Pune, Nov. 29, 2019 (GLOBE NEWSWIRE) — The global Machine Tools Market size is projected to reach USD 158.06 billion by 2026, exhibiting a CAGR of 4.9% during the forecast period. One of the key drivers propelling the growth of the market is the increasing industrial automation. The increasing advancements in robotics and surge in additive manufacturing will enable speedy growth of the market. The rapid expansion of the aerospace industry will create lucrative growth opportunities for the market. In addition, the increasing application of 3-D printing in various sectors including medical, defense and automotive will further boost the Machine Tools Market growth.
As per the report, published by Fortune Business Insights, titled “Machine Tools Market Size, Share & Industry Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026” the market stood at USD 106.60 billion in 2018. The report concentrates on all the aspects and features of the global Machine Tools Market. It offers proficient insights and provides authentic data about all the segments. It is put together after all-encompassing research and insightful analysis to aid key players, financers, stakeholders, potential investors, and backers. It is intended to give a brief overview to the readers. The study involves market trends, new developments, product launches, acquisitions & mergers, and collaborations.
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Innovations in Software Technology to Support the Adoption of Machine Tools
The growing inclination of the metal processing sector towards smart technology, which involves human-machine interactions and unmanned operations. This factor will boost Machine Tools Market trends Furthermore, increasing operational time and flexibility provided by advanced machines will result in the demand for machine tools. Manufacturers are focusing on advanced networking features in machine tools in order to provide optimized operational time, high efficiency and transparency. For instance, Doosan Machine Tools had developed ‘al doo CONTROL’ an artificially intelligent smart factory platform. The launch of the smart factory platform will accelerate the Machine Tools Market shares.
Increasing R&D Investments by Key Players to Spur Expansion Process
The increasing focus of companies towards the Industrial Revolution, also known as Industry 4.0. is expected to contribute to the growth of Machine Tools Market. The introduction and upgradation of products through innovations will enable healthy growth during the forecast period. In addition, the increasing R&D investments by companies will create lucrative opportunities for the market. For instance, Hyundai WIA’s has machine tool laboratories in Uiwang, Changwon, and Europe. These laboratories are used for extensive research on high speed and high precision of machine tools.
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Automotive Sector to Offer Colossal Growth Prospects
The automotive segment holds a lion’s share in the market and is expected to grow profoundly during the forecast period. The increasing use of different tools in the automotive manufacturing sector will enable the growth of the market. The increasing demand for engine locks, piston rods, wheels, and gearbox cases, which requires machine tools to manufacture is expected to propel the growth of the market. Furthermore, the growing requirement for brake lathes to manufacture disc brakes and also a high requirement for specific-product will fuel demand for machine tools in the automotive industry. In addition, the growing focus towards electric vehicles is expected to bode well for the market.
High Demand from Manufacturing Industries Will Aid Expansion in North America
The market in Asia Pacific stood at USD 56.84 billion and is expected to grow rapidly during the forecast period owing to the surge in the automotive and aerospace industry.
North America is expected to exhibit lucrative growth during the forecast period owing to the increasing demand from the manufacturing industry. However, Latin America is expected to observe steady growth owing to the difficult scenario in Brazil. Europe and the Middle East & Africa are expected to contribute positively to the growth of the market owing to the increasing consumption from countries such as Spain, Italy, and Turkey respectively.
List of Prominent Companies Present in the Global Machine Tools Market are:
- Yamazaki Mazak Corporation
- Doosan Machine Tools Co., Ltd.
- Trumpf
- Amada Machine Tools Co., Ltd
- JTEKT Corporation
- MAG IAS GmbH
- Schuler AG
- Makino
- Hyundai WIA
- Komatsu Ltd.
- Okuma Corporation
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Machine Tools Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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