Research Nester has released a report titled “Smart Bolts Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global smart bolts market in terms of market segmentation by technology, by bolt type, by build material, by end user, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart bolts market is segmented by build material into nickel alloy, stainless steel, alloy steel, duplex steel, copper, aluminum and others, out of which, stainless steel segment is anticipated to hold the largest market share wing to factors such as high resistance to corrosion, low maintenance, able to carry huge loads, high strength as well as providing savings for a long term. Moreover, stainless steel bolts are also 100% recyclable making it environmentally friendly.
The global smart bolts market is anticipated to record a robust CAGR during the forecast period, i.e. 2020-2028. Growing need for advancement in technology for engineering solutions to meet the demand for rising applications of bolts across end user industries around the globe along with preference of engineers to utilize bolts on the back of several benefits associated with the utilization of bolts are some of the factors anticipated to foster the growth of the global smart bolts market in the upcoming years.
Regionally, the global smart bolts market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Europe is anticipated to hold the largest market share owing to huge application of bolts, especially in the production of vehicles, home appliances and several others, along with the increasing demand from end user industries for advanced engineering solutions.
Increasing Concern for Applying Over-Torque on Fasteners
It is a major challenge for engineers across the globe to understand the application of the right amount of torque required for fastening a bolt. To avoid the damage of breaking or stripping the thread of a bolt, it is equally important to apply the right amount of torque. With the help of the indicators present in smart bolts engineers can understand how much torque is to be applied for attaining the desired result. The rising concern for such issues is thereby anticipated to drive the growth of the global smart bolts market over the forecast period.
However, concerns regarding lack of awareness of the product and its uses amongst engineers, as well as high price of the product restricting its sales are some of the factors anticipated to limit the growth of the global smart bolts market.
This report also provides the existing competitive scenario of some of the key players of the global smart bolts market, which includes company profiling of Industrial Indicators, Rimco Overseas, Surecon Fastening & Engineering Pvt. Ltd., McMaster-Carr Supply Company, Bertfelt Teknik AB, TurnaSure LLC, Valley Forge & Bolt Mfg. Co., and Applied Bolting Technology Products. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart bolts market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.