Impact of COVID-19 on the Global Drill Press Market
The outbreak of COVID-19 has forced government authorities to implement stringent measures. Partial or complete lockdowns were imposed in many emerging economies and developed countries to restrict the spread of the virus. The manufacturing of drill press and the provision of related services was constrained to permissible limits under the lockdown. Numerous retail stores and e-commerce services were shut down for the specified period. These factors have severely impacted the global economy, and multiple markets, such as the industrial automation and equipment market, have been affected adversely. The production of drill press was restricted, resulting in a huge demand and supply gap. The COVID-19 pandemic has disrupted the supply chains of multiple drill press manufacturers. Numerous companies are also facing liquidity issues that may result in the complete shutdown of their production facilities. However, financially strong companies were able to sustain manufacturing operations during the pandemic. The global demand and supply of drill press play a vital role in the growth of the industrial automation and equipment industry.
Exports of Manufactured Goods in the US (USD Million)
According to the MRFR analysis, the increased chances of a global economic recession in the coming year are likely to put additional pressure on the demand for industrial automation and equipment, including drill press. Some of the key industry participants that are expected to account for large market shares in terms of revenue that include Hougen Manufacturing Inc (US), Milwaukee Tool (US), PROMOTECH (Poland), DeWalt (US), and Metabowerke GmbH (Germany). The drill press market is expected to stabilize in the Q4 of 2020. Manufacturers are expected to increase their production capacities with the gradual stabilization of the market over the projected timeframe. Moreover, International associations related to drill press manufacturing worldwide have suggested multiple measures and provided guidance on curbing the spread of COVID-19, which is expected to support market growth over the projected timeframe.
Source: US Census Bureau
Source: MRFR Analysis