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 pr...