Battery Power Tools Market: Key Players and Consumer Preferences
Battery Power Tools Market: Key Players and Consumer Preferences
Blog Article
The healthcare robotics market continues to exhibit strong growth propelled by the rising demand for minimally invasive surgical procedures. Healthcare robotics offers various advantages over traditional open surgeries such as smaller incisions, fewer complications, less pain, shorter hospital stays, and faster recovery times. Robotic surgical systems aid surgeons in performing complex procedures with enhanced dexterity, precision, and control. In addition, these systems allow for improved ergonomics as they eliminate hand tremors and filter out the natural hand movements of the surgeon.
The battery power tools market is estimated to be valued at USD 27.3 Bn in 2024 and is expected to reach USD 50.6 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Key players operating in the healthcare robotics market are Intuitive Surgical, Stryker Corporation, Omnicell, Baxter International, and ARxIUM.
Growing demand
The rapidly aging population coupled with the rising incidence of chronic diseases is propelling the demand for minimally invasive surgical procedures. This is expected to drive the adoption of healthcare robotics over the forecast period.
Technological advancement
Leading players are investing heavily in R&D to develop next-generation systems with improved automation, miniaturization, dexterity, and mobility. This will allow for expanded clinical applications in areas such as rehabilitation, neurosurgery, and physical assistance.
Market Trends
Increased adoption of surgical robots - The advantages of surgical robots over open surgeries such as less post-operation pain and quicker recovery times is propelling their increased adoption across hospitals.
Focus on autonomous vehicles and exoskeletons - Companies are developing autonomous wheeled robotic vehicles for various in-hospital logistical functions as well as exoskeletons to support rehabilitation and assist physical therapy.
Market Opportunities
Emerging economies - Establishment of production facilities and expansion of distribution networks in emerging nations will open new growth avenues.
Adjacent application areas - Increased investments by players to develop robotic solutions for eldercare, pandemic support, telehealth, and personal assistance indicates opportunities in adjacent application areas.
Impact of COVID-19 on Battery Power Tools Market Growth
The COVID-19 pandemic has impacted the growth of the global battery power tools market. In the initial phases of the pandemic during 2019-2020, strict lockdowns and restrictions were imposed worldwide to curb the spread of the virus. This led to the halt of manufacturing operations across various industries including construction. With projects paused and sites shut, the demand for battery power tools witnessed a significant decline during this period.
As the construction sector came to a standstill, sales of these tools plummeted. The supply chain was also disrupted due to international trade barriers and logistical issues. This created uncertainties among consumers and postponed capital investments. Remote working became a norm and limited the requirement of power tools in commercial and industrial settings. All these factors negatively affected the sales revenues and projected growth rates of battery power tool manufacturers.
However, as lockdowns eased in late 2020, the market started recovering gradually. Mega infrastructure projects were resumed with safety protocols and demand picked up. Additionally, growth in DIY projects amid work from home led individuals to purchase these tools. Manufacturers focused on developing innovative products with advanced technologies and expanding e-commerce channels to drive demand.
Europe dominates the global market in terms of value, accounting for over 30% share. Countries like Germany, UK and France are major European markets for battery power tools. North America also captures a notable value share with a strong presence of manufacturers. Asia Pacific is currently the fastest growing regional market, led by China, Japan and India. Rising industrial and commercial construction spending coupled with growing individual purchasing power is fueling the market growth in Asia Pacific.
North America accounts for the fastest growing regional market for battery power tools.
North America is emerging as one of the fastest expanding regional markets for battery power tools globally. The growth can be attributed to rising investments in infrastructure modernization projects, especially in the US. Mega ventures like high-speed railway, bridges and roadworks are boosting the demand. Additionally, growth in DIY projects and home improvement activities is supporting the residential sector demand.
Major players are focusing on expanding their product portfolios and leveraging digital technologies to drive sales. Advancements in li-ion batteries with high energy density and efficiency are gaining popularity. Growth in the industrial sector along with supportive government policies for manufacturing expansion will continue to drive the North American market in the coming years. copyright and Mexico are also exhibiting high growth potential due to increasing foreign investments in their construction sectors.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)