Selbyville, Delaware, May 10, 2023 (GLOBE NEWSWIRE) —
Drilling Machines Market size is expected to cross a valuation of USD 37.4 billion by 2032, according to the latest research report by Global Market Insights Inc.
Growing use of drilling machines in the fabrication and equipment sectors will have a positive impact on the industry growth. Deep-hole drilling machines play a crucial role across mining operations. With rapid industrialization and urbanization, extensive mining activities are conducted worldwide to address the massive demand for metals and precious minerals. Manufacturers of drilling tools are set to witness a surge in the need for high-precision parts compatible with specific machinery. Drilling machines are vital in the manufacturing of precise surgical instruments and are likely to gain momentum with the growing shift toward the miniaturization of tools.
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Rapid industrialization boosts need for energy-efficient multi-spindle drilling machinery
Multiple spindle drilling machine market is anticipated to reach USD 6.5 billion by 2032. Multiple spindle drilling tools help boost production rates whilst reducing time spent on drilling holes in larger samples of products. Some of the common applications of multi-spindle machines include spacers, bearings, bushings, panel screws, fasteners, fittings, and inserts. They also offer several benefits such as greater capacity & productivity, accuracy, simultaneous delivery of multiple functions, shorter production time, lower costs, and improved energy efficiency, which may further fuel product demand.
Automotive to emerge as a prominent application area
The industry size from automotive applications is projected to expand at 6% CAGR from 2023 to 2032. Next-generation automobiles such as autonomous cars and EVs are driving the need for more sophisticated designs. Providers of drilling machines are thus introducing novel drilling tools suitable for applications such as car parts, doors, and frames. As per the IEA’s 2022 Global Electric Vehicle Outlook, sales of electric cars doubled in 2021 reaching a new record high of 6.6 million. The growing automobile sales globally will foster the demand for drilling tools.
Zero-emission targets drive drilling machine usage in Europe
Europe drilling machines market is estimated to amass USD 11 billion by 2032. Europe is set to showcase a massive demand for deep-hole drilling equipment, as EU nations ramp up efforts to boost the oil & gas sector in the region. Several EU agencies have rolled out stringent emission control norms with an emphasis on eco-friendly technologies, renewable energy, and surging energy demand. The automotive sector in the region is also subject to stricter regulations, fostering demand for innovative drilling tools.
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Strategic partnerships and mergers in industry’s competitive landscape
Some of the leading players in the global drilling machines industry are Dezhou Hongxin Machine Tool Co., Ltd., Gate Machinery International Ltd, Shenyang Machine Tool Co., Ltd., ERLO Group, SMTCL, Minitool, Kays Engineering, Baileigh Industrial Holdings LLC, KURAKI Co., Ltd., Cheto Corporation SA, MODERN TOOLS MANUFACTURERS, Hypneumat, Inc.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Drilling Machines Market industry 3600 synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Application trends
Chapter 3 Drilling Machines Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 – 2032
3.3 Industry ecosystem analysis
3.4 Regulatory Landscape
3.5 Global animal feed industry overview, 2022
3.6 Pricing analysis
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Increase in Demand in the Automotive Industry
3.7.1.2 Rising usage in fabrication & machinery industry
3.7.2 Industry pitfalls & challenges
3.7.2.1 Fluctuating raw material prices
3.8 Growth potential analysis, 2022
3.9 Porter’s analysis
3.10 PESTEL analysis
3.11 COVID-19 impact on Drilling Machines demand by applications
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.