New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- As per a study conducted by Persistence Market Research, the global Broaching Machines market is anticipated to secure US$ 865.34 Billion in 2022.Owing to the integration of technology in Broaching Machines is increasing the use of the same in various sectors. The market for Broaching Machines is likely to flourish significantly, securing US$ 1,318.35 Million while recording a CAGR of 4.3% during the forecast period from 2022-2032.
Broaching machines are used to perform several operations in heavy industries. It helps to manufacture industrial components and sub-assembly parts such as shafts, gears, and splines. Rapid growth in the heavy industrial sector (automotive, marine, shipbuilding, aeronautics, machinery making) that require broaching operations is fostering the demand for broaching machines. Moreover, increase in investments by private firms and government bodies to operate heavy industries are also expected to drive demand for broaching machines in the near future.
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The increasing demand for CNC-incorporated machine tools is one of the major factors that is expected to propel the growth of the broaching machines market. CNC machines adhere to design specifications efficiently. The efficiency of CNC broaching machines has improved, with the use of CNC, software, and servo technology. These machines also provide advantages such as energy savings and high precision during metal cutting, key formation, and gear making, which has helped in automating the entire metal fabrication and metal cutting process. The use of CNC broaching machinery helps in reducing operational costs. All these factors have increased the demand for CNC broaching machines for the metal cutting process.
Key Takeaways from the Market Study
- By end use, automotive sector is expected to possess 40% market share for Broaching Machines market.
- By product type, vertical segment is expected to register considerable revenue in 2022 and is expected to depict a growth rate of nearly 4.5% through 2032.
- The US Broaching Machines market is poised to register a growth rate of 4.0% through 2032
- Europe is expected to possess 38% market share for Broaching Machines in 2022.
- China is projected to register a CAGR of 4.0% for Broaching Machines market in the forecast period 2022-2032.
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Competitive Landscape
Prominent players in the Broaching Machines Industry are taking advantage of the rapidly increasing demand for the Broaching Machines in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:
- In January 2022, Pioneer Broach Company’s machining division added five new machines to further its capabilities in the manufacturing of Aero Engine components, specifically Turbine Blades and Nozzle Segments. The new machines include Magerle MFP30 – 5-axis grinding machine, Makino BX3 – 5-axis EDM hole drilling machine, Makino U3 – Wire EDM, Makino Edge 3 – Sinker EDM, Renishaw Agility L 9158 5-axis CMM + Revo Scanning Head, and Renishaw Equator Shop Floor Gaging System.
- In September 2022, CNC Broach Tool LLC announced to offer indexable carbide spline cutting inserts, which fit their existing line of tool holders. These spline inserts can be used to punch broach both internal & external involute splines in a CNC lathe or mill. Each spline insert has 2 cutting edges and are TiN coated carbide just like their stock standard keyway insert product line.
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About the Industrial Automation Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations - the industrial automation team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on industrial automation of which 100+ reports specific for industrial automation. The team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the industrial automation industry.
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