Drilling Machines Market Size

Drilling Machine Market Analysis

The size of Drilling Machines market is USD 22.52 billion in the current year and is anticipated to register a CAGR of over 4% during the forecast period

• Taiwan-based machine tool makers recorded a total export value of USD 3.023 billion in 2022, increasing 8.6% on year, according to Taiwan Machine Tool & Accessory Builders' Association (TMBA). In 2021, China, Germany, and Japan were the powerhouses of machine tool industry worldwide. That year, China accounted for 31 percent of the world's machine tool production, while Germany and Japan each accounted for 13 percent. German manufacturers, VDW reported that new orders for machine tools increased 24% year-over-year during the second quarter of 2022, and 34% year-over-year for the first six months of 2022. For comparison, the U.S. machine tool orders rose 13.1% year-over-year during the first half of 2022. German machine-tool manufacturers' domestic orders from rose 35% during the first half of 2022, while foreign orders rose 33% during that time.
• From the first quarter of 2021, when lockdown restrictions were eased and factories and international trade were allowed to start up again, the global drilling machines industry slowly got back on its feet. The automobile industry is one of the major end-user segments of the machine tool market. Vehicle production slowed considerably as a result of the required shutdown following the outbreak of the COVID-19 virus.
• The growth of the market is primarily driven by the increasing demand from several end-user industries, such as automotive, aerospace, and others, across the world. Furthermore, the market is also driven by the growing demand for fabricated metal products, the development of heavy industrial equipment, advancements in manufacturing processes, and the adoption of the latest technologies. Moreover, the development of multi-purpose material removal machines, which consist of different cutting equipment in a single machine (like milling, drilling, etc.), has gained traction.
• The drilling machines market is a sub-segment of the machine tools market; the growth of the machine tool market is a positive sign for the market studied. China is the global leader in the machine tool market. Worldwide, the machine tooling sector represented a major share in terms of production volume when compared to forming technology. The machine tool cutting sector comprises lathes, drilling machines, boring machines, milling machines, etc.
• In addition, advancements in manufacturing machinery and government initiatives in the machine tool industry provide lucrative growth opportunities for the market. The heavy equipment segment is projected to dominate the market in the future due to an increase in demand for this equipment in the construction and manufacturing industries, where large-scale machined manufacturing requires precisely drilled holes for fittings and other connections. However, fluctuations in the prices of raw materials and a lack of skilled labor in the manufacturing sector hinder the growth of the drilling machine market globally.