Drilling Machine Market

Drilling Machine Market Size, Growth, Share (2023 – 2028)

The Global Drilling Machine Market Size is expected to reach USD 36.55 billion by 2028 from USD 27.8 billion in 2022, registering a CAGR of 6.4 % from 2023 to 2028.

Market Overview:

A Drilling machine is an effective tool that can drill holes in various strong surfaces such as wood, steel, aluminum, and concrete. It consists of a base, table, column, drill head, spindle, and motor. The spindle rotates the drill head up and down to control the depth of the hole, while the table can be moved in a number of ways to position the workpiece for drilling. The spindle and drill head are rotated with the assistance of the motor. The drilling machine is available in a variety of sizes, capacities, and purposes. They can be portable or stationary and can be powered by electricity or compressed air. They are mainly used in the building, manufacturing, and repair sectors.

Recent developments in the Drilling Machine Industry:

• In 2022, Houston-based drilling company vantage drilling bagged three years contract for two of its jack-up drilling rigs to work offshore in Qatar.
• In 2023, Amazaki Mazak Corporation will build its manufacturing plant in Pune, Maharashtra, India. The plant started its operations by producing a new type of vertical machine developed and designed in Japan for the Indian domestic market.

THE DRILLING MACHINE MARKET REPORT COVERAGE:

Drivers:

Demand surge in large-scale industries

The increase in demand in various sectors such as aerospace, automotive, and others is fuelling the drilling machine market growth. In the oil and gas industry, robotic drilling provides a superior solution for operations. It provides more precision and accuracy in operations, faster drilling times, multi-sensor measurements, mass production, and safer operations. Further, a single worker can operate the automated machines at the same time, which significantly increases productivity and lowers labor costs. This rising adoption of automation in the oil and gas industry is driving the drilling machine market expansion. In the automotive industry, drilling machines are used to create automotive car components, frames, and so on. Each car needs to have hundreds of holes punched in its engine blocks, camshafts, propellant chambers for airbags, gearbox shafts, and other internal engine components. This factor is driving the drilling machine market growth. Further factors like machine technology advancements and government machine tool initiatives are expected to drive the drilling machine market during the forecast period.

Restraints:

High manufacturing costs

Drilling machines mostly come automated. The Automated machine, based on the degree of automation, costs thousands to millions of dollars. These high costs of manufacturing primarily impede the growth of the drilling machine market. Another obstacle is the pollution the machines produce. Sound pollution is the major type of pollution caused during drilling. Also, several drilling machines have a motor, which can emit gases or chemicals while drilling. This can pollute the work area. However, fluctuations in the raw material prices and lack of skilled labor are also hampering the growth of the drilling machine market.  

Opportunities:

The drilling machine market is expected to grow significantly, availing the opportunities in the forecast period. With the surge in manufacturing sectors, new technologies like 3D printing are hitting the markets. Manufacturers are trying to integrate 3D technology with precision drilling technology. This helps in reducing material consumption and development costs. These innovative technologies are expanding the market. Several machine tool initiatives taken by the government and further rise in large-scale industries pave opportunities for drilling machine market growth.

COVID-19 Impact on the Drilling Machine Market:

During COVID-19, transportation is restricted across the globe, and the whole focus is shifted to containing and treating the virus. In several sectors, supply and demand mismatch was observed as businesses were not operating at full capacity. This outbreak has an economic impact and implications on most markets, including the drilling machine market. During the early stages of the outbreak, many countries went on lockdown. These measures led to a sharp drop in industrial output and a slowdown in the construction and oil and gas industries. In turn, this decreased the need for drilling equipment, resulting in a drop in the drilling machine market. However, this demand has started to recover post-pandemic with the significant rebound of construction, oil, and gas activities.

Drilling Machine Market Segmentation Analysis:

By Type:

• Sensitive Drilling Machine
• Upright Drilling Machine
• Radial Drilling Machine
• Gang Drilling Machine
• Multiple Spindle Drilling Machine
• Deep Hole Drilling Machine
• Others

Based on Type, the Deep Hole Drilling Machine market accounts for the largest revenue during the forecast period. The deep hole drilling machine is a metal-cutting machine tool designed to produce very deep, precision holes into virtually any metal. It is one of the quite expensive tools and is required in most of the large-scale industries like aerospace, automotive, military & defense, and oil & gas industries. The equipment is needed for deep-drilling activities and is driving the drilling machine market.

The multi-spindle drilling machine is observed to register significant growth in the drilling machine market during the forecast period. A multi-spindle drilling machine is used to drill parallel holes simultaneously in the workpiece. They are employed for drilling small components in automobile and aircraft industries. This requirement is driving the market growth.

By Application:

• Aerospace
• Heavy Equipment
• Automotive
• Energy Industry
• Military & Defense
• Oil & Gas
• Others

Based on the Application, the Automotive segment is observed to register the highest market revenue during the forecast period. The increased demand from vehicle sectors is marking growth. In the automotive industry, each car needs to have hundreds of holes punched in its engine blocks, camshafts, propellant chambers for airbags, gearbox shafts, and other internal engine components. This prominent usage in automobiles is fuelling the drilling machine market.

Based on the Application, the oil and gas industry records significant growth in the drilling machine market. Automated drilling machines provide more accuracy in operations and help in mass production. These factors are driving the market as the oil and gas industry requires drilling in harsh working conditions on onshore and offshore modes.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

By Region Analysis:

Asia-Pacific is projected to grow at a significant rate during the forecast period. China holds the highest market share and is a pioneer in the drilling machine market. The machine manufacturing industry is significantly growing in China and is registering market expansion in the Asia-Pacific region.

The North American region is expected to record the largest market revenue during the forecast period. North American countries such as the United States and Canada generate more demand. The factors like oil and gas mining and growth in drilling machine automation are driving the drilling machine market share in this region.

Key Players in the Market:

Major Key Players in the Global Drilling Machine Market are

• DATRON
• DMTG
• DMG MORI
• SMTCL
• Cameron Micro Drill Presses
• Fehlmann
• Gate Machinery International
• Kaufman
• Microlution
• Minitool
• Scantool
• Taiwan Winnerstech Machinery
• Yamazaki Mazak