CHICAGO, UNITED STATES, September 30, 2022 /
EINPresswire.com/ -- Astute Analytica reports that the
global machine tools market size was US$ 72,109.8 million in 2021 and is expected to grow to US$ 95,169.1 million by 2027 by growing at a compound annual growth rate (CAGR) of 4.7% during the study period 2022-2027.
Machine tools find applications in the processing or machining of metal or other stiff materials. These tools are widely adopted by automotive, aerospace, construction, industrial, and other industries for performing cutting, drilling, grinding, shearing, etc. The market for machine tools is anticipated to increase in the upcoming years as a consequence of the advantages of machine tools and the supporting government policies for the growth of the manufacturing sector.
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Factors Affecting the Machine Tools Market
Smart manufacturing techniques, which are based on the use of big data, the Internet of Things, artificial intelligence, machine learning, and other technologies, are gaining significant popularity. Industrial automation possesses tremendous potential in the coming years as it increases the productivity and efficiency of tasks in a variety of global sectors. The growing number of industries is expected to sustain the growth of the machine tool industry as machine tools act as a necessary component in the manufacturing process and other industrial spaces.
Government support in sustaining the growth of the industrial sector will potentially benefit the machine tools market. For instance, the government of China has been making essential efforts in order to upgrade the country’s manufacturing capabilities, especially in several targeted advanced industries, thereby driving industrial development. Made in China 2025, which is planned by the government of China, aims at reducing the 50% operating costs, production cycles, and product defect rates. Moreover, the Chinese government is planning to increase the manufacturing capacity with this initiative so that 70% of basic components and materials will be developed domestically by 2025. To attain the goal, the government has also established around 40 national innovation centres. Therefore, such strong efforts are expected to be profitable for the machine tools market. Apart from that, growing economies like China, India, Brazil, and others are slowly becoming prominent manufacturing hubs. Asia-Pacific is among the largest importers of machine tools. Meanwhile, the large share of the population of the region will also contribute to the growth of the manufacturing sector as the demand for goods and services is steadily escalating. Additionally, smart technology is gaining vital space in the industrial sector. For instance, Komatsu, a Japan-based manufacturer of equipment, technologies, and services, announced in September 2021 that the firm is working on an autonomous water truck as a commercial offering in 2022, which will also enhance safety and productivity in mines.
However, small and medium-sized firms (SMEs) are unable to use machine tools in their operations due to the high cost of installing CNC machines. According to Prototech Asia, the devices, including CNC milling machines, cost about US$35–$40 per hour to operate. As a result, SMEs' adoption of new machines is being constrained by concerns around machine tool installation and the high expense of doing so.
Industry 4.0 Concept to Gain Traction
The concept of Industry 4.0 concept has gained significant traction across the manufacturing sector, forcing authorities and private bodies to invest highly in the manufacturing sector. For example, the Indian government has set an ambition to increase the manufacturing output to 25% by 2025 from 16% as of September 2022. Moreover, India's first smart factory is under construction at Bangalore's Product Design and Manufacturing (CPDM) Center of the Indian Institute of Science (IISc).
Asia-Pacific Machine Tools Market to Lead
The Asia-Pacific machine tools market dominates the global market with the highest revenue share of more than 54% in 2021. Governments in China and India have announced targets to increase their manufacturing capacities. Initiatives like "Make in India" and "Made in China 2025" will prompt domestic manufacturing, thereby boosting the growth of the market. The per-capita income of middle-class consumers has improved, which has led to an increase in their spending on goods. To meet demand and take advantage of opportunities in the Asian market, manufacturing companies are investing in new manufacturing facilities and equipment. Additionally, end-user industries have relocated their operations to Asian nations due to low labor costs, young populations, and low raw material costs, which has caused a sharp rise in the demand for machine tools. Moreover, the region is also home to some of the large industry players, such as Amada Co. Ltd. (Japan), Okuma Corporation (Japan), etc., DMG MORI (Japan), and others, which will drive the growth of the market during the analysis period.
However, the North America machine tools market is anticipated to expand at the highest growth rate due to the growing demand for machine tools from end-use verticals such as aerospace and defense, automotive, oil and energy industries, etc. Investment in agricultural equipment may expand as a result of the US-China trade agreement, which may cause a significant increase in Chinese agricultural imports from the US.
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Competitive Scenario
Some of the key players in the machine tools market include General Technology, Trumf, DMG MORI, Okuma Corporation, and Amada Co. Ltd. These companies are maintaining strong competition in the market through their growing involvement with robust technology launches and new product development, agreements/partnerships, expansions, mergers, and acquisitions. For instance, TRUMPF obtained around 80% share in Active Fiber Systems GmbH (AFS) in Feb 2022. Active Fiber Systems GmbH is a renowned Germany-based firm known for its ultrashort-pulse laser systems and fiber-laser systems. Moreover, DMG MORI also introduced its plan to present an extensive portfolio of automated and digitized manufacturing solutions at AMB 2022, which was held in Stuttgart from September 13 to September 17, 2022.
Segment Summary
The global machine tools market segmentation is based on Product Type, Automation, Industry, Sales Channel, and Region. Based on the product type category, soluble type segments maintained their lead by holding a share of 20% in 2021, while the milling type segment is expected to grow at 7.6% during the study period. Among all the segments of Automation Type, CNC machine tools held dominance by recording a 50% share in 2021 and are expected to remain dominant throughout the study period by registering the fastest CAGR of 5.1% during the forecast period.
The report provides a thorough analysis of the Global Machine Tools Market based on the following.
By Product Type
Milling Machine
Lathe Machine
Laser Machine
Drilling Machine
Turning Machine
Grinding Machine
Electrical Discharge Machines
Machining Centers
By Automation Type
CNC Machine Tools
Conventional Machine Tools
By Industry
Automotive
Aerospace & Defense
Construction Equipment
Power & Energy
Industrial
Others
By Sales Channel
Dealers and Distributors
Events & Exhibitions
By Geography
North Americ
The U.S.
Canada
Mexico
Europe
The UK
Germany
France
Italy
Spain
Russia
Poland
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyse for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.
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Astute Analytica
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