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According to IMARC Group latest report titled “Deep Hole Drilling Machines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on deep hole drilling machines industry report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global deep hole drilling machines market reached a value of US$ 528 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 744.7 Million by 2027, exhibiting a CAGR of 4.8% during 2022-2027.
A deep hole drilling machine represents the mechanical equipment used for cutting precise holes in metals, such as stainless steel, aluminum, titanium, cast iron, copper alloys, etc. It generally consists of a cutting tool, or a drill, that is fitted into the internal spindle taper. The rotating drill is pressed at the desired location and inserted into the metal to generate a hole with the required diameter. Deep hole drilling machines facilitate multi-speed transmissions with several off-center holes for hydraulic sequencing and lubrication. Consequently, they find wide-ranging applications across various sectors, including automotive, medical, construction, mining, defense, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The growing adoption of automation across industry verticals is primarily driving the deep hole drilling machines market. Additionally, the increasing product utilization in the manufacturing of numerous automobile components, such as transmission shafts, engine blocks, camshafts, airbag propellant chambers, etc., is further catalyzing the market growth. Besides this, the escalating demand for deep hole drilling machines in the fabrication of titanium and steel-based surgical tools is acting as another significant growth-inducing factor. Moreover, the rising advancements in production processes are also positively influencing the global market. Apart from this, the inflating investments in R&D activities aimed at developing multi-purpose material removal product variants are anticipated to fuel the deep hole drilling machines market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Deep Hole Drilling Machines Market Segmentation:
Our report has categorized the market based on region, type, operation, business type and end-user industry.
Key highlights of the report:
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