Magnetic Drill Press Market Size, Share, Growth, and Industry Analysis, By Type (Cordless Magnetic Drill, Electric Magnetic Drill, Hydraulic Magnetic Drill, Pneumatic Magnetic Drill), By Application (General Industry, Infrastructure Industry, Construction Industry, Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

magnetic drill press market REPORT OVERVIEW

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The global magnetic drill press market size was 217.74 million in 2021 and is expected to reach USD 313.59 million by 2027, exhibiting a CAGR of 6.27% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, magnetic drill press experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A portable power tool called a magnetic drill press has been utilized to drill holes into steel and various other metals. For a stationary drill press as well as work center, trying to move heavy steel or pipe into position may prove time-consuming and uncomfortable. The portable magnetic drill enables users to attach the drill towards the workpiece rather than attempting to carry it there. In the upcoming years, there will probably be a greater need for magnetic drill presses, which will propel the market for more advanced magnetic drill presses.

Rapid growth is anticipated for the drill presses industry on a global scale. The increasing need of automated drill presses and the rapid expansion within the industrial production industry are what are driving the magnetic drill press market growth globally. Additionally, as the industrial sector continues to expand, more workshops are using drilling presses. This factor is driving the worldwide drill press market. Similar to conventional machinery, the majority of machine tool manufacturers buy drill presses made in small businesses as subcontracting work.

COVID-19 Impact: Machine Manufacturing Barriers to Deplete Market Share

Businesses and individuals are tasked with overcoming the obstacles the outbreak has brought by using improved knowledge and strategies to prevent the global spread of COVID-19.

Manufacturing has also been greatly impacted by the magnitude of this disruption in business. In reality, COVID-19's effects on the manufacturing sector had an impact on the supply, demand, and production chains three crucial sectors that support typical manufacturing cycles and procedures and had an overall impact on the market functioning.

Uncertainty has continued to be one of the few certainties in the industrial business landscape for more than two years following the discovery of COVID-19. The most successful manufacturers have been those who have been able to change course and stay flexible by adjusting to new business realities, demonstrating the value of data, trends, and the capacity to derive information from them.

LATEST TRENDS

"3-D Printing and Precision Drilling Technology to Stimulate Market Development "

It is anticipated that improvements in machine technology and government activities related to machine tools would offer the market a lucrative development potential. Additionally, governments and regulatory bodies are concentrating on raising automation levels in a range of industries as concerns about the environment and fossil fuel reserves expand.

A current industry trend indicates that manufacturers are concentrating on fusing 3-D printing and precision drilling technology. Technology advancements including grinding and drilling equipment, which are being increasingly utilized by product type industries which involve liquid and solid material combining and grinding, are projected to provide significant revenue prospects. 3-D printers focus on reducing the use of materials and development costs.

magnetic drill press market SEGMENTATION

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• By Type

Based on type; the market is divided into cordless magnetic drill, electric magnetic drill, hydraulic magnetic drill, pneumatic magnetic drill.

Cordless magnetic drill is the leading part of the type segment.

• By Application

Based on the application; the market is divided into general industry, infrastructure industry, construction industry, others.

General industry is the leading part of the application segment.

DRIVING FACTORS

"Utilization of Power-Filled Method to Aid Market Expansion  "

Market leader in 2022, the power-filled drilling method sector is anticipated to grow at a substantial CAGR throughout the course of the forecast period. Drilling presses with power feeds are large and heavy. They operate automatically and are frequently seen in repair shops and other locations that use large drills with power feeds. Magnetic drill presses feature a number of benefits, such as continuous operation, simple pressure setting adjustment, no significant vibrations or shocks, and a sizable working capacity.

The power of a magnetic drill press has become its most notable advantage. Leverage can be utilized to drill hard materials rather than straining. They will cut a straight hole into or through your material. This is useful when drilling big holes with steel, Forstner bits, or other metals. Even small bits need a lot of effort to drill metal. The drill press can help one save electricity. Owing to the above mentioned benefits the magnetic drill press market will expand in the coming years.

"Expansion In Automotive Industry to Foster Industry Progress"

At a substantial CAGR throughout the forecast period, the application for the automotive industry led the market. The rapidly expanding vehicle industry is driving the worldwide market. Additionally, since the manufacturing industry develops quickly, more and more workshops are using drilling presses, which is fueling the need for drill presses worldwide. Small businesses typically use distributors to buy drill presses on the open market. Due to the widespread usage of drill presses among small-scale enterprises around the world, the requirement of drill presses is on the rise.

RESTRAINING FACTOR

"Volatile Prices for Raw Materials to Stop Market Evolution "

However, the development of autonomously run CNC machines that can be utilized as well for drilling may pose a danger to the growth of the target market, since the drilling machine industry's expansion may be constrained by volatile prices for raw materials and a lack of competent personnel in the manufacturing sector.

magnetic drill press market REGIONAL INSIGHTS

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"Asia Pacific to dominate the market owing to Rising Economies "

Rising economies including India, China, and South Korea are anticipated to offer significant growth prospects due to increased exports of precision drilling machines and raised industrial activity, both of which establish a demand for machine tools. Asia Pacific will account for a sizable portion of the worldwide magnetic drill press market share. Some of the factors that are anticipated to influence demand for the target product include rapid urbanization, industrialisation, a high level of disposable income, and more research and development efforts related to technological advancements.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• PROMOTECH (India)
• CS Unitec (U.S.)
• C. & E. Fein GmbH (Germany)
• Milwaukee (U.S.)
• FASTENAL (U.S.)
• Metabo (Germany)
• G & J HALL TOOLS (U.S.)
• DEWALT (U.S.)
• Rotabroach (England)
• JEI (U.S.)
• Evolution Power Tools (U.S.)
• Champion (U.S.)
• Hougen (U.S.)
• Steelmax (U.S.)
• Unibor (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.