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Drilling machine Market to Garner $28.76 Billion by 2025 | drilling machine market is projected to generate the highest market revenue during the forecast period
The drilling machine market accounted for $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. In 2017, Asia-Pacific dominated the global market, in terms of revenue, and is expected to grow faster compared to North America. The market for drilling machine market is primarily driven by increased demand for fabricated metal products and minimized labor cost. However, fluctuation in the prices of the raw materials majorly restricts the growth of the market.
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The deep hole drilling machine segment secured the highest share in the drilling machine market in 2017. The multiple spindle drilling machine industry is expected to grow at a highest CAGR during the forecast period. In terms application industries, heavy equipment sector is expected to contribute the highest market share in the coming years, as this industry needs to displace heavy vehicle and material handling equipment parts. Moreover, increase in emphasis on military and defense sector is expected to provide lucrative growth opportunities to small players in the developing economies.
In 2017, Asia-Pacific registered the highest share in the drilling machine market, and is expected to continue this trend during the forecast period, owing to presence of the key manufacturing companies in the region.
Key Findings of the Drilling Machine Market:
•In 2017, the deep hole drilling machine dominated the global drilling machine market, in terms of revenue, and is projected to grow significantly during the forecast period.
•The heavy equipment segment is projected to dominate the industry application segment during the forecast period.
•Asia-Pacific is projected to register the highest market share in the global drilling machine market.
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The major players, such as 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, are focused to strengthen their presence in the market.
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