Newark, May 13, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global milling machine market is expected to grow from USD 102.93 Billion in 2023 to USD 171.38 Billion by 2033, at a CAGR of 5.23% during the forecast period 2023-2033.
There is a demand for superior quality products and CNC (compute numerical control) machines, propelling the market's growth. Milling machine tools help develop complex shapes and products conveniently and easily, and they help industries develop superior-quality products with improved dimensional accuracy.
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Scope of Hanging Windrower Market
| Report Coverage | Details |
| CAGR | 5.23% from 2024 to 2033 |
| Market Size in 2023 | USD 102.93 Billion |
| Market Size by 2033 | USD 171.38 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Automation, Type, Regions |
Competitive Strategy
To enhance their market position in the global Milling Machine market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2023: Haas Automation, the largest machine tool manufacturer in the West, showcased its innovative products from 19th January to 25th January at the Bengaluru International Exhibition Center (BIEC). The exhibition of its advanced automation in the machine tool sector is gaining more customers for the organization. It helped the organization grow its market share in the region for the Milling Machine market.
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Market Growth & Trends
Milling machines, especially horizontal ones, provide better accuracy and precision; hence, these are broadly used in the aerospace and automotive sectors. Manufacturers are looking for new technologies to enhance products; hence, the demand for milling machines and other machine tools is growing. It can accommodate several materials, such as metals, ceramics and engineered materials. It makes it easier for the manufacturers to choose from several materials based on their requirements. Hence, milling machines are broadly used in the aerospace sector, commercial, automotive, medical, electronics, transportation, and telecommunications. In the aerospace sector, CNC milling machines make lightweight flight parts of the best quality. These milling machines offer exact and accurate parts that act as replacements, prototypes, fuel bodies, transmissions, manifolds, and aircraft structures. Similarly, machines, especially CNC milling, have broad applications in the automotive sector, from engine blocks to cylinders, water pumps, piston rods, etc. It is the main technique used in the making of OEM parts. It applies to making parts like interior lighting and car headlights. These machine tools are also used to make sterile and safe equipment in the medical field. Also, equipment such as biopsy tubes, hip stems, bone screws, reamers, spacers, hip cups, inserts and mould cavities are produced using the milling machines. All players depend on CNC milling machines to manufacture essential components like turbines, valves, gears, fuel pumps and gearboxes in the renewable and non-renewable energy sectors. Milling is also required to make precision parts for the military sector. Its application ranges from gun components to firearms, drones, UAVs and pistol locking.
Key Findings
• In 2023, the CNC segment dominated the market with the largest market share of 87.56% and market revenue of USD 90.13 Billion.
The automation segment is divided into conventional and CNC. In 2023, the CNC segment dominated the market with the largest market share of 87.56% and market revenue of USD 90.13 Billion. It is used to produce motorcycle parts, engine spare parts, etc. Also, many of the key equipment and tools like cavities moulds, hip stems and prosthetics which are used in the medical sector are produced using a CNC milling machine.
• In 2023, the Horizontal segment dominated the market with the largest market share of 62.11% and market revenue of USD 63.93 Billion.
The type segment is divided into horizontal and vertical. In 2023, the Horizontal segment dominated the market with the largest market share of 62.11% and market revenue of USD 63.93 Billion. This type is broadly preferred as it has higher speed and quick turnaround time, even in the case of large projects.
• In 2023, the Industrial segment dominated the market with the largest market share of 28.31% and market revenue of USD 29.14 Billion.
The end user segment is divided into automotive, aerospace & defence, construction equipment, power and energy, industrial and others. In 2023, the Industrial segment dominated the market with the largest market share of 28.31% and market revenue of USD 29.14 Billion. There has been a surge in the production of several goods, such as consumer electronics and household appliances, which led to the highest market share of the industrial segment.
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Regional Segment Analysis of the Milling Machine Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Milling Machine industry, with a market share of 38.76% and a market value of around USD 39.90 Billion in 2023. China is considered the largest producer of machine tools. Also, there is a growing adoption of automation due to the ageing population of Japan and China. It contributes to the growing demand for automated systems like CNC milling machines.
Key players operating in the global Milling Machine market are:
• Hass Automation, Inc.
• Yamazaki Mazak Corporation
• ANDRITZ Group
• Datron Dynamics Inc.
• Anderson Europe GMBH
• Okuma Corporation
• Amera-Seiki
• Buhler Group
• CPM Roskamp Champion
• EMCO Group
• Sprout Waldron & Company
• Hurco Companies
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Milling Machine market based on below mentioned segments:
Global Milling Machine Market by Automation:
• Conventional
• CNC
Global Milling Machine Market by Type:
• Horizontal
• Vertical
Global Milling Machine Market by End User:
• Automotive
• Aerospace & Defence
• Construction Equipment
• Power and Energy
• Industrial
• Others
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About the report:
The global Milling Machine market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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