Pune, Oct. 14, 2020 (GLOBE NEWSWIRE) -- The global machine tools market size is expected to gain momentum by reaching USD 151.90 billion by 2027 while exhibiting a CAGR of 4.5% between 2020 and 2027. This is attributable to the increasing adoption of smart machine tools and advanced technology such as cloud computing. Additionally, the growing automotive sector across the globe will favor market growth. This information is published by Fortune Business Insights, in its latest report, titled, “Machine Tools Market Size, Share & COVID-19 Impact Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 112.78 billion in 2019.
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COVID-19 Effect: Partial Halt in Production to Limit Growth
The global pandemic has led to a total shutdown of manufacturing plants, reduced availability of laborers, and less availability of raw materials. All these factors are hampering the growth of the market. However, in spite of the novel coronavirus impacting growth, the suppliers are focusing on resuming production activities by adhering to the government norms to maintain social distancing and contain the widespread effect of the disease. This is expected to contribute to the growth of the market in the near future.
Machine tools are machine systems adopted to handle rigid material or other machines. These tools are widely adopted for shaping or cutting metals or other materials. There are different types of tools used extensively across industries such as gear shaper, broaching machine, lathe, milling machine, hobbing machine, and drill press, among others. The rise of modern technology has led to the adoption of computer-controlled tools to aid in the production of precision instruments, metal parts, and tools.
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What does the Report Include?
The report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Growing Adoption of Smart Machine Tools to Propel Demand
The advent of the Industrial Revolution 4.0 has led to remarkable technological changes across several industries. The manufacturers are adopting advanced modern technologies such as cloud computing, robotics, and artificial intelligence (AI) to improve overall productivity. In addition to this, the rising automotive sector in emerging economies is expected to favor the demand for innovative machine tools to reduce operating costs and speed up the operation processes. Therefore, the increasing adoption of smart tools and systems is anticipated to contribute to the growth of the machine tools market during the forecast period.
SEGMENTATION
Precision Engineering Segment Held 14.6% Market Share in 2019
The precision engineering segment, based on application, held a market share of about 14.6% in 2019 and is expected to experience significant growth in the forthcoming years. The growth is attributed to the growing demand for precision engineering machine tools for industrial applications such as aerospace, automotive, and manufacturing.
REGIONAL INSIGHTS
Asia-Pacific to Remain at the Forefront; Increasing Demand for Automotive to Aid Growth
Among all the regions, the market in Asia-Pacific is expected to remain dominant and hold the highest position in the global machine tools market during the forecast period. This dominance is attributable to the increasing demand for automotive in countries such as China and India that propels the demand for adoption of advanced machine tools in the region. The region generated USD 59.41 billion in terms of revenue in 2019.
The market in North America is anticipated to showcase an exponential growth owing to the growing demand for advanced tools and systems from the manufacturing industries in countries such as the U.S. in the region between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Major Companies Focus on Introducing Innovative Products to Strengthen Their Market Positions
The global market is fragmented by the presence of major companies that are striving to maintain their presence and further consolidate their positions. These companies are focusing on R&D activities to launch advanced machine tools and systems to gain an edge over their rivals in the fiercely competitive market in the forthcoming years.
Industry Development:
- September 2020 – NUM, a leading CNC systems provider, announced the launch of a digital twin technology that aids in reducing operation time for machine tool manufacturers. The technology further helps to accelerate the development of services, products, and processes.
List of the Key Companies Profiled in Machine Tools Market:
- Yamazaki Mazak Corporation (Aichi, Japan)
- Doosan Machine Tools Co., Ltd. (Seoul, Korea)
- Trumpf (Ditzingen, Germany)
- Amada Machine Tools Co., Ltd (Kanagawa, Japan)
- JTEKT Corporation (Nagoya, Japan)
- MAG IAS GmbH (Wurttemberg, Germany)
- Schuler AG (Goppingen, Germany)
- Makino (Tokyo, Japan)
- Hyundai WIA (Gyeongsangnam-do, Korea)
- Komatsu Ltd. (Tokyo, Japan)
- Okuma Corporation (Aichi, Japan)
- FANUC Corporation (Yamanashi Prefecture, Japan)
- Haas Automation Inc. (California, U.S)
- Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Tokyo, Japan)
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Detailed Table Of Contents
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Market Sizing Estimations and Forecasts – By Technology (Value)
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