Drilling Machine Market Size and Forecast to 2028
The Drilling Machine Market was valued at $16.54 billion in 2022 and is estimated to reach $28.76 billion by 2028, with a CAGR of 7.1% from 2023 to 2028.
Heavy machinery, such as tools for the construction and packaging industries, that can drill, tap, ream, and counterbore holes in metals and wood, is frequently made using drilling machines. Both residential and non-residential areas need the use of lightweight, portable drilling equipment. It is essential to drill holes precisely to the desired depth and size. Depending on the hardness and softness of the material as well as the intended use of the drilling, drilling bits in drilling and milling machines revolve at various speeds.
Market Drivers and Restraints:
The growth of the heavy equipment industry, an increase in large-scale industrial automation, and increased demand for fabricated metal goods are all expected to boost the market. Furthermore, the market has a strong chance for growth thanks to developments in manufacturing technology and government initiatives related to the machine tool sector.
Automatic drilling equipment has the highest level of precision. On the surface of an automated drilling machine, place the component to be machined. Automatic feeding, automatic positioning, automatic clamping, automatic tapping, and automatic unloading will all be carried out by the machine. Several automatic drilling and tapping machines can be operated by one person at once, greatly enhancing production efficiency and reducing labor costs. These elements open up new commercial possibilities for the products. Government activities related to machine tools and advances in machine technology are expected to provide the market with attractive development opportunities. Also, governments and regulatory bodies are concentrating on raising automation levels in many industries as environmental concerns and fossil fuel reserves expand. A current industry trend indicates that manufacturers are concentrating on fusing 3-D printing and precision drilling technology. The focus of 3-D printers is on reducing material consumption and development costs.
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The report is segmented as follows:
The Drilling Machine Market is segmented by Type; the Market is segmented by Application:
By Type (Sensitive, Upright, Radial, Gang, Multiple-Spindle, Deep-Hole, and Others)
By Application (Aerospace, Heavy Equipment, Automotive, Energy Industry, Military & Defence, Oil & Gas, and Others)
Currently, Asia-Pacific holds the largest market share for drilling machines worldwide. Due to large-scale machine marketplaces that are expected to meet industrial demand, it is anticipated to grow at a considerable CAGR. China is the market leader for drilling machines with the most significant market share during the anticipated timeframe. Furthermore, a sizable market expansion in China has been brought about by the rise of the region’s machine manufacturing sector. In terms of ASEAN, the manufacturing industry has been one of the main engines of economic expansion in the area. Larger manufacturing bases and nations are attracted to this region’s economies by its low operating costs. But China has recently experienced stricter laws and rising wages, which have increased costs for higher-value manufacturing. In order to fill the role that China once served, businesses are turning to the ASEAN region for lower-value production networks that are also tightly integrated to global manufacturing value chains.
In Europe, the United Kingdom, Germany, and France dominate the drilling machine market. The introduction of more advanced technology in automated drilling machine systems and initiatives by the local manufacturing association and the government to increase awareness of the use of automation rather than manual labor are likely to drive the automated drilling machine market in the region.
The drilling market in North America is anticipated to grow to 18.35 billion USD during the projection period with a CAGR of more than 7%.
Impact of COVID-19 pandemic on the market:
The COVID-19 epidemic hurt the drilling machine business by delaying the supply of equipment, which caused drilling operations to be delayed all around the world. However, as oil demand, as well as the price and output of oil, have decreased, so too has the demand for drilling equipment.