Hydraulic Bolt Tensioner Market

Market Overview

Hydraulic bolt tensioners are tightening tools for applying controlled bolt loading with high accuracy. These tools find applications in various areas such as oil and gas, wind and power generation, automotive, and chemical industries. The global hydraulic bolt tensioner market is expected to reach USD 613.6 million by 2029. Increasing focus on renewable energy generation, installation of new wind energy power plants across the globe, increasing oil and gas industries, and exploration of oil reserves in the U.S. and other countries boost the demand for hydraulic bolt tensioner market.

Market Dynamics

Growing Automation and Demand for Efficient and Time-Saving Tools Augment the Market

Today, several manufacturers operating across various industrial sectors are shifting toward automation — a critical factor in improving efficiency across processes. It requires manufacturers to adopt technologies that provide the highest accuracy, productivity, and safety levels on critical joints and enable them to save time and maintain joint integrity.

Over the past decades, several fastener and bolt failures associated with subsea blowout preventer control systems and components have resulted in stringent regulations and standards regarding materials and bolting strength in subsea drilling equipment. The scenario has forced operators in subsea drilling to adopt technologies that are accurate, reliable, and can easily facilitate the work of operating divers in hazardous underwater conditions while exposing them to acceptably low-risk levels.

Global Economic Slowdown, Volatile Raw Material Prices, and High Cost Can Hinder the Market

Although multiple benefits can be associated with the use of hydraulic bolts tensioners, they also have several drawbacks. While ease in operations and high efficiency are among the key advantages, high cost and volatility in raw material prices can hinder the market growth during the forecast period.

Weakening economic growth, not only in developing but also developed economies, such as the U.S. and the U.K., has slowed down industrialization globally to an extent, subsequently hampering the market growth. Rising geopolitical tensions, such as Brexit and the Russia-Saudi Arabia oil price war in 2020, have created uncertainties and dampened the long-established supply chain between various economies.

The scenario has resulted in a supply chain deficit for raw materials and raised raw material prices. For instance, steel is one chief materials used in the production of hydraulic bolt tensioners, and the U.S.-China trade war, which led to an increase in tariff rates on steel imports from China to the U.S. by 25%, has adversely affected the trade of steel in both the regions.

Segmental Analysis

Topside Bolt Tensioners to Dominate the Market

Based on the type, topside bolt tensioners are expected to dominate the market during the forecast period. They have applications above the waterline. These tensioners offer high accuracy, safety, and productivity on critical joints in a wide range of applications, including pipeline flanges, heat exchangers, compressor covers, and boiler feed pumps, across the oil and gas and power generation sectors. Thus, the growth of these sectors directly drives the segment's growth globally. The topside bolt tensioner segment held for majority market share of 47.1% in 2019.

Wind Power Bolt Tensioners to Record Highest Growth Rate

The wind power bolt tensioner segment is the fastest-growing type segment in the global hydraulic bolt tensioner market. The segment is expected to grow at a CAGR of 5.4% during the forecast period. The emerging trend toward renewable sources for energy generation, coupled with the vast potential in the wind energy market, has resulted in the significant growth of wind turbines globally. As per the Global Wind Energy Council, 22,893 wind turbines were installed globally in 2019.

Industrial Segment to Hold Highest Market Share

Based on application, the industrial segment is expected to account for the largest share in the global hydraulic bolt tensioner market. The industrial segment includes the use of hydraulic bolt tensioners across the manufacturing, transportation, pulp and paper, and chemical industries. These tools are used in critical applications, such as compressor covers, pressure vessels, pipeline flanges, windmills, and boiler feed pumps. As speed is a critical factor across these industries, operators focus on reducing maintenance time and eliminating leaks on startup to minimize operational risks and injuries.

Regional Analysis

North America to Dominate the Hydraulic Bolt Tensioner Market

North America is the largest market for the global hydraulic bolt tensioner market. It held a market share of 29.4% in 2019. The region is home to some of the most industrialized economies in the world. The growth of the regional hydraulic bolt tensioners market is primarily driven by the oil and gas sector. The significant increase in shale gas operations across the regional market, particularly in the U.S., driven by the growing demand for energy, has increased drilling and intervention activities, which fuel the demand for hydraulic bolt tensioners.

Figure 1: The U.S. Shale Gas Production, 2010–2019

Source: Energy Information Administration

Since the majority of the primary energy demand in North America is met by conventional fuels, such as oil, natural gas, and coal, the demand for these fuels is expected to grow. The growing demand for fuel supports the growth of the oil and gas industry, creating lucrative growth opportunities in the hydraulic bolt tensioner market. As per the BP Statistical Review of World Energy, in 2019, 58.4% of the total electricity generated in the region was produced through oil, natural gas, and coal.

The Middle East and Africa Hydraulic Bolt Tensioner Market to Grow at a Fast Pace

The Middle East and Africa are growing at a higher pace followed by Asia-Pacific. The growth can be attributed to the factors, such as the presence of the largest oil and gas industry, and the increasing adoption of wind and power generation plants in Saudi Arabia and the UAE. The growing industrial sector in Nigeria and South Africa is also boosting regional hydraulic bolt tensioner market growth.

The Middle East and Africa hydraulic bolt tensioner market are expected to register a CAGR of 4.6% in terms of volume during the forecast period, owing to increasing offshore drilling activities and new oil and gas projects. The presence of the largest oil reserves across the regional market has made the regional economies the largest oil exports in the world. As per the BP Statistical Review of World Energy, in 2019, the Middle East region alone contributed to 33.0% of global oil exports.

Figure 2: Oil Exports in the Middle East, 2009–2019

Source: BP Statistical Review of World Energy

The global demand for oil supports the growth of the oil and gas sector and keeps drilling and intervention activities in the region high, fostering the growth of the hydraulic bolt tensioners market across the region.

Hydraulic Bolt Tensioner Market Segmentation

By Type

• Topside Bolt Tensioner
• Sub Sea Bolt Tensioner
• Wind Power Bolt Tensioner

By Application

• Oil and Gas Industry
• Wind and Power Generation
• Industrial
• Others

By Sales Channel

• Direct Channel
• Indirect Channel

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • The U.K.
  • Italy
  • Spain
  • Benelux
  • Russia
  • The Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Southeast Asia
  • The Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Peru
  • Chile
  • The Rest of South America
• The Middle East and Africa
  • Saudi Arabia
  • The UAE
  • Egypt
  • South Africa
  • Nigeria
  • The Rest of Middle East and Africa