Latest News- Woodworking Machines Market: Furniture is expected to lead the Application segment during 2024-2028

The Woodworking Machines Market is being driven by Increasing adoption of automated woodworking machines

The Woodworking Machines Market is expected to grow at a CAGR of 4.74% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.32 billion. In the realm of industrial manufacturing, the Internet of Things (IoT) is revolutionizing the woodworking machines market by enabling machines to connect to the internet and communicate with other devices. IoT extends beyond traditional computing devices, with an increasing number of machines integrating embedded technology to join the IoT network. Big data analytics plays a pivotal role in this context, as it allows the extraction of valuable insights from massive data volumes generated by these interconnected machines. This technology, once confined to the IT sector, is now a game-changer in process and discrete industries, including woodworking, by enhancing operational efficiency and productivity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Furniture
  • Construction
  • Shipbuilding
• Distribution Channel
  • Offline
  • Online
• Geography
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption of automated woodworking machines
• Growing demand for wooden furniture
• Rising construction of residential and commercial buildings

However, the market also witnesses some limitations, which are as follows:

• Declining wood supply and increasing timber prices
• High cost of installation of automated woodworking machines
• High cost of prefabricated construction

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Market Scope in Woodworking Machines Market Research Report

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Research Analysis Overview

The woodworking machines market is witnessing a surge in demand due to increasing foreign interest in sustainable construction solutions for wooden houses and modular construction. Beams, insulation, and boards are in high demand for structural applications, insulation, and furniture manufacturing. Robotic arms and computerized control systems are revolutionizing manufacturing processes, while CLT and CNC machines are popular for precise engineering. The pandemic has disrupted the supply chain, but the market remains large-scale and automated, with renewable resource wood products seeing a shift towards personalized, customized wooden products and traditional building materials like steel. The changing lifestyle and energy consumption concerns are driving the demand for sustainable construction practices, including insulation and renewable resource materials like plywood. The machinery market also caters to niche industries like shipbuilding and furniture manufacturing, with solutions for raw wood materials and traditional manufacturing processes.

Market Research Overview

The global woodworking machines market, as per Technavio, is a segment of the larger industrial machinery market, encompassing firms that manufacture machinery and components for the wood industry. This market includes woodworking machines, such as saws, planers, and sanders, used in wooden house construction and wood product manufacturing. Technavio's industrial machinery market analysis identifies several growth drivers, including rising industrial output leading to increased demand for capacity additions in process and discrete industries, surging global demand for energy, chemicals, and related products, and the expanding wooden house market. Furthermore, industry innovation, domestic demand, and industry research are key factors fueling market growth. However, safety concerns and accidents related to machinery usage remain a challenge. Additionally, efforts to reduce CO2 emissions and industry investment in sustainable manufacturing practices are shaping the market landscape. According to Technavio's industry statistics, the global industrial machinery market is expected to grow steadily, driven by these factors and the overall expansion of various industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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