The radia drilling machine demand and supply in United Arab Emirates market has been witnessing a rapid growth. This is attributed to the increased demand for the drilling machines in the construction sector. However, the increased manufacturing costs may hamper the growth of the market.
Deep Hole Drilling Machine Segment Holds Largest Share of the Global Market
Deep hole drilling machines are used in various industries such as mining, medical, aerospace and defense, and automobiles. These machines drill holes ten times as deep as the diameter. They are usually used in manufacturing engine blocks, camshafts, and airbag propellant chambers. They are also extensively used in manufacturing surgical tools. The market for deep hole drilling machines is expected to witness a high growth during the forecast period. The global deep hole drilling machine market was valued at $611.1 million in 2019 and is projected to reach $784.1 million by 2027. The market is segmented by operation, business type, industry and geography. The major regions for deep hole drilling machines are Asia-Pacific, North America, Europe, Latin America, and Middle East and Africa.
Asia-Pacific is expected to be the largest market for deep hole drilling machines during the forecast period. The region is home to the majority of the manufacturing plants. This will enable the market to expand at a faster rate. The demand for metals and minerals is also expected to drive the market. In addition, the e-mobility industry is expected to create lucrative opportunities for the global deep hole drilling machines market.
The automotive segment accounted for nearly two-fifths of the market in 2019. The automotive industry is one of the major pillar industries in China. In addition to this, the increasing demand for advanced mining equipment is also predicted to boost the market. The segment is expected to witness the highest CAGR during the forecast period.
The aerospace and defense industry is also projected to show considerable growth during the forecast period. The growing military sector is a major factor driving the deep hole drilling machine market. Moreover, the need for precision parts in various products is another factor that is projected to drive the market. In the coming years, the emergence of innovative and technologically advanced aerospace and defense machinery is expected to propel the market.
However, the rising cost of raw materials has adversely affected the global deep hole drilling machines market. Besides this, the sudden operational software cracks, which force end users to switch to alternative solutions, has also hindered the market. The lack of skilled labor is also projected to hamper the market.
The medical and orthopedic devices industry is also developing rapidly. This is mainly due to the increased awareness among consumers about medical implants. Furthermore, the demand for titanium, surgical grade steel, and other innovative products is expected to drive the market. In addition, growing research and development activities related to technological advancements is also boosting the market.
The global deep hole drilling machines market is anticipated to grow at a CAGR of 4.8% during the forecast period. The key factors restraining the growth of the market include the fluctuating raw material prices and the lack of skilled labor. Nevertheless, the rise in industrialization and rapid urbanization is estimated to drive the market.
High Manufacturing Costs May Hamper the Growth of the Market
Drilling machines are important industrial equipment used in several end-use industries. They are widely used in the automotive manufacturing sector. For instance, car frames, camshafts, airbag propellant chambers and engine blocks need hundreds of holes to be drilled. The demand for fabricated metal products is expected to boost the radial drilling machine market during the forecast period.
However, various restraints are likely to hamper the growth of the radial drilling machine market. These include high maintenance cost, fluctuation in raw material prices and a lack of skilled labor. Additionally, there are also concerns regarding pollution produced by the motors. The market is fragmented, with quite a few players occupying a significant share. Therefore, it is imperative for manufacturers to align their distribution channels with the rising markets.
The global mining drill market is estimated to reach a value of US$ 3,144.4 Million by 2022. During the next nine years, the increase in the mineral exploration operations is expected to drive the market expansion. As a result, the overall market size is anticipated to grow at a considerable CAGR.
Moreover, the increasing demand for metals and minerals in emerging economies is boosting the global minerals trade. However, dwindling natural resources and the environmental concerns associated with the activity of mining can limit the growth of the industry. In addition, the mining activities at crucial product sites are heavily influenced by variables such as soil erosion and water scarcity. This has a negative impact on the governing dynamics of the entire vertical. In addition, government initiatives to promote the use of machine tools are providing a lucrative growth opportunity for the market.
Bhavya Machine Tools is the key player operating in the drilling machine market. It is engaged in dedicated research and development activities to develop new technologies and solutions. In addition, they are engaged in partnership contracts with other companies, in order to offer a wider variety of products and services. This company have a presence in many countries, with some of them having a global presence.
In terms of production, the radial drilling machine market is divided into onshore, offshore and ultra-deepwater segments. The onshore segment is largely driven by the availability of new bulk potential reserves and the development of different infrastructures. On the other hand, the offshore drilling segment is primarily impacted by the developments in the oil and gas industry. These segments are further sub-divided into shallow water, oil & gas, and deepwater.
In terms of regional analysis, the drilling machine market is segmented into Asia Pacific, Europe, and North America. The Asian region has the largest share in the drilling machine market and is expected to continue its growth over the next few years. In the Europe region, the drilling machine market is experiencing a lull. The drilling machine market is estimated to be worth about US$ 500 Million in 2018. In the North American market, the drilling machine market is expected to grow at a rapid rate. This is mainly because of the growing industrialization in the region. Moreover, the increase in construction activities in the region is also driving the growth of the market.
Middle East & Africa are also Anticipated to be Among the Leading Regions
The Middle East and Africa are home to some of the world’s richest mineral reserves, and are also a hotbed for the petrochemical industry. This is likely to contribute to the market for all things drilling and mining related. As well, the region boasts a burgeoning oil and gas sector and is set to become an important player in the global energy landscape. This is aided by a number of government initiatives and investments in infrastructure and science and technology. Hence, the area is expected to witness an influx of new industries and technologies in the near future. This is not only expected to spur new investments, but also a host of new jobs for the locals and foreigners alike.
The area is likewise home to a number of prominent manufacturers and suppliers of drilling and mining equipment and Bhavya Machine Tools is one among them. These companies are among the best in the business and provide a wealth of experience and knowledge to the region’s budding engineers. Besides, the region’s proximity to major trading hubs makes it an ideal gateway to China and India, both of which have their own burgeoning industrial complexes. This, in turn, will boost the demand for drilling and mining equipment in the long run. Moreover, the region’s relatively low exploration and production costs compared to other parts of the world means that the Middle East & Africa are poised to play a key role in the global energy landscape in the coming years. This, in turn, will further contribute to the regional’s thriving economy.
The market for all things drilling and mining equipment is not without its cons. The cost of raw materials, coupled with fluctuating fuel prices, will keep companies on their toes. Despite this, technological improvements in safety and efficiency will be a boon to companies across the region.