PORTLAND, Ore., Nov. 5, 2020
Rise in focus on e-mobility and need of highly precise surgical tools in the medical applications have boosted the global deep hole drilling machines market.
PORTLAND, Ore., Nov. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Deep Hole Drilling Machines Market by Type (BTA Machines and Gun Drilling Machines), Operation (CNC and Non-CNC), and Application (Automotive, Aerospace & Defense, General Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global deep hole drilling machines industry was pegged at $519.0 million in 2019, and is expected to reach $654.67 million by 2027, growing at a CAGR of 5.8% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in focus on e-mobility and need of highly precise surgical tools in the medical applications have boosted the global deep hole drilling machines market. However, lack of skilled labor in the manufacturing industry, fluctuation in raw material prices hamper the market. On the contrary, automation in the manufacturing industry and technological advancements in deep hole drilling machines, are expected to open new opportunities for the market players in the coming years.
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The gun drilling machine segment to manifest highest CAGR through 2027
By type, the gun drilling machine segment is expected to portray the highest CAGR of 6.1% during the forecast period. In addition, the segment held the lion's share in 2019, accounting for more than three-fifths of the global deep hole drilling machines market, owing to high demand for precision gun drilling machines in the medical industry. The report includes analysis of the BTA machine.
The automotive segment dominated the market
By application, the automotive segment held the largest share in 2019, contributing to nearly two-fifths of the global deep hole drilling machines market, due to increased focus on e-mobility in the automobile industry. However, the aerospace & defense segment is expected to portray the highest CAGR of 7.7% during the forecast period, owing to high technological advancements in aerospace and defense machinery.
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Asia-Pacific, followed by Europe and North America, held the lion's share
By region, the market across Asia-Pacific, followed by Europe and North America, dominated in 2019, accounting for around two-fifths of the market, owing to high technological advancements in manufacturing process mainly in China and Japan. However, the global deep hole drilling machines market across LAMEA is expected to manifest the highest CAGR of 9.2% during the forecast period, due to increase in manufacturing infrastructure.
Major market players
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