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Machine Tools Market to Perceive Substantial Growth during 2029 : Persistence Market Research

Businesses across different industries are striving not only to reopen but also to grow. Business leaders are leveraging the rescue  packages from the government to restructure themselves with digital conversions and agile organizational structures. They are taking swift actions to get ready for greater resilience and better productivity in a future where the usual business does not exist. The industry leaders are investing in future technologies to automate facilities and physical processes to comply with social distancing norms.

The industrial sector is transforming towards centralized and automated non-core tasks. The businesses are evaluating and re-aligning  service capabilities and network models to adapt with the new normal. To overcome the impact of disrupted supply chain models, the businesses  are creating transparent system with help of big data, connected ecosystem and intelligent system. Besides all the organizational level changes, the market players in industrial sector are increasing work safety precautions to fall in line with the social-distancing norms issued by the government.

Machine Tools Market: Introduction

Machine tools are the machines that are utilized for machining or shaping metal and other rigid materials by boring, shearing, cutting, grinding and other form of deformation. Machine tools are integrated with some sort of tools that do the cutting and other deformation operations. All machine tools have guided movement to the parts and also have some means of constraining the workpiece. In current scenario, machine tools are electrically or hydraulically powered rather than human muscles. Manufacturer of machine tools are focused to develop such products that need low maintenance. Basically, two type of machine tools are available including CNC and Conventional. Now a days, CNC machine tools are mostly preferred by customers or end users due to high efficiency, high productivity and high precision.

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Machine Tools Market: Dynamics

Machine tools are predominantly used for metal cutting across various end use industries including automotive, aerospace, defense and railways. Milling machine is one of the prominent product type that is used for metal cutting. Milling machine can perform variety of operation such as turning, chamfering, gear cutting and filleting. Moreover, expansion of metalwork process industries across the globe has prompted the demand for milling machine which in turn fuel the growth of machine tool market.

Growth in manufacturing sector has led to the demand for automatic machine tools which is expected to fuel the growth of CNC machine tools market. Automatic machine tools enhance the productivity, eliminate human error and also more efficient compared to conventional machine tools. Furthermore, manufacturer of machine tools are designing compact and well equipped machine tools that can program according to CAD/CAM software.

These automatic CNC machine tools have tool changer which help the machine to carry out various operation using a single machine. These features associated with CNC machine tools increases its demand and positively affect the growth of the machine tools market.  Expansion of production facilities and establishment of new factories in various end use industries including automotive, railway, aerospace and defense is expected to propel the demand for machine tools. This factor is projected to accelerate the growth of machine tools market throughout the assessment period.  The MRO (maintenance, repair and operations) of fixed and heavy duty machine tools does provide growth opportunities to the vendors of machine tools in earning incremental sales revenues.

Machine Tools Market: Segmentation

Machine Tools Market can be segmented on the basis of product type, operation, end use and distribution channel

On the basis of product type, Machine Tools market can be segmented into:

  • Turning Machines
  • Milling Machines
  • Grinding Machines
  • Electrical Discharge Machines
  • Drilling Machines
  • Lathe

On the basis of operation, Machine Tools market can be segmented into:

  • CNC (computerized numerical control)
  • Conventional

On the basis of end use, Machine Tools market can be segmented into:

  • Automotive
  • Aerospace & Defense
  • Electrical & Electronics
  • Consumer Goods
  • Precision Engineering
  • General Manufacturing

On the basis of distribution channel, Machine Tools market can be segmented into:

  • Offline
  • Online

Machine Tools Market: Regional Overview

There is predominance of the machine tool manufacturers in Asia Pacific region. Upsurge in the number of metal cutting activities coupled with growth of in oil and gas, automotive and railway industry has elevated the demand for machine tools. Countries such as China is one of the prominent consumer in machine tools market. Considering the aforementioned factors Asia Pacific can attributed as a prominent market region for machine tools.

Europe is also expected to hold significant share in the global market due to presence of numerous automotive manufacturer that utilized the machine tools for different applications such as drilling, cutting. Moreover, North America is also estimated to grow with healthy growth rate owing to increased adoption of automatic machine tools. This factor is estimated to boost the growth of machine tools market. Latin America and Middle East & Africa are also projected to grow with moderate growth rate over the assessment period.

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Machine Tools Market: Market Participants

Examples of some of the market participants identified across the value chain of the global Machine Tools market includes:

  • Doosan Corporation
  • AMADA Co., Ltd.
  • Makino
  • Jtekt Corporation
  • GF Machining Solutions
  • DMG Mori Aktiengesellschaft
  • Komatsu Ltd.
  • OKUMA Corporation
  • Hyundai WIA Corporation
  • Schuler AG
  • Chiron Group SE