Global Heat Gun Market Outlook and Forecast Report, 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2019--
The “Heat Gun Market - Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global heat gun market is expected to grow at a CAGR of over 5% during the forecast period 2018-2024.
Key Market Insights
- Offers sizing and growth prospects of the market for the forecast period 2019-2024.
- Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market.
- Includes a detailed analysis of growth drivers, challenges, and investment opportunities.
- Delivers a complete overview of segments and the regional outlook of the market.
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage.
Increasing industrialization across the world and the growing application of power tools in households and commercial segments are primarily driving the global heat gun market. The industry is highly competitive with low concentration. However, the average price of these devices has been declining due to maturing technology and decreasing raw material prices. Vendors in the global heat gun market are introducing innovative features to increase product differentiation.
Heat gun devices are increasingly finding applications in the medical-surgical sector. They can be used for sanitizing medical equipment. Hence, the growth of the prosthetics and orthotics industry is expected to boost the demand for this equipment. Increasing incidences of road accidents, sports injuries, and the growing prevalence of osteosarcoma are likely to increase ortho surgeries, which, in turn, are expected to generate revenue opportunities for the heat gun market.
Market Growth Enablers
- Rising Demand for Industrial Heat Guns
- Demand for Eco-friendly Paint Removal Methods
- Increasing Demand for Single-ply Membrane Roofing
Market Growth Restraints
- Maturing Technology & Declining Prices
- High End-user Variability & Associated Market Risks
- Volatility in Raw Material Prices
Market Opportunities & Trends
- Rising Use of Heat Guns in Medical Industry
- Growing DIY Culture
- Rise in Product Innovations
Heat Gun Market: Segmentation
This research report includes detailed segmentation by product type, application, power type, and geography.
The dominance of dual temperature equipment is high due to low price and high durability. The popularity of the DIY culture is a dominant driver for high market shares in the North American region. However, the trend is picking up in developing countries such as, China, India, the UAE, and Saudi Arabia, which is likely to drive the demand for such tools among consumers. The presence of highly diversified small-scale industries and businesses in the APAC region is primarily driving the market in APAC. The global variable temperature segment dominates the market, generating approximately 50% of the revenue in 2018.
The electric-powered equipment is the most commonly used for industrial and household purposes. However, with the growing need to reduce carbon emissions, manufacturers prefer battery-powered models instead of fuel-powered engines. Battery-powered equipment is also more advantageous over electric equipment as they do not need cable trails, allowing the machine to be moved freely. Manufacturers are using lithium-ion batteries as they can last up to 3-5 years depending on the usage. They are also lightweight. Although cordless or battery-powered equipment forms a comparatively small segment, the demand is expected to rise due to the increasing application in households. The share of gas-powered ones is however, likely to decline by 2024. The growing environmental concerns and the increasing natural gas price result in the declining sale of gas-powered equipment, which is expected to be substituted by powerful electric and battery-powered machines.
One of the primary advantages of heat gun devices in the residential sector is safety as these tools are flameless. Moreover, the aging population and changing demographics have resulted in high demand for household tools and equipment. Hence, the growing number of households is expected to drive the demand for these devices for repairs and renovations. The predominance of DIY culture among American families is mainly supporting the demand for this equipment. They are used for several repairs and maintenance works such as paint removal, renovations, and refurbishing of furniture and other crafty works.
The commercial segment is expected to grow at a CAGR of over 5% during the period 2018--2024. The increased application for renovation and remodeling such as removal or glue-on coverings, building materials, removing wallpapers and various other surfaces is a major driver for the growth of the commercial appliances segment. The APAC region dominates the commercial segment. The existence of small-scale industries is primarily supporting the growth of the industry. These devices are used for all types of repair and maintenance works, thereby witnessing high demand in the commercial sector.
Market Segmentation by Product Types
- Variable Temperature
- Dual Temperature
Market Segmentation by Application
Market Segmentation by Power Type
Heat Gun Market: Geography
APAC accounts for the largest market share in 2018. The region hosts several industries, including manufacturing, automobiles, and electrical, which, consequently, increase the need for power, especially heat gun devices. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Singapore offers excellent construction facilities.
North America constitutes the second-largest market. The presence of large-scale industries such as automobiles, construction, electronics, and aerospace is driving the growth in the region. Further, these devices are also used for several household applications, including repairing, paint drying, and paint scraping. They are also comparatively safe and have a simpler operating procedure than other heavy instruments. Thus, residential or household usage is generating widespread demand in the North American region.
Market Segmentation by Geography
- South Korea
- Latin America
- Saudi Arabia
- North America
Key Vendor Analysis
The global heat gun market is characterized by low market concentration, with high competition among players. The present scenario is driving vendors to alter and refine their unique value proposition to achieve a strong presence. Currently, the market is moderately fragmented and is dominated by vendors such as, Stanley Black + Decker, Bosch and Steinel Group. All these major vendors have a global presence in three major geographical regions: North America, APAC, and Europe.
However, there are other vendors providing products with similar specifications at low prices. This is likely to intensify the price war among vendors during the forecast period. The market confronts the threat of infiltration with low-quality products from Chinese vendors. Major vendors continually compete among themselves for the leading position, with occasional spurts of competition coming from other local vendors. The competition will be based solely in terms of features such as quality, quantity, technology, services, and price.
Key Players Profiled
- Apex Tool Group
- Dongcheng Tools
- Galaxia Tech
- Makita Corp.
- Master Appliance Corp.
- SparkFun Electronics
- Stanley Black & Decker
- Techtronic Industries (TTI)
- The Steinel Company
- Wagner Group
- Zhejiang Prulde Electric Appliance Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/5od04v
View source version on businesswire.com:https://www.businesswire.com/news/home/20191120005357/en/
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PUB: 11/20/2019 04:55 AM/DISC: 11/20/2019 04:55 AM