Advancements in the technologies and growing manufacturing industry are expected to make the significant growth in the Global Machine Tools Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post-pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declarations by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global machine tools (low-voltage differential signaling) chip market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
Ever since the outbreak of the global crisis, the impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global machine tools market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, the global machine tools market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global machine tools market.
Milling Machines Segment to Sustain the Largest Revenues
Railways, automotive, aerospace, and defense industries are growing at a rapid pace so is the use of milling machines. Milling machines are widely used in the metal cutting process in various industries. The demand for these machines is due to their efficiency able to perform various functions like filleting, turning, chamfering, drilling, gear cutting, etc. these machines can also perform multiple cutting.
CNC Type Segment to be the Most Lucrative
The CNC segment is expected to lead the market during the forecast period. The reason for its dominance is the rising demand in the manufacturing companies for productivity improvement and product innovation. Automation in machine tools has enabled the machines to enhance productivity, reduce human error, save time, reduce the cost of manpower. The new-age CAD/CAM CNC machines are provided with automatic tool changers and multi-axis machining technology to carry out the entire machining process using a single machine.
Automotive and Transportation Industry is Expected to Lead the Market During Forecast Period in Terms of Machine Tool Consumption
The automotive and transportation industry is expected to lead the market during the forecast period due to the applications of the different tools in this industry. Major industries like aerospace & defense, automotive, railways, consumer durables, have a high demand for machine tools to make them easier and to be done in lesser time. Continuously major efforts are being taken for making further advancements in the machine tools for improved results in terms of quantitatively and qualitatively.
APAC to Sweep the Largest Revenue Streams
Asia Pacific region is a lucrative regional market for the global machine tools market as countries such as China are one of the major consumers of machine tools Several frontline companies are established in Asia-pacific and therefore the region is one of the leading regional markets for global machine tools market.
Further, end-use applications such as the automotive, oil & gas, railways industries are one of the fastest-growing end-use industries which in turn is favoring rampant expansion of the global machine tools market across regions such as the Asia Pacific.
The emergence of advanced Machine Tools such as the multi-axis, robotic arm, offers new opportunities in the global machine tools market
Machine tools are any stationary power-driven machines, generally used for boring, cutting, grinding, shearing. Examples such as lathe, grinder or miller, gear shaper, hobbling machine, hone, others.
Despite a minor growth dip owing to Covid-19 implications, the global machine tools market is expected to recoup growth and register over USD 102 billion by 2028 ticking at a CAGR of 4.5%.
Further, advances in the machine operating technology, availability of machine variants, growing manufacturing industry, better, technological advancements like a robotic arm, multi-axis, and improved results from machines are expected to ravel new growth opportunities in the global machine tools market during the forecast period.
Forward-looking players in the global machine tools market are furthering investments towards developing advanced machine tools to mainly reduce the manpower thus overall reducing expenses of the company and also training the employees and laborers for efficiently handling the advanced machines.
The major players of the global machine tools market are Doosan (South Korea), Amada (Japan), Makino (Japan), Georg Fischer Ltd (Switzerland) JTEKT (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), Schuler AG (Germany), Chiron Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany).
The machine tools market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst the Covid-19 impact.
Latest Innovations in the Global Machine Tools Market: a Snapshot
- For manufacturing and assembling of high high-precision press brake bending equipment for the U.S. market, AMADA has invested $87 million in a facility in Guilford County, North Carolina.
- In August 2020, Hurco introduced an all-new range of CNC turning centers with live tooling for any turret station. This new CNC system uses a multi-core CPU that allows high-resolution graphics on the screen, comparable with those on the Hurco’s machining center control.
Machine Tools Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 102 billion|
|Growth Rate||CAGR of 4.5% during 2021-2028|
|Segment Covered||Product Type, Automation, Industry, Regions|
|Regions Covered||North America, Europe, Asia Pacific, MEA|
|Key Players Profiled||Doosan (South Korea), Amada (Japan), Makino (Japan), Georg Fischer Ltd (Switzerland) JTEKT (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), Schuler AG (Germany), Chiron Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany).|
Key Segments of the Global Machine Tools Market
Product Type Overview, 2018-2028 (USD Billion)
- Milling Machines
- Drilling Machines
- Grinding Machines
- Electrical Discharge Machines
Automation Overview, 2018-2028 (USD Billion)
- CNC Machine Tools
- Conventional Machine Tools
Industry Overview, 2018-2028 (USD Billion)
- Automotive and Transportation
- Sheet Metals
- Capital Goods
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa