Rockville, MD , Aug. 06, 2024 (GLOBE NEWSWIRE) -- According to an updated research report by Fact.MR, the Global Power Hammer Market is expected to reach a valuation of US$ 888.8 million in 2024. Over the forecast period of 2024 to 2034, the market has been projected to expand at a CAGR of 5.4%, driven by the rising adoption of power hammers in various end-use industries, especially metal fabrication and automotive.
Power hammers are specialized mechanical tools that deliver powerful, repetitive blows for shaping and forming metal. They play a crucial role in numerous applications, including blacksmithing, forging, metalworking, and industrial manufacturing, enabling the efficient shaping of large or thick metal pieces with precision and force.
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The metalworking industry remains a key user of power hammers, fuelled by increasing demand for custom-made metal components in automotive, construction, and artistic applications. These tools significantly enhance productivity and allow artisans to work with a wide range of metals, from soft aluminum to hard steel.
Increasing focus on efficient and ergonomic manufacturing processes is driving the use of power hammers that offer improved worker safety, reduced physical strain, and enhanced productivity in metal shaping operations. Advancements in power hammer designs have enhanced their precision, versatility, and ability to work with a wider range of materials and thicknesses.
The market is highly competitive with key players continuously investing in research and development to introduce innovative and specialized hammer designs. Collaborations and partnerships between manufacturers and end users will continue to push the market forward over the coming years.
Key Takeaways from Market Study:
- The global power hammer market is forecasted to expand at 5.4% CAGR and reach US$ 1.5 billion by 2034.
- East Asia is a prominent regional market and is estimated to hold a share of 30.7% in 2024
- Sales of pneumatic hammers are estimated to increase at a CAGR of 6.5%, creating an absolute $ opportunity of US$ 341.8 million between 2024 and 2034.
- The market in China is projected to expand at a CAGR of 6.7% through 2034.
- The United States is set to account for 64.6% share of the market in North America in 2024.
“Strategic collaborations with end-use industries, such as automotive, aerospace, and metalworking, will provide a crucial competitive edge by enabling the development of customized and application-specific power hammer designs,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Power Hammer Market:
Key industry participants like Anyang; Baileigh Industrial, Inc.; Bharat Steel Works; KK Industries GmbH.; Prada Nargesa; Say-Mak.
The power hammer market is seeing a concerted effort toward developing efficient, versatile, and application-specific designs to cater to the evolving needs of various metalworking industries. Key players in the market are actively investing in research and development initiatives, collaborating with industry partners, and exploring new market opportunities.
Prada Nargesa creates all types of ornamental forging with its Drop Hammer 360 with an integrated compressor.
Power Hammer Industry News:
Companies are investing heavily in research and development, providing innovative solutions to attract new customers and remain competitive. Several manufacturers are also offering customized products to meet industry-specific needs.
• For instance, Anyang Hammers has developed power hammers that require no machine adjustments, ensuring efficient forging and durability.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global power hammer market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on product type (pneumatic power hammers, hydraulic power hammers, mechanical power hammers, steam power hammers) and industry (automotive, marine, metal fabrication, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
Segmentation of Power Hammer Market Research:
By Product Type :
- Pneumatic Power Hammers
- Hydraulic Power Hammers
- Mechanical Power Hammers
- Steam Power Hammers
By Industry:
- Automotive
- Marine
- Metal Fabrication
- Others
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