Deep Hole Drilling Machines Market Size is projected to reach $741.3 million by 2027, registering a CAGR of 5.8% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Deep Hole Drilling Machines Market by Type, Operation, End-user Industry, and Business type: Opportunity Analysis and Industry Forecast, 2020–2027,” the global deep hole drilling machines market size was valued at $587.7 million in 2019, and is projected to reach $741.3 million by 2027, registering a CAGR of 5.8% from 2020 to 2027. Deep hole drilling machines are specially designed for managing accurate counter-rotation for manufacturing of components, machines, and assembling parts. This is achieved by gun drilling process and BTA drilling process, which is chosen according to workpiece requirement. Holes are typically classified as deep holes, when its depth-to-diameter (D:d) ratio is more than 10:1 and can reach up to 100:1 or more. The main advantage of deep hole drilling machine is its ability of counter rotating tool and workpiece, which helps in achieving highly precise end results.

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Moreover, Asia-Pacific is the highest contributor in the deep hole drilling machines market. China holds majority of the global share in consumption, mainly owing to high demand for machine tools in manufacturing processes. Its growing automobile industry also boosts demand for deep hole drilling machines in the country. However, to curb this competition, countries such as the U.S., Germany, and other European countries are focused on developing new technologies in the deep hole drilling industry to sustain their market share during the forecast period.

According to type, the gun drilling machines segment has the maximum contribution in the deep hole drilling machines market, owing to their versatility and high precision. In addition, rise in demand for gun drilling machines owing to surge in demand from medical industry, electric vehicles, and other precise machinery.

The COVID-19 pandemic has negatively affected the deep hole drilling machines market, owing to halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, major end-user companies located in countries such as the U.S., China, Germany, and the UK are also facing financial impacts, owing to halt in production, which is expected to hinder growth of the deep hole drilling machines market during 2020.

The global deep hole drilling machines market is segmented on the basis of type, operation, end-user industry, business type, and region. By type, the deep hole drilling machines market is divided into BTA drilling machines and gun drilling machines. According to operation, it is categorized into CNC and non-CNC. By end-user industry, it is classified into construction, mining, automotive, military & defense, oil & gas, energy, die mold, heat exchanger plate machining, medical, electronics, machine tool, and others. On the basis of business type, it is bifurcated into OEM and aftermarket. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Russia, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Vietnam, South Korea, Thailand, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The global deep hole drilling machines market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.

Key Findings Of The Study

By type, the gun drilling machines segment accounted for maximum share of the deep hole drilling machines industry in 2019.
By operation, the CNC segment is anticipated to garner highest revenue during the forecast period.
By end-user industry, the automotive segment generated highest revenue during 2019 in the deep hole drilling machines market.
On the basis of business type, the OEM segment is expected to generate major market share during the study period.
By region, Asia-Pacific accounted for largest share of the market in 2019.

Key market players profiled in the report include Entrust Manufacturing Technologies, Inc (UNISIG), HONG JI Precision Machinery Ltd., Hochent (Shanghai) Machinery Development Co., Ltd. (HTT), KGD. Co., Ltd. (Korea Gundrill), I.M.S.A. S.r.l., Mollart Engineering Limited, TBT Tiefbohrtechnik GmbH + Co., TIBO Tiefbohrtechnik GmbH, Cheto Corporation S.A., Galbiati Costruzioni Meccaniche S.r.l., Loch Präzisions Bohrtechnik GmbH, Kennametal India Limited (WIDMA _Machining Solutions Group), Frankor Hydraulics, Kays Engineering Inc, and Precihole Machine Tools Pvt Ltd.

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This release was published on openPR.