to superior construction equipment. Additionally, increasing purchasing power of consumers and increasing DIY trend among the younger generation are driving the measurement and layout tools market in the region.
Market trends and drivers
Growing DIY culture
The rapidly growing consumer interest in undertaking and maintaining healthy ecosystem projects has increased demand in the DIY market for a variety of measuring and layout tools to choose from. The onset of the pandemic has led to the exploration of new indoor activities. Many people have started choosing some DIY activities to relieve stress and handle certain tasks to reduce costs.
The boom in the DIY market is expected to continue to grow due to the high penetration of media such as television, social media, and videos in recreating home improvement. Such factors are positively impacting the measurement and layout tools market.
emerging construction industry
The construction market is expected to grow significantly during the forecast period and the key regions supporting the growth of the global construction market include the United States, China, and India.
The world is witnessing new developments and market trends in the construction industry. Technological innovation is a major factor influencing growth, introducing major changes across the industry, from design to installation. Construction projects are becoming increasingly complex, with strict policies governing employee safety, advanced precision tools, energy efficiency, and productivity becoming major concerns.
Supported by low interest rates and high incomes, growth is likely to be further concentrated in the real estate and housing sectors. Increasing population, rising demand for public construction activities, and rising investments in renewable energy and telecommunications will drive the growth of the construction industry during the forecast period, stimulating the growth of the global measurement and layout tools market It is expected that
Increased use of industrial tools
In the industrial world, in light of the high quality and high precision requirements for high value-added parts required for machining and machine tools for producing and manufacturing high quality products, conventional machine tools have been replaced with high performance and high efficiency. The transformation to modern measurement and layout tools is progressing. -Precision products. Furthermore, the need for automation and high performance of machines and equipment has made high-precision processing equipment an essential element for industrial growth.
Segmentation insights
Insights from raw materials
Global measuring and layout tools market by raw material segment such as metals, plastics etc. The metal segment held the dominant share in 2022 and recorded the highest growth rate during the forecast period. This measuring tool is used on construction sites, manufacturing units, furniture warehouses, and in the automotive and aerospace industries.
Due to the nature of their use, these tools must be rough and durable and must last a long time. Damage to these products can result in false readings or miscalculations, which can be particularly harmful in situations such as building, railway, and road construction. These tools must also be able to withstand temperature and climatic conditions. These reasons have supported the growth of the metal segment as metal is known to be strong, long-lasting, and usable even in the harshest terrains.
Insights by product type
The caliper and micrometer product type sector held the largest global share of the measurement and layout tools market. Vernier calipers and micrometers make linear measurements such as length, width, thickness, depth, and diameter, among others. As technology advances, the demand for efficient tools increases.
Machinists and other precision applications use special tools to perform their work with maximum precision and efficiency. Micrometers and calipers are some of the most important measurement tools used by machinists and engineers in a variety of fields, including construction, automotive, aerospace, and architecture. These tools measure the thickness, diameter, length, and width of various objects such as rods, bars, and columns.
Therefore, such factors positively influence the growth of Vernier Caliper and Micrometer Measurement and Layout Tools in the Global Measurement and Layout Tools Market during the forecast period.
Insights by automation type
The global measurement and layout tools market is segmented into manual and automatic automation type segments. The manual segment gained the largest industry share in 2022.
Most measurement and layout tools have long been available manually. Manual tools are flexible and very easy to use. Some tools may require some learning time, but after that they're not that complicated. Tools such as rulers, tape measures, calipers, micrometers, and gauges are easily portable, while autonomous tools are more adaptable as they are difficult to carry everywhere. However, today's world is becoming increasingly digital and automated.
Measurement and layout tools are moving toward automation. Established vendors tend to invest more in developing innovative products to gain a competitive edge.
Insights by distribution channel
Offline distribution channels dominated the global measurement and layout tools market in 2022. Factors such as increased reach in regions lacking good connectivity and high consumer trust associated with touching and experiencing the quality of the product are driving the growth of this segment.
Furthermore, although online channels account for a relatively low share in the measurement and layout tools market, they are expected to grow faster than offline distribution channels. Popularization of e-commerce and growing awareness of the benefits of online shopping such as deep discounts, limited-time offers, and availability of numerous options are driving the growth of online industry share during the forecast period .
End user insights
The construction industry is seeing growth in projects such as hotels, amusement parks, private and government offices, and sports and convention centers.
Therefore, such factors will drive the growth of the measuring and layout tools market as such places need to be maintained and the aesthetics of the building needs to be changed consistently depending on seasons and festivals. . Measurement and layout tools help avoid miscalculations, especially when performing maintenance tasks such as scraping, digging, or adding new structures.
Key attributes:
|
report attributes |
detail |
|
number of pages |
252 |
|
Forecast period |
2022-2028 |
|
Estimated market value in 2022 (USD) |
910 million dollars |
|
Projected market value to 2028 (USD) |
$1.13 billion |
|
compound annual growth rate |
3.6% |
|
Target area |
global |
premium insights
introduction
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Importance of measuring tool maintenance
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Maintenance of automatic measurement and layout tools
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Automatic tools are more efficient than manual tools
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Improving interior aesthetics
Market opportunities and trends
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emerging construction industry
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Increase in new construction and renovations in the housing sector
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Growing furniture industry
Factors enabling market growth
market constraints
Main company overview
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bosch
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stanley black and decker
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snap-on company
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Apex Tools Group
Other notable vendors
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taparia tools
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Wurth
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zoro tools
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Fluke Corporation
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MECO Instruments Co., Ltd.
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Makita Co., Ltd.
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dewalt
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Swanson Tool Co., Ltd.
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Klein Tools Co., Ltd.
For more information on this report, please visit https://www.researchandmarkets.com/r/40xi2i.
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