The research study covers the present scenario and growth prospects of the global drilling machines market for 2016-2020. The report also lists automotive, electrical and electronics, aerospace, marine, and others as the five major end-user segments for precision drilling machinery.
According to Gaurav Mohindru, a lead analyst at Technavio for tools and components research, “The demand for high-quality precision drilling is gradually increasing among end-users, in particular among aerospace manufacturers. This encourages the development of technologically advanced solutions to cater to specific needs.”
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Technavio’s heavy industry analysts highlight the following three factors that are contributing to the growth of the global drilling machines market:
- Increased use of automation in machine tools sector
- Integration of CAD/CAM with machine fabrication
- Augmented demand of fabricated metal products
Increased use of automation in machine tools sector
The growing demand for superior-quality products due to globalization and population growth has propelled companies to undertake automation in manufacturing. This growth is focused in areas such as technology, hardware, software, services, and the communication protocol used for automation.
The machine tools sector includes precision drilling machines. The use of machine tools is more prominent in the mid and small-scale industries that are increasingly using numerical control (NC) and CNC (computer numerical control) machines rather than manually-controlled conventional machines. The use of NC and CNC machines also enhances the quality of end products, besides reducing the time and human effort.
The addition of the element of automation to a manufacturing company’s production process increases its competitive edge and enables it to reduce costs through the displacement of staff and increase in productivity.
Integration of CAD/CAM with machine fabrication
The metal fabrication industry is increasingly making use of advances in technology in the development of machine tools. By using new technologies, manufacturers design new machine tools that are easy to operate, consume less time, and are more efficient. Electrical discharge machines, ultrasonic, and electronic beam technologies have revolutionized manufacturing technology.
The metal fabrication industry has evolved over time, as both hardware technology and related software applications have been developed significantly. This has resulted in machines becoming faster, intelligent, and versatile than before. From being single purpose, machines have now become multifunctional and can perform a wide range of tasks within a single setup. The introduction of CAD/CAM integration technologies has led to the enhancement of accuracy and made automation possible in the machining process.
Augmented demand of fabricated metal products
Growth in the global fabricated metal products market positively impacts the global precision drilling machine market. Fabricated metals are used in ammunition, small arms, cutlery, utensils, stamped metal products, fasteners, springs, building products, tanks, cranes, and hardware. These metals are manufactured using machine tools. “The rising global demand for fabricated metals from the construction and machinery industries is fueling the global fabricated metal products market, which in turn, drives the global precision drilling machine market,” says Gaurav.
The growing domestic and overseas demand for fabricated metals in the US has led to an increase in the growth of the precision drilling machine market in the Americas. Outside the US, major companies that are involved in the manufacturing of fabricated metal products are Schaeffler Technologies in Germany, Toyo Seikan Kaisha in Japan, and Jiangsu Guotai International in China.
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