The global Machine Tools market size is expected to be worth around US$ 104.87 billion by 2028, according to a new report by Vision Research Reports.
The global Machine Tools market size was valued at US$ 77.24 billion in 2020 and is anticipated to grow at a CAGR of 4.02% during forecast period 2021 to 2028.
Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/36710
Growth Factors
The growing demand for high-speed and efficient machining, particularly from the incumbents of the automotive and aerospace and defense industries bodes well for the growth of the market. Continued advances in manufacturing and processing technologies are also encouraging manufacturing companies to invest in the latest, advanced manufacturing techniques, thereby driving the growth. The rising demand for machine tools equipped with smart controls to facilitate unmanned operations, particularly from the metal processing industry, would play a crucial role in driving market growth.
The growing demand for multi-axis systems is anticipated to emerge as a key trend over the forecast period. Multi-axis systems provide the capability to manufacture extremely complex parts required in the automotive and aerospace and defense industries. Several vendors have started offering innovative 5-axis machining systems. For instance, in November 2018, DMG Mori Co., Ltd. launched two new 5-axis systems, namely DMU 200 Gantry and DMU 340 Gantry, which can be used to machine automotive parts, such as tailgate and shock mount.
Report Highlights
The lathe machines segment dominated the market in 2020 with a market share of over 25%. This can be attributed to the rising adoption of lathe machines for applications, such as chamfering, fillet making, turning, and slot cutting. The adoption of lathe machines has been growing lately owing to the capabilities of the latest lathe machines to reduce human intervention and increasing the accuracy of the machining processes.
The laser machines segment is anticipated to exhibit the highest CAGR owing to the potential ability of the laser technology to ensure higher precision and finer cuts on the surface of the workpieces. Laser cutting systems are being used in a myriad of applications, where parts need to be machined with higher precision for better edge quality. A significant advantage of the laser cutting technology is that the laser beam does not wear during the machining process.
The CNC segment dominated the market in 2020 with a market share of more than 80%. This can be attributed to the growing need to reduce the operating costs, manpower, and errors in the components manufactured in industries, such as aerospace & defense, and automotive, among others. The rising levels of venture funding being received by companies developing software for CNC machines bode well for the CNC segment.
The automotive segment accounted for a market share of more than 12% in 2020. This can be attributed to the rise in the adoption of machine tools for the fabrication of transmission housings, engine cylinder heads, gearbox cases, and brake drums, among other automobile components.
The power and energy segment is anticipated to exhibit a significantly high CAGR over the forecast period on account of the rise in the adoption of machine tools for the machining of parts used in windmills, such as blades, rotors, and gearbox housings. The increasing adoption of wire cutting and turning centers from solar panel manufacturers, including Protolabs, for the fabrication of housing and frames also bodes well for the growth of the segment.
The direct sales segment held the largest revenue share of over 60% in 2020 and is expected to expand at a significant CAGR over the forecast period. There are various distributors of machine tools, such as Ellison Technologies and Absolute Machine Tools, Inc.; selling machine tools in the North American region.
The growth of the direct segment can be attributed to companies, including DMG MORI and Georg Fischer, Ltd., among others, which are focusing on the development of the online sales channel. The growing preference for procuring machine tools through e-platforms, such as Alibaba.com and Machine Tools Online, among others, is also driving the growth of the direct segment.
Asia Pacific dominated the market in 2020 with a revenue share of more than 35%. This can be attributed to the initiatives, such as “Make in India” and “Made in China 2025”, being pursued by the governments in the region to encourage indigenous manufacturing. For instance, to boost investments in the manufacturing, the Indian government announced in September 2019 that manufacturing companies incorporated on or after 01 October 2020 will be allowed to pay corporate tax at the rate of 15%.
The North America regional market is anticipated to exhibit the highest CAGR over the forecast period on account of rising demand for machine tools from incumbents of the aerospace and defense, automotive, and oil and energy, among other industries and industry verticals. Aircraft manufacturers in the region are aggressively approaching various market players for the procurement of machine tools. For instance, in November 2018, Georg Fischer Ltd. won a number of orders from the various aircraft manufacturing companies operating in the North American region.
Key Players
Market Segmentation
The study objectives of this report are:
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/36710 or call: +1 9197 992 333
Vision Research Report, Recently Announced New Report on "Smart Lock market - Global Industry Analysis,…
Vision Research Report, Recently Announced New Report on "2D barcode reader market - Global Industry…
Vision Research Report, Recently Announced New Report on "commercial refrigeration equipment market - Global Industry…
Vision Research Report, Recently Announced New Report on "Restaurant Point-of-Sale Terminal market - Global Industry…
Vision Research Report, Recently Announced New Report on "vacuum cleaner market- Global Industry Analysis, Market…
Vision Research Report, Recently Announced New Report on "household refrigerators and freezers market - Global…