Pune, April 06, 2020 (GLOBE NEWSWIRE) -- The global milling machine market is set to gain traction from the rising demand for minimizing wastage and lowering the cost from various industries. These machines require very less production time and deliver superior quality products. This information is provided by Fortune Business Insights™ in a recently published report, titled, “Milling machine Market Size, Share & Industry Analysis, By Type (Vertical Mills, Horizontal Mills & Others), By Application (Automotive, General Machinery, Precision Engineering, Transport Machinery & Others) and Regional Forecasts, 2019-2026.” The report further mentions that the milling machine market size stood at USD 13.22 billion in 2018 and is anticipated to be at USD 16.01 billion in 2026, thereby exhibiting a CARG of 2.4% during the forecast period.
What are the Questions That This Report Answers?
- How many companies are set to remain on top based on competition?
- Which region would be in the leading position in the coming years?
- What are the milling machines market trends?
- How many opportunities and challenges would the market come across?
- Which segment would dominate during the forecast period?
- What are the current, future, and historical sizes of the market?
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Drivers-
Upgradation of Hardware & Technology to Propel Growth
Nowadays, owing to technological advancements, the hardware of milling machine is upgraded on a regular basis. It is further increasing their capacity to produce customized products in bulk quantity. These machines are highly demanded from various industries ranging from general manufacturing and automobiles to electronics. Companies across the world are trying to work on improving their manufacturing facilities to upsurge their outputs. These factors are set to augment the milling machine market growth during the forthcoming years.
Segment-
Ability to Provide High Energy Efficiency to Drive Vertical Mills Segment
Based on type, the market is grouped into horizontal mills, vertical mills, and others. Out of these, the horizontal mills segment procured a milling machines market share of 31.4% in 2018. It is likely to grow considerably in the coming years backed by their ability to provide an enhanced surface finish. These are extensively utilized for complicated parts and systematic purposes. However, they have very limited usage in automotive and precision engineering industries. The vertical mills segment is projected to showcase moderate growth because of their surging demand from various industries. These also provide superior performance and high energy efficiency.
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Regional Analysis-
Asia Pacific to Lead Stoked by Rapid Industrialization
In terms of region, the market is fragmented into the Middle East and Africa, North America, Europe, Latin America, and Asia Pacific. Amongst these, Asia Pacific is anticipated to lead in the coming years in terms of the milling machine market revenue. This growth is attributable to the increasing number of pre-existing manufacturing companies in the emerging nations, such as South Korea, India, Japan, and China. Apart from that, rapid industrialization, rising number of economically developing countries, and increasing awareness programs regarding energy-efficient production processes would contribute to the market growth.
Europe, on the other hand, generated a revenue of USD 4.09 billion in 2018 and is expected to grow significantly on account of the development of technologically advanced product line and energy-efficient milling machines. Besides, rising demand for processing and manufacturing operations are set to fuel growth in this region. North America would grow stagnantly because of the increasing number of mergers and acquisitions by prominent organizations present in this region.
Competitive Landscape-
Key Players Focus on Mergers & Acquisitions to Provide Better Service to their Consumers
The market is highly competitive. It consists of numerous enterprises that are presently focusing on the strategy of mergers and acquisitions to serve their existing consumer bases better and broaden their geographic presence. At the same, they would be able to gain more market share. Below are two of the vital industry developments:
- May 2017: Baker Industries, a manufacturing partner for custom molds, fixtures, and tooling based in Michigan, announced the acquisition of a novel horizontal universal milling machines from Emco Mecof, a manufacturer of machine-tools headquartered in Italy. The machine is called EcoMill 5-axis. This new acquisition would help Baker to improve its levels of consumer services while meeting the ever-increasing demand.
- July 2015: Hurco Companies, Inc., an industrial technology company headquartered in Indiana, successfully completed the acquisition of Milltronics Manufacturing Company, Inc., a manufacturer and supplier of computer numerical control (CNC) machines, based in Minnesota.
List of the Key Companies Operating in the Milling Machine Market. They are as follows:
- Okuma Corporation (Aichi, Japan)
- Haas Automation, Inc. (Oxnard, California)
- EMCO group (Hallein, Austria)
- DATRON Dynamics, Inc. (Milford, New Hampshire)
- Hurco Companies, Inc. (Indianapolis, Indiana)
- FANUC CORPORATION (Yamanashi, Japan)
- KNUTH Werkzeugmaschinen GmbH (Wasbek, Germany)
- YAMAZAKI MAZAK CORPORATION (Aichi, Japan)
- ANDERSON EUROPE GMBH (Detmold, Germany)
- Amera-Seiki (Houston, Texas)
- Other key market players
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Milling Machine Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Vertical Mills
- Horizontal Mills
- Others (Gantry mills, etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others (Electrical, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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