Rise in Machinery Manufacturing, Technology Innovation & Expanding Applications to Drive the Global Machine Tools Market
The global market for Machine Tools is projected to
reach US$115 billion by 2024, driven
by stable automotive production in developing countries, rise in commercial
aircraft orders, bright prospects of heavy equipment/machinery manufacturing
industry, rapid mushrooming of job shops in developing countries, technology
innovation and expanding applications.
Machine
Tools are equipment, either manual or CNC
based, used for machining (shaping,
forming) and cutting metal and other rigid materials. From turning,
boring, milling, grinding, drilling, tapping, forming, casting, cutting, to
other more complex tasks, machine tools are indispensable in a wide gamut of
manufacturing industries ranging from automotive, aerospace & defense,
shipbuilding, electrical & electronics, precision engineering, power
generation, railways to computers, medical, healthcare and biotechnology. World Machine Tools industry is sensitive to
changes in the economic and financial climate, changes in production capacity
utilization, capacity expansions, and the level of business confidence, thus
strongly influencing demand in the marketplace. Any change in consumer demand
for commodities/products has a dramatic effect on the demand for equipment such
as machine tools utilized in manufacturing these products.
Activity
in various end-use sectors of Machine Tools including automotive, electrical
and electronic, heavy machinery, light machinery, shipbuilding, among others is
gathering steam and is aiming for strong upward move, especially in developing
regions of Asia-Pacific, Latin America, and the Middle East. Growing automotive
production, steadily expanding aerospace and defense sectors, and increasing
shipbuilding activity worldwide are poised to enhance the demand for
sophisticated Machine Tools for use in the manufacture of machine components
and in assembly of finished products. Likewise, increasing level of
electronics, electrical machinery, non-electric machinery and equipment
manufacturing stands to benefit the Machine Tools market. Further, the rising crude oil & natural gas
exploration and drilling activities globally are extending new opportunities for Machine Tools
in this niche vertical. The newfound interest from the healthcare, medical,
dentistry and biotechnology sectors is encouraging the prospects for Machine
Tools in these verticals. Growth in textile production and increased
mechanization of agricultural sector are also pushing the demand for advanced,
custom-made Machine Tools. Further, increasing role of robotic tools in the
production floor and technological innovations will keep the momentum
northbound in the Machine Tools market in the near to mid-term.
In the
coming years, all the financial and demographic trends which for long governed
growth in the market are expected to level out and overall sales of the
machines is expected to gradually slowdown in the long term. However, the trend
of high demand for advanced technology based machine tools would continue with
the same fervor. Five and four-axis machines,
multitasking machines and a few other advanced machine tool segments are
expected to witness strong demand growth across the world but commodity type machine tools are expected to
be in less demand.
As
stated by the new market research report on Machine Tools,
Asia-Pacific represents the largest market worldwide. Due to the rapid growth
of industrial and automotive sectors, the region also constitutes the fastest
growing market with a CAGR of 7.7% over the analysis period. European machine
tool industry, another key market, is dominated by traditional machine tool
manufacturers Germany, France, and Italy. Germany, the largest producer of
Machine Tools in Europe, has a competitive edge in the global market because of
high service and technological standards and mushrooming product innovations. The
European market is highly competitive characterized by high degree of export
activity, which represents over 75% of the region’s total production.
Major players in the market
include Allied Machine & Engineering Corp., Amada Co, Ltd., Amada Machine
Tools America, Inc., Dalian Machine Tool Group Corp., DMG Mori Co., Ltd.,
Doosan Machine Tools Co. Ltd., FANUC Corp., FANUC America Corp., GF Machining
Solutions Management SA, Haas Automation, Inc., Hardinge, Inc., Jones &
Shipman Hardinge Ltd., Hyundai WIA Co. Ltd., JTEKT Corp., Kennametal Inc.,
Komatsu Ltd., MAG IAS GmbH, Makino Milling Machine Co. Ltd., Okuma Corp., Otto
Bihler Maschinenfabrik GmbH & Co. KG, Sandvik AB, Sandvik Coromant, Schuler
AG, Shanghai Machine Tool Works Ltd., Shape Technologies Group, Sodick, Spinner
Machine Tools GmbH, TAJMAC-ZPS, a.s., Trumpf Group, Walter AG, and Yamazaki
Mazak Corp., among others.
The research report titled “Machine Tools - Market Analysis, Trends, and Forecasts” announced by Global
Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for Machine Tools in value terms for all major geographic markets
such as United States, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea,
Taiwan, and Rest of Asia-Pacific), Middle East & Africa (South Africa, and
Rest of Middle East & Africa), and Latin America (Brazil and Rest of Latin
America). Product Group/Segment analyzed in the report include Metal Cutting
Tools (Boring & Drilling Machines; Gear Cutting Machines; Grinding, Honing,
Lapping, Polishing & Buffing Machines; Lathe Machines; Milling Machines;
Machining Centers; Station Type Machines; and Other Metal Cutting Tools), Metal
Forming Tools (Punching & Shearing Machines; Bending & Forming Machines;
Metal Working Presses; and Other Metal Forming Tools), Special Machine Tools
(Waterjet Cutting Machines; High Power Laser Cutting Machines; Electrochemical
Machines; and Electrical Discharge Machines). The report also provides market
analytics by End-Use Industry – Automobile, Aerospace/Defense,
Electronics/Electrical, and Other End-Use Industries).
Global Industry Analysts,
Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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