Deep Hole Drilling Machines Market Size, Share, Growth, Trends, Opportunity, and Forecast To 2027

According to a new report published by Report Ocean, titled, “Deep Hole Drilling Machines Market by Type, Operation, and applications: Opportunity Analysis and Industry Forecast, 2020–2027,” the global deep hole drilling machines market size is expected to reach $654,679.44 thousand in 2027 from $519,028.30 thousand in 2019, growing at a CAGR of 5.8% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 40.2% share of the global deep hole drilling machines market.

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Deep hole drilling machines are specially designed for managing accurate counter-rotation for manufacturing of components, machined, and assembled parts. This is achieved by gun drilling process and BTA drilling process, which is chosen according to the workpiece requirement. Holes are typically classified as deep holes when its depth-to-diameter (D:d) ration 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 help in achieving highly precise end results.

Moreover, Asia-Pacific is the highest contributor in the market. China holds majority of the global share in consumption mainly due to high demand for machine tools in manufacturing processes. China’s growing automobile industry is also driving the 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, gun drilling machines have maximum contribution in the deep hole drilling machines market mainly due to their versatility and high precision. In addition, the demand for gun drilling machines is also bolstered, 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 mainly due to halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the growth of the market during 2020.

The global deep hole drilling machines market is segmented on the basis of type, operation, application, and region. Based on type, the market is bifurcated into BTA drilling machines and gun drilling machines.

According to operation, the global deep hole drilling machines market is categorized into CNC and non-CNC. By application, the market is classified into automotive, aerospace & defense, oil & gas, and others.

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 segment dominated the deep hole drilling machines market share in 2019.
By operation, the CNC segment dominated the deep hole drilling machines market during 2019.
Depending on application, the automobile segment garnered major share of the deep hole drilling machines market in 2019.
Region wise, Asia-Pacific dominated the market in 2019.
LAMEA is expected to witness a high growth rate during the forecast period.
The major players operating in the deep hole drilling machines industry include botek Präzisionsbohrtechnik GmbH, Entrust Manufacturing Technologies, Inc., 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, and Cheto Corporation S.A.

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This release was published on openPR.