Rockville, MD., July 24, 2024 (GLOBE NEWSWIRE) -- As per an updated research study published by Fact.MR, the global Machine Tool Market is expected to be valued at US$ 71.6 billion in 2024 and further advance at 5.1% CAGR from 2024 to 2034. The high use of metals in various industries is the main reason the demand for metal-cutting machine tools is so high worldwide.
Due to ongoing technological advancements, the machine tool market is growing at a steady pace as they are becoming more accurate, adaptable, and high-performing. This is especially true when combining CNC (computer numerical control), IoT (Internet of Things), and AI (artificial intelligence).
CNC technology enables highly accurate and automated machining operations; IoT enables real-time data analysis and monitoring for enhanced productivity and preventive maintenance. Artificial Intelligence (AI) enhances decision-making and process optimization, leading to more intelligent and flexible industrial systems.
Together, North America and East Asia account for over half of global sales of machine tools. These two regional markets will continue leading over the next ten years as well. Among all the different types of tools available, metal-cutting machine tools are most widely demanded and account for over three-fourths market share.
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Key Takeaways from the Machine Tool Market Study:
- Worldwide revenue from the sales of machine tools is projected to reach US$ 117.74 billion by the end of 2034.
- The North American market is estimated at a value of US$ 16.25 billion in 2024.
- East Asia is analyzed to account for a 31.1% share of the global market by 2034.
- Sales of machine tools in Japan are projected to reach US$ 8.72 billion by the end of 2034.
- The market in the United States is expected to reach US$ 13.23 billion in 2024.
- The South Korea market is forecasted to expand at 5.6% CAGR through 2034.
- Use of machine tools in automotive and transportation is forecasted to increase at 5.1% CAGR through 2034.
“Continuous expansion of the industrial sector and technological advancements in machine tools, such as robotic and multi-axis arms, are driving market growth,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Machine Tool Market:
Key industry participants like Trumpf; Schuler AG; Makino; Mitsubishi Heavy Industries Machine Tools Co., Ltd.; Doosan Machine Tools Co., Ltd.; Yamazaki Mazak Corporation; Hyundai WIA; Okuma Corporation; Chiron Group SE; DN Solutions; Amera Seiki.
Application of Machine Tools Growing in Automotive and Transportation Industries
The automotive and transportation sectors account for significant demand for machine tools due to their need for precise and efficient machining processes to produce complex components like engine parts, transmission systems, and chassis components. These industries rely heavily on machine tools to achieve the precise measurements and high-quality finishes required for these components.
Characterized by lengthy product development cycles and high manufacturing volumes, the automotive and transportation industries distinguish themselves by focusing on reducing lead times and streamlining production processes to enhance efficiency. Additionally, the creation of unique components for electric and autonomous vehicles necessitates innovative machining solutions, further driving the demand for machine tools.
Machine Tool Industry News:
The global market for machine tools is highly fragmented, with a large number of local and regional players. Key players in the machine tool market are focusing on launching new products to meet the dynamic needs of the industry. This strategy aims to strengthen their market presence and better serve consumer needs.
- In February 2024, Nidec Machine Tool introduced a compact, powerful universal head designed to be light, thin, short, and small, capable of fulfilling various machining needs.
- Also in February 2024, SMBXL, a prominent technology business assisting MSMEs, launched the first online B2B machine tools expo in India. This expo features over 1250 machine tool companies from 106 Indian locations, representing more than 35 different machine tool categories. The event is anticipated to attract 500,000 manufacturers, prospective clients, dealers, and business associates.
- In August 2023, Okuma America Corporation unveiled a next-generation machine control for CNC machine tools, offering an improved user experience and high-speed operations for end users.
- In September 2022, DMG MORI CO., LTD developed a blue laser for LASERTEC machines and enhanced the features of the AM assistant, focusing on providing advanced solutions for additive manufacturing.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type:
- Metal Cutting
- Metal Forming
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by End Use:
- Automotive & Transportation
- Electrical & Electronics
- Machinery
- General Manufacturing & Other End Uses
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the machine tool market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (metal cutting, metal forming) and end use (automotive & transportation, electrical & electronics, machinery, general manufacturing & other end uses), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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