Global Machine Tool Market Expected to Reach $95,169.1 Million by 2027 – Astute Analytica
CHICAGO, USA, Sept. 30, 2022 /EINPresswire.com/ — Astute Analytica reports that the global machine tool market size was US$72,109.8 million in 2021 and is expected to reach US$95,169.1 million. US dollars by 2027 expanding at a complex annual growth rate (CAGR) of 4.7% over the study period 2022-2027.
Machine tools find applications in the treatment or machining of metal or other rigid materials. These tools are widely adopted by automotive, aerospace, construction, industrial and other sectors for cutting, drilling, grinding, shearing, etc. The machine tool market is expected to increase in the coming years owing to the advantages of the machine. tools and government policies to support the growth of the manufacturing sector.
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Factors Affecting the Machine Tools Market
Smart manufacturing techniques, which rely on the use of big data, the Internet of Things, artificial intelligence, machine learning and other technologies, are gaining popularity. Industrial automation has enormous potential in the coming years as it increases productivity and task efficiency in a variety of global industries. The growing number of industries is expected to support the growth of the machine tools industry, as machine tools act as a necessary element in the manufacturing process and other industrial spaces.
Government support to support the growth of the industrial sector will potentially benefit the machine tool market. For example, the Chinese government has made vital efforts to improve the country’s manufacturing capabilities, especially in several targeted high-tech industries, thereby boosting industrial development. Made in China 2025, which is planned by the Chinese government, aims to reduce operating costs, production cycles and product defect rates by 50%. Moreover, the Chinese government plans to increase the manufacturing capacity with this initiative so that 70% of the core components and materials will be developed domestically by 2025. To achieve this goal, the government has also established around 40 national innovation centers. Hence, such efforts are expected to pay off for the machine tool market. Apart from that, growing economies like China, India, Brazil and others are slowly becoming leading manufacturing hubs. Asia-Pacific is one of the largest importers of machine tools. Meanwhile, the large share of the region’s population will also contribute to the growth of the manufacturing sector, as the demand for goods and services continues to increase. Moreover, smart technology is gaining a vital place in the industrial sector. For example, Komatsu, a Japan-based equipment, technology and service manufacturer, announced in September 2021 that the company is working on an autonomous tank truck as a commercial offering in 2022, which will also improve the safety and productivity in mines.
However, small and medium enterprises (SMEs) cannot use machine tools in their operations due to the high cost of installing CNC machines. According to Prototech Asia, the devices, including CNC milling machines, cost around $35 to $40 per hour to operate. As a result, the adoption of new machines by SMEs is limited by concerns about the installation of machine tools and the high cost of this operation.
Industry 4.0 concept to gain traction
The concept of Industry 4.0 has gained popularity in the manufacturing sector, forcing authorities and private bodies to invest heavily in the manufacturing sector. For example, the Indian government has set an ambition to increase manufacturing output to 25% by 2025 from 16% in September 2022. Additionally, India’s first smart factory is under construction at the center of Product Design and Manufacturing (CPDM) from Bangalore Institute of Science (IISc).
Asia-Pacific machine tool market in the lead
The Asia-Pacific machine tool market dominates the global market with the highest revenue share of over 54% in 2021. The Chinese and Indian governments have announced targets to increase their manufacturing capacities. Initiatives such as “Make in India” and “Made in China 2025” will boost domestic manufacturing, thereby driving the growth of the market. The per capita income of middle-class consumers has improved, leading to an increase in their spending on goods. To meet demand and take advantage of opportunities in the Asian market, manufacturing companies are investing in new manufacturing facilities and equipment. Additionally, end-user industries have shifted their operations to Asian countries due to low labor costs, young populations and low raw material costs, which has caused a surge in demand for machinery. -tools. Moreover, the region is also home to some of the big players in the industry, such as Amada Co. Ltd. (Japan), Okuma Corporation (Japan), etc., DMG MORI (Japan) and others, which will drive the market growth over the analysis period.
However, the North America machine tool market is expected to grow at the highest growth rate owing to rising demand for machine tools from end-use verticals such as aerospace and defense, automotive automotive, oil and energy industries, etc. develop due to the US-China trade agreement, which could lead to a significant increase in Chinese agricultural imports from the United States.
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Some of the key players in the machine tools market include General Technology, Trumf, DMG MORI, Okuma Corporation, and Amada Co. Ltd. These companies maintain strong competition in the market through their increasing involvement in robust technology launches and new product development, agreements/partnerships, expansions, mergers and acquisitions. For example, TRUMPF obtained a share of approximately 80% in Active Fiber Systems GmbH (AFS) in February 2022. Active Fiber Systems GmbH is a renowned German company known for its ultrashort pulse laser systems and fiber laser systems. Additionally, DMG MORI also announced its intention to present an extensive portfolio of automated and digitized manufacturing solutions at AMB 2022, held in Stuttgart from September 13 to 17, 2022.
Summary of segments
The global machine tools market segmentation is based on product type, automation, industry, sales channel and region. Based on the product type category, the soluble type segments maintained their lead by holding a 20% share in 2021, while the miller type segment is expected to grow by 7.6% over the period. ‘study. Among all automation type segments, CNC machine tools led by registering a 50% share in 2021 and is expected to remain dominant throughout the study period by registering the fastest CAGR of 5 .1% over the forecast period.
The report provides an in-depth analysis of the global machine tools market based on the following.
By product type
By type of automation
CNC machine tools
Conventional machine tools
Aerospace and Defense
Power and energy
By sales channel
Dealers and Distributors
Events and exhibitions
The rest of Europe
Australia and New Zealand
Rest of Asia-Pacific
Middle East and Africa (MEA)
United Arab Emirates
Rest of MEA
Rest of South America
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