Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global machine tools market is poised for significant growth due to the increasing adoption of robotics for enhanced automation and human-machine interaction. The rapid expansion of smart factories, driven by the need for real-time connectivity, is a prominent trend. In August 2020, Hurco unveiled a new series of CNC turning centers, featuring three models: TM12Mi XP, TM10Mi XP, and TM8Mi XP. Notably, these models are equipped with live tooling in the turret. These insights are derived from a report by Fortune Business Insights™ titled "Machine Tools Market, 2021-2028." According to the report, the machine tools market is expected to expand from USD 113.26 billion in 2021 to USD 164.92 billion in 2028, registering a CAGR of 5.5% during the forecast period. In 2020, the market recorded a size of USD 111.36 billion.
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Machine Tools Market Dynamics:
Drivers:
Increasing Shift of Manufacturers towards Additive Manufacturing to Aid Growth
The increasing additive manufacturing activities across the globe is anticipated to propel the machine tools market growth in the upcoming years. Nowadays, manufacturers are inclining towards rapid and cost-effective production processes. It is further leading to the higher usage of additive manufacturing. However, frequent and unexpected changes in social, political, and economic circumstances of a specific country may obstruct the demand for machine tools.
Opportunities:
The machine tools market is poised for significant opportunities driven by several factors. One key opportunity lies in the escalating demand for advanced machining solutions in the aerospace and automotive industries. As these sectors increasingly embrace precision engineering and efficient manufacturing processes, the need for cutting-edge machine tools is on the rise. Additionally, the trend towards smart factories and Industry 4.0 is creating avenues for the integration of innovative technologies, such as IoT-enabled machine tools, offering real-time data insights and process optimization.
Restraints:
Shifts in global economic conditions are posing challenges to the market, particularly affecting expenditures in the manufacturing industry, which are closely linked to the sales of these tools. Consequently, a slowdown in the global economy is anticipated to directly correlate with a decline in machine tool revenue. Similarly, trends within the automotive industry wield a substantial influence on the tools sector due to the industry's widespread adoption of machinery.
List of Key Players in Construction Equipment Market:
- Yamazaki Mazak Corporation (Japan)
- Doosan Machine Tools Co., Ltd. (South Korea)
- Trumpf (Germany)
- Amada Machine Tools Co., Ltd (Japan)
- JTEKT Corporation (Japan)
- MAG IAS GmbH (Germany)
- Schuler AG (Germany)
- Makino (Japan)
- Hyundai WIA (South Korea)
- Komatsu Ltd. (Japan)
- Okuma Corporation (Japan)
- FANUC Corporation (Japan)
- Haas Automation Inc. (United States)
- Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan)
- BIG KAISER Precision Tooling Inc (United States)
- Kennametal (United States)
- Nachi-Fujikoshi Corp (Japan)
- OSG USA, INC (United States)
- Sandvik AB (Sweden)
- Ceratizit S A (Luxembourg)
- Dewalt (United States)
- Fraisa SA (Switzerland)
- Guhring, Inc (United States)
- Kilowood Cutting Tools (China)
- Xiamen Golden Egret Special Alloy Co Ltd (China)
- Zhuzhou Cemented Carbide Cutting Tool Co Ltd (China)
- Tiangong International Co, Limited (China)
- Ingersoll Cutting Tool Company (United States)
- Sumitomo Electric Hartmetall GmbH (Germany)
- Kyocera Unimerco (Denmark)
- ISCAR LTD (Israel)
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Report Coverage:
The report delivers an elaborate assessment of numerous customers’ journeys related to the industry, regions, and segments. At the same time, it provides multiple customer impressions about machine tools and their utilization. The analysis takes a closer look at their fears and pain points across various customer touch points. The business intelligence and consultation solutions would aid interested stakeholders, such as chief experience officers to define customer experience maps catered to their requirements. They can refine customer experience and engagement with their own brands.
Regional Analysis:
Governmental Campaigns to Promote Manufacturing Sector will Favor Growth in Asia Pacific
Regionally, Asia Pacific held USD 58.83 billion in 2020 in terms of revenue. The rising government initiatives to enhance a large number of industries would drive growth in this region. The ‘Make in India’ campaign, for instance, is aimed to provide tax benefits and foreign direct investments (FDI) to the manufacturing sector in the country. China is expected to showcase the highest growth in the forthcoming years on account of the expansion of the manufacturing sector. In North America, on the other hand, the market is likely to exhibit a considerable growth in the market for machine tools fueled by the surging R&D activities occurring in the U.S.
Market Segmentation:
Precision Engineering Segment Procured 14.9% Share in 2020: Fortune Business Insights™
Based on the technology, the market is divided into computerized numerical control (CNC) and conventional. By products, it is segregated into metal cutting and metal forming. Based on the application, it is fragmented into automotive, general machinery, precision engineering, transport machinery, and others. Out of these, the precision engineering segment generated 14.9% in terms of the machine tools market share in 2020. This growth is attributable to the high demand from a wide range of industries, such as marine, medical, and semiconductors.
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Competitive Landscape:
Key Players Focus on R&D Activities to Deliver Novel Products to Their Customer Base
The global market contains various manufacturers that are currently aiming to bring about the Fourth Industrial Revolution. Therefore, they are creating innovative products through extensive R&D activities. Some of the others are providing unique features to their customers through smartphone apps. Below is one of the significant industry developments:
KEY INDUSTRY DEVELOPMENTS:
TRUMPF customers who would buy new machines can gain access to an automatic ticket for digitizing manufacturing through five latest apps. They are specially designed to gather the data generated after, during, and before production. Customers would receive the required information to enhance productivity, optimize their processes, and accelerate the transparency of manufacturing operations.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 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
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Market Sizing Estimations and Forecasts – By Technology (Value)
- North America Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 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
- By Country (Value)
- United States
- Canada
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Europe Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 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
- By Country (Value)
- U.K.
- Germany
- Italy
- Russia
- Rest of Europe
- Market Sizing Estimations and Forecasts – By Technology (Value)
TOC Continued…!
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