Drilling Equipment Market: By Type (Sensitive Drilling Machine, Radial Drilling Machine, Upright Drilling Machine, Gang Drilling Machine, Deep Hole Drilling Machine, Multiple Spindle Drilling Machine, Others), By End-User (Automotive, Heavy Equipment, Aerospace, Energy Industry, Military and Defence, Oil and Gas, Others) and Geography

Drilling Equipment Market size was valued at USD 25,726.3 million in 2023 and is poised to gow at 5.5% CAGR over 2024-2030. The Drilling machines are used to drill, tap, ream, and counterbore holes in wood and metal. They are commonly employed in the fabrication of heavy equipment, such as machinery for the construction and packaging industries. Lightweight portable drilling equipment are required for woodworking in both residential and non-residential locations. Precision in drilling holes at a specific depth and size is critical. The drilling bits used in drilling and milling machines have a specific rotating speed based on the softness or hardness of the material and the purpose of drilling.

The market is predicted to rise due to factors such as increased demand for fabricated metal products, the development of the heavy equipment industry, and an increase in large-scale industrial automation. Furthermore, advancements in manufacturing machinery and government efforts related to the machine tool industry give profitable potential opportunities for the market. However, fluctuations in raw material prices and a shortage of trained workers in the industrial sector impede the growth of the drilling machine market.

Drilling Equipment Market Key Developments:

• In November 2022, Nidec Corporation, a Japanese manufacturer and distributor, acquired PAMA, an Italian producer of machine tools, and its nine subsidiary companies. According to Nikkei Asia, the deal is valued at 15 billion yen (US$108 million). PAMA generated approximately USD 124 million (118.3 million euros) in sales in 2021 and has manufacturing facilities in Italy and China.