Global Drilling Machine Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Drilling Machine Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global drilling machine market report has been segmented on the basis of type, application, and region.

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Global Drilling Machine Market: Overview

Drilling machines or drill presses are the most common machines used for drilling, reaming, counterboring, and tapping holes. It is available in a different size, capacity, and functions. It is widely applicable in construction, manufacturing, and oil & gas sector for digging, fittings, and other connections.

Global Drilling Machine Market: Dynamics

Rising demand from end-user industries including non-residential and residential sectors along with growing infrastructure development, which is expected to propel growth of drilling machines. In addition, increasing demand for fabricated metal products and developments in heavy equipment are some major factors expected to drive growth of the target market. Also, increasing drilling operations and availability of drilling machines with various sizes and power capacities, giving a new way for growth of the target market.

Technological advancement in machinery along with government initiatives regarding machine tools is expected to provide lucrative growth opportunity to the market. Furthermore, rising environmental concerns and fossil fuel reserves, government and regulatory bodies focusing to increase automation level across several industries. The recent trend observed in the target market is manufacturers are focusing to integrate 3-D printing with precision drilling technology. 3-D printers focusing to reduce material usage and development costs. Moreover, technological innovations such as milling cum drilling machines which are increasingly adopted by end-use sectors that require mixing and grinding of liquid and solid substances, expected to create promising opportunities in the market.

However, fluctuating raw material prices and lack of skilled labor in the manufacturing sector may restrain growth of the drilling machine market. In addition, the introduction of automatically operated CNC machines which can also be used for drilling purposes may pose a challenge for growth of the target market.

Global Drilling Machine Market: Segment Analysis

Among the type segments, the deep hole drilling machine segment is expected to account for significant revenue share in the global drilling machine market.

Among the application segments, the oil & gas segment is anticipated to register a significant growth rate over the forecast period.

Global Drilling Machine Market: Region Analysis

The market in North America and Europe accounts for a major share in the global drilling machine market in terms of revenue, owing to growth of the various sectors such as automotive, aerospace, and manufacturing industries with the constant demand for machine tools. Furthermore, emerging economies such as India, China, and South Korea are projected to offer significant growth opportunities owing to increasing exports of precision drilling machines, along with increasing manufacturing activities which creates need to produce tools and equipment. Moreover, rapid urbanization, industrialization, high disposable income, and increasing R&D activities related to technological advancements are some factors expected to trigger demand for the target product.

The market in Middle East & Africa accounts for a considerable revenue share in the target market.

Global Drilling Machine Market Segmentation:

Segmentation by Type:

Upright Drilling Machine
Radial Drilling Machine
Gang Drilling Machine
Deep Hole Drilling Machine
Others (Sensitive Drilling Machine and Multiple Spindle Drilling Machine)

Segmentation by Application:

Aerospace & Defense
Automotive
Energy
Oil & Gas