OTTAWA, May 11, 2021 (GLOBE NEWSWIRE) -- The global machine tools market size is expected to be worth around US$ 115 billion by 2030 from US$ 78.7 billion in 2020, growing with a CAGR of 4.4% during the forecast period 2021 to 2030.
Machine tools are utilized in a number of sectors including aerospace, automotive, precision engineering, electronics, and others. Incessant development in these sectors along with the investigation of new oil and gas fields are the principal growth factors for market expansion. Furthermore, the amalgamation of 3D printing technology has assisted in curtailing the amount of material employed for producing these tools in current years. For example, Yamazaki Mazak, which is a Japanese machine tool producer, uses 3D printing in the production of its CNC machines. Numerous companies are familiarizing automation inside their manufacturing processes to upsurge their output and address quality standards. This has led to an surge in their profit margins. Laser cutting systems find application in plentiful areas where parts need to be machined with greater precision for improved edge quality.
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Demand for machine tools accumulates from primary and intermediate goods manufacturers. The main user industries are capital goods, automotive, and consumer durables industries. Protruding consumers of machine tools in the intermediate goods areas are ball and roller bearings, auto components and electronic components parts. Major users of machine tools in this area include ball, roller bearings, auto components, electrical and electronic components, power-driven pumps, industrial valves, earth moving machinery and compressors among others.
Growth Factors
Escalating manufacturing sector and technological progressions in machine tools including multi axis and robotic arm are few of the foremost factors boosting the growth of the machine tool industry around the world. The budding demand for metal cutting tools on account of augmented usage of metals in several sectors also promises well for growth of the market. The incorporation of Computer-Aided Manufacturing in machine tools to decrease the time needed for manufacturing work pieces and to safeguard easy production of micro components is evolving as a key trend in the market.
Additionally, manufacturers of machine tools are developing condensed and well-equipped machine tools that can program as per CAM/CAD software. These automatic CNC machine tools comprise tool changer that aids the machine to conduct several operations by means of a single machine. These features related with CNC machine tools rises its demand and certainly impact the machine tools market development.
Report Highlights
- Among technology segments, CNC segment led the global market with more than 75% revenue share in 2019. The intensifying levels of venture funding being established by corporations developing software for CNC machines promise well for the growth of this technology segment
- Asia Pacific is likely to rule the global machine tools market arena on account of upsurge in the amount of metal cutting process businesses in the major economies of the region
- Out of different types of machines, laser machines are predicted to record the highest growth rate due to probable ability of the laser technology to safeguard sophisticated precision and better cuts on the surface of the work pieces.
- Milling machines are projected to produce the major sales revenue in the global market as milling machines are principally employed in the metal cutting process in many sectors
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Regional Snapshots
Asia Pacific is likely to led the global machine tools market on account of upsurge in the numbers of metal cutting process businesses in this region. APAC is hub for most of the principal machine tool manufacturers and is predicted to rule the marketspace over years to come. China is one of the chief consumers of machine tools and is accelerating the market growth in Asia Pacific. Growth of automotive sector in APAC had an optimistic impact on the machine tools area, as automotive manufacturers have been seeking to upgrade and increase capabilities. This trend is likely to endure in the future as well, with MNCs such Nissan, as BMW, Audi, Renault seeking to establish themselves in the Indian market. Such development indirectly supports the demand for various machine tools in this region.
Asia Pacific is anticipated to recuperate at a faster growth rate in comparison with other regions post the COVID-19 pandemic crisis throughout the prediction period. Even with COVID-19 outbreak originating from China, the nation has been positively employing strategies to manage the spread. Asia is one of the largest automotive producer and China has slowly initiated its production actions with lowest workforce. This initiative will help to rebound machine tool market in this region during years to come.
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Key Players & Strategies
TRUMPF GmbH + Co. KG, Okuma Corp., and Yamazaki Mazak Corp are few of the leading vendors in this marketplace. Machine tool industry is capital intensive, knowledge and technology intensive field with demand for high research and development activity. The fast-tracking development impetus will offer enormous business openings to the vendors.
Market Segmentation
By Type
- Laser Machines
- Lathe Machines
- Milling Machines
- Grinding Machines
- Welding Machines
- Winding Machines
- Others
By Application
- Construction Equipment
- Automotive
- Aerospace & Defense
- Power & Energy
- Industrial
- Others
By Technology
- Computer Numerical Control (CNC)
- Conventional
By Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- United Kingdom
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
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