Global Drilling Machine Market Size, Share, Opportunities And Trends By Machine Type (Portable Drilling Machine, Bench Drilling Machine, Pillar Drilling Machine, Depp Hole Drilling Machine, Others), By Operation Type (Drilling, Reaming, Boring, Taping, Others), By End-User (Construction, Transportation, Mining, Others), And By Geography - Forecasts From 2023 To 2028

A drilling machine is a simple, moderate, and accurate tool used in almost all production shops and tool rooms. It is used to make circular holes in the workpiece. A variety of drilling machines have been produced, each serving a different purpose have been designed over the years to increase production efficiency. These include construction drills, well drills, thermal drills, etc. As the need for clean and renewable sources of energy is increasing daily, governments across the world are investing in the manufacturing and supply of these sources. For instance, in December 2022, the U.S. Department of Energy announced that around $15 million will be used to fund projects that will significantly improve the rates of geothermal drills to reduce the cost of producing geothermal energy. Such initiatives cause tremendous growth in the global drilling markets.

Increased demand for drilling in construction, manufacturing, mining and automotive industries boosts the market growth

The construction and automotive industries are two of the key end-users of drilling machines. The constant rise of these two industries ensures the growth of the drilling machine markets. The constant global growth of these industries is directly related to the growth of the drilling markets. According to the International Energy Agency, there was a 46% increase in the sales of new vehicles globally in 2021. The United States and China showed the largest percentage of manufacturing and deployment of vehicles. Another example would be the increase in mining activities all across the globe. For instance, according to the National Bureau of Statistics of China, the mining production in the country increased by 4.90% in December 2022. Also, the data from U.S. Census Bureau indicates that the value of construction spending was $1,792.9 billion in 2022. This was a 10.2% rise from 2021. The constant growth in these markets is a key factor in the growth of the drilling machine market.

The need for oil and gas will improve the market growth

According to the U.S. Energy Information Administration, the overall consumption of petroleum was about 19.78 million barrels per day in 2021. Transportation required the major share of petroleum followed by industrial usage. Also, the data from the International Energy Agency shows that the global consumption of natural gas went up from 62,532,128.0 TJ in 2010 to around 75,913,516.0 TJ in 2020. Thus, these stats show us that the demand and consumption of oil and natural gas keep on increasing year by year. The drilling markets will see an exponential increase because of this since oil and natural gas are extracted from below the earth’s surface making use of drilling equipment.

Asia Pacific region is expected to hold a major share in the market

China is the market leader in drilling machines. This is because of the heavy usage of these machines in the construction and automation industries of the country. According to OICA, there has been a 3% increase in vehicle production between 2020 and 2021 in China. India has seen a growth of 30% in vehicle production for the same period as indicated by OICA. Drilling machines are an integral part of the manufacturing of vehicles, and this is why the drilling machine market sees growth when the automotive industry rises. The increased demand for oil and natural gas in these regions also accounts for the growth in this market. For instance, in August 2022, ONGC announced a five-year drilling plan to drill around 110 to 130 wells every year in offshore shallow and deep water territories. Thus, these steps were taken by governments across the globe to help in the rise of global drilling markets

Market Key Developments

• In March 2022, Quaise Technology, which is a tech-based startup in the United States, said that they had plans and the technology to drill deeper than ever before to extract vast quantities of geothermal energy.
• In June 2022, Epiroc reached an agreement to acquire RNP Mexico – a company that manufactures, develops and sells rock drills and their associated components and spare parts.
•  In May 2021, Major Drilling Group International acquired McKay Drilling PTY Limited, an Australian Speciality Drilling contractor. McKay is considered to be a leader in reverse circulation drilling.
• In October 2021, Labrador Gold Corp. announced their Exploration approval for diamond drilling in the regions of Appleton Fault Zone

Global Drilling Machine Market Scope:

Segmentation

• By Machine Type
  • Portable Drilling Machine
  • Bench Drilling Machine
  • Pillar Drilling Machine
  • Depp Hole Drilling Machine
  • Others
• By Operation Type
  • Drilling
  • Reaming
  • Boring
  • Taping
  • Others
• By End-User
  • Construction
  • Transportation
  • Mining
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others