Authored By: Sarah
11 Jul 2024

 Machine Tools Market Size to grow by USD 9.7 million between 2024-2028

According to a research report “ Machine Tools Market” by End-user (Automotive, Industrial machinery, Precision engineering, Transportation, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 9.7 million, at a CAGR of almost 1.91% during the forecast period. In the context of global business trends, the machine tools market experiences significant growth due to the increasing industrialization in developing countries. This economic transformation, driven by urbanization, infrastructure development, and expanding consumer demands, necessitates the acquisition of advanced manufacturing equipment. Machine tools, essential for cutting, shaping, and forming materials, play a pivotal role in supporting burgeoning manufacturing sectors, particularly in construction and development projects. Moreover, the expansion of industries such as automotive, aerospace, electronics, and consumer goods further fuels the demand for machine tools. Developing countries prioritize infrastructure projects, including transportation networks and commercial and residential developments, which rely heavily on metalworking processes. Machine tools are indispensable assets in fulfilling these needs, making them a critical investment for businesses seeking to capitalize on emerging opportunities in these rapidly developing economies.

Browse market data tables, figures, and in-depth TOC on “Machine Tools Market” by End-user (Automotive, Industrial machinery, Precision engineering, Transportation, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Automotive segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

The machine tools market represents a significant sector in the global industrial landscape, encompassing a diverse range of machinery used in manufacturing processes. These tools, essential for shaping, cutting, and shaping raw materials, are indispensable for businesses seeking to optimize production and maintain a competitive edge. Market growth is driven by factors including technological advancements, increasing industrialization, and rising demand for precision manufacturing.

APAC is forecasted to hold the largest market size by region in 2024

The machine tools market represents a significant sector in the global industrial landscape, encompassing a diverse range of machinery used for shaping and manufacturing components and parts. These tools are essential for various industries, including automotive, aerospace, and heavy engineering, to produce precision components. Market growth is driven by factors such as increasing industrialization, automation, and technological advancements. Companies in this sector invest heavily in research and development to offer innovative solutions and maintain competitiveness.

The Machine Tools Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 600 Group Plc
  • Allied Machine and Engineering Corp.
  • ALZMETALL GmbH and Co. KG
  • AMADA Co. Ltd.
  • DMG MORI Co. Ltd.
  • DN Solutions Co. Ltd.
  • FALCON MACHINE TOOLS Co. Ltd.
  • FANUC Bulgaria EOOD
  • FFG European and American Holdings GmbH
  • General Technology Group Dalian Machine Tool Corp.
  • Georg Fischer Ltd.
  • Haas Automation Inc.
  • Hardinge Inc.
  • Hyundai Wia Corp.
  • JTEKT Corp.
  • Kennametal Inc.
  • Komatsu Ltd.
  • Makino Inc.
  • Okuma Corp
  • Otto Bihler Maschinenfabrik GmbH and Co. KG
.

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Research Analysis Overview

The Machine Tools Market encompasses a wide range of industrial equipment used in manufacturing industries to shape and modify various materials, including carbon steel, into intricate components with high tolerances. Key machine tools include Shearing and Bending machines, which are essential for cutting and shaping metal sheets. Advancements in technology have led to innovations such as Laser hardening, which utilizes Laser-induced heating for hardening the surface of carbon steel materials, ensuring self-cooling and improved durability. CNC manufacturers continue to lead the market, providing advanced capabilities for producing complex components. The integration of IoT, Artificial Intelligence, and robotics in machine tools has revolutionized manufacturing, enabling distant monitoring, real-time software updates, and human-machine interaction. Lightweight components in industries like electric vehicles are driving the demand for more precise and efficient machine tools. Sensors, Cloud technology, and Smart factories are also transforming the market, ensuring improved productivity and quality.

Market Research Overview

The Machine Tools Market is a significant sector in the Asian economy, particularly in the Mining sector, where Chinese capital markets play a crucial role. Machine tools are essential industrial tools used in various industries, including petroleum machinery, shipbuilding, agriculture, and the aviation and automobile industries. CNC machining methods, such as turning, drilling, and milling, are popular due to their material cost savings and precision. Machine tools include drill machines, lathes, CNC machining centers, mills, routers, plasma cutters, abrasive jet cutters, press brakes, punch presses, laser cutters, and more. These machines use continuous pathways and point-to-point pathways to create intricate components with high tolerances. The latest advancements in machine tools include programmable B axes, multi-axis arms, and computer-aided design software. These cutting-edge technologies offer flexibility, speed, and precision, reducing downtime and increasing productivity. The market for machine tools is vast and diverse, with applications ranging from forming and shaping in the automotive industry to laser hardening and laser-induced heating in the aerospace industry. Carbon steel materials are commonly used in machine tools, but lightweight components made of aluminum and other materials are gaining popularity due to their cost savings and efficiency. CNC manufacturers like Okuma offer a range of CNC machine tools for various industries, from small machine parts to large components for bridges, ships, and oil rigs. The Internet of Things (IoT) and remote monitoring are transforming the machine tools market, enabling real-time data analysis and predictive maintenance. The market for machine tools is vast and diverse, with applications ranging from forming and shaping in the automotive industry to laser hardening and laser-induced heating in the aerospace industry. Carbon steel materials are commonly used in machine tools, but lightweight components made of aluminum and other materials are gaining popularity due to their cost savings and efficiency. CNC manufacturers like Okuma offer a range of CNC machine tools for various industries, from small machine parts to large components for bridges, ships, and oil rigs. The Internet of Things (IoT) and remote monitoring are transforming the machine tools market, enabling real-time data analysis and predictive maintenance. The market for machine tools is also driven by the demand for complex parts in industries such as motorsport, automotive OEMs, and the semiconductor industry. Digital transformation, virtual manufacturing, and rapid prototyping are key trends in the machine tools market, with CAM, CAD, and 3D printing technologies gaining popularity. Business owners and operators in the machine tools industry face challenges such as increasing competition, operating costs, and the need for flexibility and speed. To stay competitive, they must invest in the latest technologies, such as CNC machines, sensors, and cloud-based software, and adopt human-machine interaction and robotics to improve efficiency and precision. In conclusion, the machine tools market is a dynamic and evolving sector that plays a crucial role in various industries, from mining to aerospace. With the increasing demand for complex parts and the adoption of cutting-edge technologies, the market is expected to grow significantly in the coming years. Businesses must invest in the latest technologies, adopt digital transformation, and focus on flexibility, speed, and precision to stay competitive.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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