Drilling Machine Market Growth, Industry Trends and Forecast to 2024 | Hexa Research

Growing infrastructure development in the emerging economies is expected to fuel the Drilling Machine Market growth by 2024

A drilling machine is used to create holes in the solid materials such as metals, woods or other materials. Drilling machine has witnessed rising demand in the end-use industries including non-residential and residential sectors. Growing infrastructure development in the emerging economies is expected to fuel the Drilling Machine Market growth in next eight years.

Drilling machines are used in wide variety of applications such as woodworking, metalworking and oil well drilling. Constructional development in the sectors such as residential, commercial, manufacturing, institutional and public works and electric utilities are accelerating the market growth over the forecast period. Drill rig is a type of drill machine used to drill water wells and oil wells. Globally, rising energy demand and increasing drilling operations worldwide is anticipated to drive the Drilling Machine Market demand during the forecast period. Discovery of new reserves in the areas including Venezuela, Saudi Arabia, Canada, UAE, Iran and Iraq is to spur the drilling demand in next eight years. Hand drills are used in day to day operations such as screwing or fastening. Their availability in various sizes and power capacities caters to the demand of each industry. Electrical pistol grip drills are used in common masonry works by electricians, plumbers and builders. Rapid industrialization in Asia-Pacific, especially in India and China region is anticipated to drive the Drilling Machine Market demand over the forecast period.

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Paper drilling machine that is a type of spindle drilling machines are also used for filing of sheets, booklets and brochures in file folders and ring binders. Increasing paper works in the printing retail shops, banks and other financial institutions is analyzed to drive the Drilling Machine Market in the long run. Also, drilling machine is used to drill optical lens. Drilling machines are also used to perform operations such as boring, reaming, counterboring, countersinking and tapping.. Technological innovations in this industry such as milling cum drilling machines are increasingly being adopted by end-use sectors that require mixing and grinding of liquid and solid substances. However, introduction of automatically operated CNC machine which can also be used for drilling purposes may pose a challenge to this industry.

 

The Drilling Machine Market can be segmented on the basis of product type and application. The types of drill machines available in the market include portable or hand drilling machine, sensitive or bench drilling machine, upright drilling machine, radial drilling machine, gang drilling machine, multiple spindle drilling machine and deep hole drilling machine. On the basis of application, the drilling machines are used in metalworking, woodworking and constructional applications. Pillar drill,  a type of upright drilling machines are used in commercial applications where bulk production of drilled materials is required in various shapes such as wood, metal sheets, plastic and concrete construction applications.

 

Rapid industrialization in the Asia-Pacific region drives the demand of drilling machine in this region.  Venezuela, Kuwait, Saudi Arabia, UAE, Canada, Iran and Iraq are to witness a significant growth over the forecast period owing to discovery of new oil reserves in these areas.

Key players in the Drilling Machine Market are NewTech Drilling Products LLC, Baker Huges, Inc., Robert Bosch Tool Corporation, Cheston, Scientific Drilling International, Inc., Varel International, Inc., National Oilwell Varco, Halliburton, Atlas Copco and Torquado Drilling Accessories Inc. Introduction of new products with additional features are essential business strategy adopted by leading players in order to retain their market share.

 

In March 2016, Bosch had announced an innovative cordless rotary hammer that delivers a punch of 4,100 Beats per minute (bpm) with vibration dampening handle and kickback control system having a feature of automatic shut down in case the tool is locked. This product is especially catering to the demand for concrete demolition work.

 

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