Currently, the Radial Drilling Machine market in Kuwait is witnessing the growth in the construction industry. This growth has mainly been attributed to the increasing demand for the construction equipment in the country. As a result, the market is expected to expand at a significant rate in the coming years. It is expected to grow from a value of around US$ 690 million in 2022 to US$ 1.03 billion by the end of 2022.
What is the Global and Kuwait Drilling Machine Market Size?
During the forecast period, the global radial drilling machine market is projected to grow at a CAGR of 7.7%. This is due to the increased demand of these machines in end-use industries such as manufacturing and oil & gas. The rapid industrialization in Asia-Pacific region is anticipated to drive the market.
The demand for radial drilling machines in Kuwait is also is projected to rise due to the rapid development of construction industries such as residential and commercial. Furthermore, the augmented demand for fabricated metal products will also boost the Kuwait market of drilling machines.
The global radial drilling machine market is divided into five key segments. These segments are based on countries, regions, product types, application and key companies. The analysis of each segment helps to understand the important factors that influence the growth of the market.
Who are the Top Players in the Radial Drilling Machine Market?
Various global manufacturers are present in the Drilling Machine market. Their strategies are mainly based on market-leading technology and expertise in applied engineering. This has given them a competitive edge over their rivals.
Asia-Pacific is expected to account for the largest share of the market during the forecast period. Increasing demand from end-user industries and advancement in manufacturing processes are the key factors driving the market. Radial drilling machine market in Kuwait is also increasing gradually.
Europe has witnessed a slowdown in its growth in the Drilling Machine industry. This is mainly due to the rise in hydrocarbon exploration activities in the region. The countries of this region are also facing the challenges of rising wages and operating costs.
China continues to dominate the Drilling Machine industry. With a strong manufacturing base and large industrial sector, China is expected to hold a large share of the market in the upcoming years.
Regional Outlook on Radial Drilling Machine Market of Kuwait and Other Places
During the forecast period, the global radial drilling machine market is expected to reach US$ 8.8 billion by 2032, and is predicted to grow at a CAGR of 7.7%, according to significant sources. A reliable study revealed a complete competitive landscape of the global radial drilling machine market, which is segmented, by region (North America, South America, Europe, Asia-Pacific and Middle East and Africa), by product type (drilling machines, milling machines, hand drills, hydraulic and pneumatic drills, etc.), by applications (oil well drilling, metal working, wood working and drilling equipment), and by market drivers and barriers.
Drilling machines and milling machines are used in various end-use sectors of Kuwait such as construction, metalworking, and auto manufacturing. The growing demand for fabricated metal products is expected to boost drilling equipment market growth of Kuwait.
The Middle East & Africa region is projected to hold the largest market share during the forecast period. This is due to the increasing demand for potable water, growing industrial needs, and expanding construction sectors in the region.
The Middle East and Africa market is dominated by the oil and gas industry. The demand for drilling equipment is likely to be driven by the discovery of new oil reserves in the region.
The Bottom Line
Drilling medium-sized to big, massive workpieces is done with radial drilling equipment. In order to drill accurate holes of various shapes and sizes and depths in heavy structures that cannot be transferred, these machines are utilised. Very big, heavy pieces of various metrologies may be perfectly drilled, bored, rimmed, tapped, and counterbored with this method.