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A hole saw is a drilled bit specifically designed to create a circular hole of wider diameter than standard bits. The predominate features such as cutting new designs and materials efficiently and with high durability, low power consumption and others is leading to adoption of hole saw market. Further, the gradual shift from manual to automated tools for drilling and cutting is revolutionarizing the power tools industry. For instance, in March 2020, Robert Bosch Tool Corporation has launched a product named “Chamelon”, a cordless power tool configured with 5-in-1 drill/driver system. This system is capable of integrating various hole saw for frictionless drilling. Apart from innovation, major accidents occurred owing to powerful hole saw kicking back if the tool gets snagged, absence of power setting feature is a major factor responsible for advancement in power tools further propelling the hole saw market. However, the outbreak of COVID-19 pandemic has adverse impact on the hole saw market. Subsequent lockdown across major nations, cancellation or stoppage of construction projects, disruption in supply chain ecosystem, blockage of foreign direct investments and lack of availability of skilled workers at job sites dampened the global economy. Apart from this, volatility in the availability of raw material prices mainly steel, iron, aluminium and other metals has compelled manufacturers to reduce its profitability ratios in order to sustain in the global market. For instance, Steel improts in the United States have fallen explicitly in January and February 2020. As per the U.S. steel industry, the U.S. steel production fell 12.7% year over year at the ending of March 2020. Also, according to South East Asia Iron and Steel Institute (SEAISI), India is expected to witness 7.7% drop in finished steel demand for the year 2020.
Key Market Driver -
• Availability of multi-material saw blades for specific cutting operations • Rising focus of contractors towards saving time and energy consumption at jobsite
Key Market Restraint -
• Strain to drill larger hole in place of an existing smaller hole is restraining the market growth
Some of the key competitors in the hole saw market includes Stanley Black & Decker, M. K. Morse, DEWALT, Milwaukee Tool., Wilh. Putsch GmbH & Co. KG, ABB Installation Products Inc., Harbor Freight Tools, Diablo Tools, Emerson Electric Co., UNIKA CO., LTD., Disston Company. and others.
Asia Pacific holds dominant position and expected to grow significantly in the coming years backed by increasing number of Chinese players providing tools and accessories at competitive prices. In addition to that, massive investments by governmental bodies in developed and developing countries across major sectors mainly construction, oil & gas, and others is likely to drive the market. Besides, usage of Do-it-Yourself tools across residential application is also contributing to the rising deployment of hole saw in this region.
North America is anticipated to grow at an considerable rate in the future owing to presence of major manufacturers operating in this region. Also, increasing restructuring and new construction projects and keen focus of manufacturers towards research and development activities is likely to propel the market.
Europe is expected to show moderate growth in forecast period owing to rising smart cities and green building projects, increasing concerns of power consumption and high penetration of advanced power tools in Countries mainly in Germany, Italy, United Kingdom, Spain and others is creating an potential impact in hole saw market.
The adoption of hole saw across Middle East and Africa and Latin America region is anticipated to show moderate growth owing to rising commercial and residential projects, notable rise in consumer interest in drilling actitivties at homes, and others.
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