Machine Tools Market Size Worth $104.86 Billion By 2027 | CA
SAN FRANCISCO, Aug. 18, 2020 /PRNewswire/ -- The global machine tools market size is expected to reach USD 104.86 billion by 2027, according to a new study conducted by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. 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.
Key suggestions from the report:
- The growing adoption of laser machines in the fabrication of automotive seats and door panels is expected to drive the segment growth
- The CNC segment is anticipated to register the highest CAGR over the forecast period as manufacturers are introducing new products that can simultaneously perform multiple operations, such as drilling, cutting, turning, facing, and grinding
- The indirect sales channel segment is poised to witness remarkable growth owing to the presence of a huge number of indirect distributors such as Ellison Technologies and Absolute Machine Tools, Inc.
- The aerospace and defense segment is anticipated to register a significantly high CAGR on account of the increasing adoption of CNC machine tools in the aerospace and defense industry
- The Europe regional market is anticipated to exhibit a significantly high CAGR owing to the rising demand for machine tools to manufacture automotive parts, such as gearboxes and brakes, particularly for electric vehicles.
Read 150 page research report with ToC on "Machine Tools Market Size, Share & Trends Analysis Report By Type (Lathe, Milling, Laser, Grinding, Welding, Winding), By Technology (CNC, Conventional), By Sales Channel, By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/machine-tools-market
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.
In the construction industry, machine tools are used in operations, such as broaching, hobbling, and drilling. The construction industry is growing in line with the growing demand for commercial spaces, which in turn, is expected to drive the demand for machine tools used in the construction industry. On the other hand, the rising demand for precision engineering in the development of semiconductors and medical equipment is also expected to drive the growth of the market. Various software companies are collaborating with machine tool manufacturers to provide simulation software for the CNC machines. For instance, in October 2018, Doosan Corporation signed a partnership with CAMplete Solutions, Inc. As part of the partnership, Doosan Corporation's CNC machines would be equipped with CAMplete Solutions, Inc.'s verification, post-processing, and simulation software.
Grand View Research has segmented the global machine tools market based on type, technology, sales channel, end-use, and region:
- Machine Tools Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)
- Lathe Machines
- Milling Machines
- Laser Machines
- Grinding Machines
- Welding Machines
- Winding Machines
- Machine Tools Technology Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2027)
- Computer Numerical Control (CNC)
- Machine Tools Sales Channel Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)
- Machine Tools End-use Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)
- Aerospace & Defense
- Construction Equipment
- Power & Energy
- Machine Tools Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- The Middle East & Africa (MEA)
- List of Key Players of Machine Tools Market
- AMADA Co., Ltd.
- CHIRON Group SE
- DMG MORI
- Doosan Corporation
- Georg Fischer Ltd.
- HYUNDAI WIA CORP.
- Komatsu Ltd.
- Okuma Corporation.
Find more research reports on Sensors & Controls Industry, by Grand View Research:
- Riveting Tools Market – The global riveting tools market size was valued at USD 206.8 million in 2018 and expected to register a CAGR of 4.5% from 2019 to 2025. Growing infrastructure development & construction industry are drive the demand.
- Household Hand Tools Market– The global household hand tools market size was valued at USD 4.1 billion in 2018. The market growth is attributed to shifting consumer behavior and preferences for do-it-yourself (DIY) trend.
- Downhole Tools Market – The global downhole tools market size was estimated at USD 3.57 billion in 2017. Rising E & P activities in deep-sea bed associated with drilling and completion efficiencies is driving the demand over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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