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The global radial drilling machine market is forecasted to be valued at US$ 8.8 Billion by 2032, up from US$ 4.2 Billion in 2022, advancing at a CAGR of 7.7% during the forecast period.

Emerging industrial sector and rising applications create demand for drilling operations, such as boring holes, reaming, countersinking, counterboring, tapping and spot facing and tapping, which drive the growth of the market. Radial drilling machines are used to drill the spot with high spindle speed, which is economical and high-efficiency cutting.

All the varieties of drilling machines, actually execute the same basic drilling function. But, there are certain operations that can be done with the desired accuracy and efficiency by specific types of drilling machines. They are widely used in several manufacturing processes, particularly in the construction industry. Radial drilling is a machine used to make holes supported by the radial axis and feed hand and the table base.

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In the radial drilling machine, the drill head can be made to slide on the radial arm. Therefore, called as radial drilling machine. A motor acts as a driving force for the rotation of the drill. The parts of a radial drilling machine are a motor, spindle (for supporting the drill), elevating screw, column, table and table base. The radial drilling machine can be used to drill steel, cast iron as well as many other surfaces.

The radial drilling machine is amongst the most versatile drilling machine that can be used for multiple applications over any kind of surface.

Global Radial Drilling Machine Market: Dynamics 

Augmenting industrial and commercial projects where drilling is required for the various purposes, such as boring holes, reaming, countersinking, counterboring, tapping and spot facing and tapping, is projected to drive the growth for the global radial drilling machine market. Infrastructure projects, industrial sectors, metal working applications are the key sectors that utilize radial drilling machine equipment and thus, drive the radial drilling machine market.

One of the major challenge faced by the global radial drilling machine market is the tool replacement rate, which is comparatively high. The parts of the machine are exposed to high risk of wear and tear at high speed. Hence, the demand for service and maintenance of such machines is high, which hampers the growth of the global radial drilling machine market.

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As the global market for radial drilling machine is fragmented with a large number of local players and China-based players, the manufacturers are focusing on product innovation as a differentiating strategy in order to win an edge over the other manufacturers in the market. In order to ease the operating process, significant evolution has been observed in the radial drilling machine market from manual clamping to electrical and hydraulic clamping. This has saved the time and has improved the efficiency of the drilling operations.

Some of the market participants identified across the value chain of the global radial drilling machine market are Tailift Co., Ltd., Esskay International Machine Tools, Jay Industries, Complete Machine Tools Pty. Ltd., HMT Machine Tools Limited, Dalian Machine Tool Group Corporation, Kanematsu KGK Corp, and Taian Hiscience Machinery Co. Ltd.

The manufacturers are focusing on product innovation as a differentiating strategy in order to win an edge over the other manufacturers in the market. In order to ease the operating process, significant evolution has been observed in the radial drilling machine market from manual clamping to electrical and hydraulic clamping. This has saved time and has improved the efficiency of the drilling operations.

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Key Segments in the Radial Drilling Machine Market

Explore wide-ranging Coverage of FMI’s Industrial Automation Market Insights Landscape

Hand Tools Market: The global sales of hand tools are anticipated to grow at a CAGR of 5.9% during the period of 2022 and 2032.

Power Tools Market: The global power tools market size is expected to reach US$ 33.36 Bn in 2021. Increasing sales of cordless power tools will drive growth in the power tools demand by 5.1% CAGR between 2021 and 2031.

Carbide Tools Market: Carbide Tools Market are slated to top US$ 7.0 Bn in 2022. Expanding at a healthy 7.2% CAGR, the market size is projected to total US$ 10.7 Bn by 2029.

India Power Tool Market: India power tools market is anticipated to register healthy CAGR of 8.9% in terms of value, and 9.5% in terms of volume over the forecast period (2016–2026).

Laser Welding Equipment Market: The laser welding equipment market is likely to grow by US$ 373 Mn by 2025, exhibiting a CAGR of 4.8% during the forecast period 2022-2032.

Industrial Automation Market : The global Industrial Automation Market is expected to have a significant CAGR of 7% during the forecast period to reach a valuation of US$ 51 Bn by 2026, up from US$ 36 Bn in 2021.

Compact Construction Equipment Market: The global compact construction equipment market is expected to register a CAGR of 3.8% from 2022-2032.

Test and Measurement Equipment Market: The global test and measurement equipment market is predicted to witness a moderate CAGR of 5.6% during the forecast period of 2022 to 2032.

Testing, Inspection and Certification Market: The testing, inspection and certification market is anticipated to register a CAGR of 1.8% during the forecast period.

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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