Portland, OR, Jan. 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global deep hole drilling machines market accounted for $519.0 million in 2019, and is projected to garner $654.67 million by 2027, registering a CAGR of 5.8% from 2020 to 2027.
Increase in focus on e-mobility and demand for highly precise surgical tools in healthcare applications drive the growth of the global deep hole drilling machines market. However, dearth of skilled labor in the manufacturing sectors and volatile raw material prices hinder the market growth. On the contrary, advent of automation in the manufacturing industry and rapid advancements in technologies in deep hole drilling machines are estimated to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The decreased demand for oil and its declining prices & production has reduced the demand for deep hole drilling machines.
- Since the Covid-19 outbreak, governments of several countries have temporarily suspended manufacturing activities, which affected the supply chain of deep hole drilling machines.
The global deep hole drilling machines market is segmented on the basis of type, operations, applications, and region. Based on type, the market is divided into BTA machines and gun drilling machines. The gun drilling machine segment held the largest share in 2019, contributing to more than three-fifths of the market. Moreover, the segment is projected to manifest the highest CAGR of 6.1% from 2020 to 2027.
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On the basis of operations, the market is categorized into CNC and Non-CNC. Based on application, the market is classified into automotive, aerospace & defense, general machinery, and others. The aerospace & defense segment is projected to register the highest CAGR of 7.7% during the forecast period. However, the automotive segment dominated the market in 2019, accounting for nearly two-fifths of the market.
The global deep hole drilling machines market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across LAMEA is anticipated to portray the highest CAGR of 9.2% during the forecast period. However, the market across Asia-Pacific held the largest share in 2019, contributing to around two-fifths of the market.
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The global deep hole drilling machines market report includes an in-depth analysis of the major market players including botek Präzisionsbohrtechnik GmbH, Entrust Manufacturing Technologies, Inc., Hochent (Shanghai) Machinery Development Co., Ltd. (HTT), Mollart Engineering Limited, TIBO Tiefbohrtechnik GmbH, Cheto Corporation S.A., HONG JI Precision Machinery Ltd., KGD. Co., Ltd. (Korea Gundrill), I.M.S.A. S.r.l., and TBT Tiefbohrtechnik GmbH + Co.
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