Drill Presses Market: Future Forecast Assessed on the basis of how the Market is Predicted to Grow
A drill press is also known as a pedestal drill, drilling machine, pillar drill, or bench drill. These are largely used to drill a cylindrical hole in hard substances or enlarge the existing one. They are also employed for countersinking, reaming, counter-boring, and tapping with the help of reamers. Drill presses with multiple spindles or one spindle are available for use in various applications. Components of a drill press include spindle (quill), worktable, drill head, column (pillar), and base. Drilling presses are available in various shapes and sizes from floor-mounted and bench-mounted models to small, hand-held power drills.
The tool in a drilling press has cutting edges at its point. Morse or Chuck taper is used to hold the cutting tool, which is then rotated and fed into the work at variable speeds. There are two key types of drill presses: power feed drilling presses and handheld drilling presses. Power feed drilling presses are heavy and large in size. They work automatically and they are largely used in works that use large drills with power feeds or at maintenance shops. Drill presses offer several advantages such as continuous working, easy adjustment of the working pressure, operating without major shocks and vibrations, and high working capacity.
The drill presses market has been segmented in terms of type, product type, tool and equipment, application, and region. In terms of type, the market has been classified into power feed drilling presses and handheld drilling presses. Based on product type, the market has been divided into radial drill presses, horizontal drill presses, vertical drill presses, gang drilling machines, multiple-spindle drilling machines, turret drill presses, numerically controlled drilling presses, and others. In terms of tool and equipment, the drill presses market has been categorized into special drills (special-fluted drills and straight-fluted drills), twist drills (carbide-tipped drills and high-speed steel drills), and others. In terms of application, the market has been segmented into automotive, machinery works, and others. Geographically, the global drill presses market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The global drill presses market is anticipated to expand at a considerable rate in the near future. Increasing demand for automatic drill presses and rapid expansion of the industrial manufacturing sector are key factors driving the global drill presses market. Additionally, due to rapid growth of the industrial sector, the number of workshops wherein drilling presses are used is increasing. This factor is driving the global drill presses market. Moreover, a majority of machine tool manufacturers get the drill presses manufactured in small-scale industries as a sub-contracting work, similar to standard equipment. Small-scale industries also purchase drill presses in the open market through dealers.
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Due to the wide usage of drill presses by small-scale industries worldwide, the global market for drill presses is expanding rapidly. Increasing adoption of automatic drill presses in Europe and North America is anticipated to boost the drill presses market in these regions during the forecast period. Due to increasing investments in the manufacturing sector, the drill presses market in Asia Pacific is projected to witness significant growth in the next few years. Industrial manufacturing sectors in China, India, Japan, and countries in Southeast Asia has witnessed substantial growth in the last few years and the trend is anticipated to continue during the forecast period also. This has led to high demand for industrial machine tools (such as drill presses) in these countries.
Some of the key players operating in the global drill presses market are G & J HALL TOOLS, Evolution Power Tools, EI, C. & E. Fein GmbH, FASTENAL, Rotabroach, Milwaukee, CS Unitec, Champion, DEWALT, Unibor, PROMOTECH, Hougen, Metabo, and Steelmax. Manufacturers newly entering the market are finding it difficult to compete with international vendors in terms of quality, reliability, and innovations in technology.