PORTLAND, Oregon, January 10, 2019 /PRNewswire/ --
Increase in demand for fabricated metal products, rapid developments in heavy equipment, and surge in large-scale industrial automation drive the growth of the global drilling machine market
Allied Market Research published a report, titled, Drilling Machine Market by Type (Sensitive Drilling Machine, Upright Drilling Machine, Radial Drilling Machine, Gang Drilling Machine, Multiple Spindle Drilling Machine, Deep Hole Drilling Machine, and Others) and Application Industry (Aerospace, Heavy Equipment, Automotive, Energy Industry, Military & Defense, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The research offers comprehensive analysis of the industry dynamics, top investment pockets, key strategic moves, major market segments, and competitive landscape. According to the report, the global drilling machine market generated $16.54 billion in 2017 and is expected to reach $28.76 billion by 2025, growing at a CAGR of 7.1% from 2018 to 2025.
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Increase in use of fabricated metal products coupled with advancements in heavy equipment and large-scale industrial automation drives the growth in the industry. However, fluctuating prices of raw materials and dearth of skilled workforce in the manufacturing sector hamper the growth of the market. Conversely, advancements in manufacturing machineries and favorable government initiatives for the machine tools industry would create promising opportunities in the market.
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Deep hole drilling machine segment to remain dominant through 2025
The deep hole drilling machine segment accounted for the largest market share of 39% in 2017. The segment is expected to maintain its dominance throughout the forecast period due to its premium pricing and increased utilization in larger hole drilling up to 300mm in diameter. On the other hand, the radial drilling machine segment would grow at the fastest CAGR of 9.9% through 2025, due to its affordable pricing and capability to drill holes in various materials such as alloys, cast iron, and steel. The report also analyzes sensitive drilling machine, upright drilling machine, gang drilling machine, multiple spindle drilling machine, among other types.
Military & defense segment to grow the fastest through 2025
Among industrial applications, the military & defense segment would grow at the highest CAGR of 9.8% from 2018 to 2025. The segment would a surge in the use of drilling machines for manufacturing guns, tanks, submarines, and other equipment. However, the heavy equipment segment accounted for the largest market share of 26.9% in 2017 and would maintain its lead through 2025. This is attributed to heavy requirement for deep hole, multi spindle, and gang drilling machines, especially in China, India, and Russia. The report also analyzes applications such as aerospace, automotive, energy industry, oil and gas, among others.
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Asia-Pacific to be lucrative through 2025
Asia-Pacific captured more than half of the overall market share in 2017 and would dominate through 2025. The segment is projected to register the fastest CAGR of 8.0% from 2018 to 2025 because the region has the highest number of manufacturing plants where adoption of drilling machines is substantial. Moreover, China, being the world's leading manufacturing hub for various metal, plastics articles, and machines, contributes significantly to the growth of the sector.
Frontrunners of the industry
The key market players analyzed in the report include DATRON AG, DMG MORI, Dalian Machine Tool Group Corporation, SMTCL, Ernst Lenz Maschinenbau, Fehlmann AG, Cameron Micro Drill Presses, Gate Machinery International, Hsin Geeli Hardware Enterprise, and Alpen-Maykestag GmbH. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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SOURCE Allied Market Research