Machine Tools Market Growth & Trends
The global machine tools market size is expected to reach USD 127.7 billion by 2030, registering a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. The industry is primarily driven by the rising demand from the capital goods sector, particularly the automotive and textile sectors. Furthermore, the expanding manufacturing industry is likely to drive demand for machine tools. The COVID-19 pandemic has had a significant impact on the machine tool industry, as well as many other industries. The global economic slump caused by the pandemic resulted in a significant drop in demand in the first two quarters of 2020. Factory shutdowns, disrupted supply chains, component scarcity, logistical challenges, and other difficulties exacerbated the situation. Primary industrial users including the automotive, aerospace & military, railroads, capital goods, and consumer durables sectors have a considerable demand for machine tools.
The rapid growth of these sectors as well as the search for additional oil & gas reserves are the main forces behind the industry development. The global expansion of the metalworking process sectors has sparked a demand for milling machines, which, in turn, has fueled industry development. The need for automatic machine tools has increased as a result of the expansion of the manufacturing industry, and this demand is anticipated to drive the market for CNC machine tools. Industry players are considering collaborations, mergers, and acquisitions to diversify their product lines and boost production capacity. Manufacturers are also concentrating on expanding their production facilities to meet the rising demand from important end-use industries including aerospace, automotive, and electrical.
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Machine Tools Market Report
Machine Tools Market Report Highlights
- Milling machines accounted for a significant share of the global revenue in 2021 as a result of the extensive range of operations it is capable of performing, including turning, chamfering, gear cutting, and filleting
- The turning machine segment also witnessed considerable growth in 2021 due to advantages, such as high-quality production, cheaper machining costs, high speed, and increased output
- CNC machines reduce human errors while increasing manufacturing speed, which streamlines several operational activities. The rising demand for automated manufacturing in the industrial sector has increased the use of CNC machines
- The F5 Pro6 vertical machining center from Makino was introduced in June 2019. It is intended to provide rigidity and stiffness for chatter-free cutting as well as agility for high-speed/hard-milling operations
- The automotive application sector will witness a steady growth over the forecast years owing to the rapid expansion of the automotive manufacturing industry and changing user expectations in terms of automobile quality
- Amada Co., Ltd. announced the debut of ARPAS in April 2022, a high-speed line system with articulated robots and stamping servo presses that greatly increases the transfer speed of processed goods between stamping press machines
