NEWARK, Del, Jan. 30, 2023 (GLOBE NEWSWIRE) -- According to a recent Future Market Insights (FMI) report, the global milling machine market is anticipated to surpass a value of US$ 110,203.8 million by 2033. In 2023, the valuation of the market is expected to reach US$ 68,303.3 million. From 2023 to 2033, the market is set to record a steady CAGR of 4.9% approximately between 2023 and 2033.
During the 2017 to 2022 historical period, the milling machine market experienced plenty of upheavals due to the pandemic’s impact on the global economy. According to FMI’s observations, the market’s CAGR dropped to 4.5%. However, as economies recover from the pandemic, FMI expects the market to perform better.
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Milling machines are used for creating work components across a diverse array of industries ranging from automobile to food and beverage to aerospace. Typically, they are used for crafting metal parts, but they can be used to make parts out of plastics and composite materials as well. Based on shape, milling machines can be either horizontal or vertical. Both types are commonly used, but FMI expects vertical machines to register more sales during the forecast period owing to the fact that they can be used for numerous purposes such as milling, drilling, boring, and slotting.
Based on mode of operation, milling machines can be categorized into manual and computerized numerical control (CNC). Sales of CNC milling machines are anticipated to skyrocket during the forecast period owing to their ease of use, accuracy, and efficiency. However, purchases of manual milling machines are also set to continue as they offer more affordability.
Key Takeaways from the Milling Machine Market Study:
- Sales of milling machines are predicted to grow at a rate of 2.7% in 2033 in Australia.
- Demand for milling machines is anticipated to surge at a rate of 32.7% by 2023 in the United States
- India milling machine market is expected to grow at a healthy CAGR of 6.3%.
- The United Kingdom milling machine market is estimated to expand at a steady 5.3% CAGR.
- Demand for milling machines across the North America is projected to surge at a CAGR of 38% during the 2023 to 2033 forecast period.
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Competition Landscape: Milling Machine Market
Datron Dynamics Inc., Yamazaki Mazak Corporation, Amera-Seiki, Hass Automation, Inc., Anderson Europe GMBH, Hurco Companies, EMCO Group, and Okuma Corporation are among the leading companies in the global milling machine market.
FMI expects both top and emerging players to invest heavily in research and development for delivering innovative features through their products. Collaborations between international and local players are likely as well.
Get Valuable Insights into Milling Machine Market
FMI, in its new offering, provides an unbiased analysis of the milling machine equipment market presenting historical demand data (2017 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for milling machine equipment based on as below:
By Product:
- Vertical Mills
- Horizontal Mills
By Application:
- Automotive
- General Machinery
- Precision Engineering
- Transport Machinery
- Others
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Table of Content
1. Executive Summary | Milling Machine Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries
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