New York, US, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR),” Multi-Tasking Machine Tools Market Information Report by Product Type (Milling, Drilling, Turning, and Others), by Application (Automotive, General Machinery, Aerospace, and others) and By Region - Forecast To 2030”, the global market is expected to reach USD 1.98 BN by 2030, growing at a 5.78% CAGR from 2022 to 2030.
Multi-Tasking Machine Tools Market Overview
The global multi-tasking machine tools market is growing continually. These tools can dramatically improve the machining process and allow for incredible ROI. Resultantly, multi-tasking technologies have become inevitable to offset higher wages & boost efficiency. The multi-tasking machine tools market witnesses huge demand from the global manufacturing industry that has accelerated the use of multi-tasking machine tools. Major manufacturers are fostering investments in R&D and production and adopting automated production processes. Resultantly, multi-tasking machine tools industries worldwide witness rising revenues.
Top Key Players Listed below:
- Doosan Machine Tools Co. Ltd. (U.S.)
- Yamazaki Mazak Corporation (Japan)
- Nakamura-Tome Precision Industry Co. Ltd. (japan)
- Jyoti CNC Automation Ltd. (India)
- Takisawa machine tool co. ltd. (Japan)
- Tongtai Machine & Tool Co. Ltd. (Taiwan)
- Trevisan Machine Tool. (U.S.)
- DMG Mori Co. Ltd. (Japan)
- Accuway Machinery Co. Ltd. (Taiwan)
- Okuma India Pvt. Ltd. (India)
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Multi-tasking machine tools are an important aspect of modern manufacturing and factories. Today, most companies have installed automated multi-tasking machines to empower production with resiliency, agility, and responsiveness, while reducing time to market while mitigating various risks. It increases capacity utilization, which drives capital investment in the newest automation technologies.
Multi-tasking machine tools are equipped with an automatic tool-changing function to perform various tasks simultaneously without needing different machines. These machines can perform several cutting processes, such as turning, milling, drilling & deep-hole boring, and tapping, instead of having those same processes handled by multiple machines. These tools enable smarter, tech-oriented workforces to boost production further.
Industries are increasingly moving towards the automation of manufacturing and related processes. Various automated & controlled processes are being deployed across industries. All industries benefit from multi-tasking machine solutions, whether automotive, aerospace, or electronics. Besides, logistics in the manufacturing sectors that were severely affected during the coronavirus pandemic prompted companies to consider localizing more manufacturing.
business continuity, eliminating commute times, expanding the talent pool, and encouraging diversity.
Multi-Tasking Machine Tools Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 1.98 billion |
| CAGR during 2022-2030 | 5.78% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Drivers | Growing automotive sector across the globe Growing use of multi-tasking machines in the aerospace industry |
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Industry Trends
Adaptation to Industry 4.0/5.0, smart manufacturing, factory automation, and IoT are key market trends influencing the multi-tasking machine tools market landscape. Manufacturing sectors worldwide are preparing themselves for Industry 5.0 changes. Adaptation to technology, IoT, and Industry 5.0 automation remains a major challenge as SMEs have limited knowledge and funds in these fields.
Other challenges related to skilled worker shortages and the need to minimize manufacturing costs remain a threat, especially in developing countries like China and Vietnam. In a scenario like this, manufacturing companies try to diversify their product lines and production techniques by incorporating economies of creativity to cope with the inevitable changes and risks.
Introducing new machines, technologies, and processes are some strategies they incorporate to stay ahead of the game, manage changes, and overcome competition risks. Manufacturing industries would continue to transform in the years to come, witnessing vast automation, thereby driving the multi-tasking machine tools market demand. Multi-tasking machines perform most modern manufacturing processes.
Increased production capacities have become the need of the hour as conventional manufacturing mechanisms are inadequate to meet these requirements. The spurring rise in manufacturing sectors worldwide increases the market size. Besides, developments in robotics and AI, along with the adoption of industry 4.0, foster the market share. The market demand is expected to escalate further due to the rise of industry 4.0.
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Moreover, favorable government policies for the manufacturing sector and increased focus on economic diversification in emerging countries would act as the two major market growth propellers. Automation and its major expedition across industries are expected to drive the multi-tasking machine tools market growth. Demand for innovative multi-tasking machines and networking technologies continues to increase the multi-tasking machine tools market size.
On the other hand, rapidly changing technological trends are a major hindrance to market growth. Changes in manufacturing techniques are projected to act as major growth hindering factors for the multi-tasking machine tools market during the assessment period. Also, high installation costs and compatibility issues are two major factors expected to slow down the multi-tasking machine tools market share.
Multi-Tasking Machine Tools Market Regional Analysis
Industries across the globe started fostering their investments in deploying these machines. Developed countries like the US, Germany, and Sweden are at the forefront of adopting multi-tasking machines to improve trade. Due to higher wages and workforce shortages, the US invests exponentially in multi-tasking machine tools more than any other country.
The country has also lowered the dollar value compared to other global currencies so that US manufacturing capacity utilization exceeds 80 %. This is further expected to incentivize US manufacturers to invest more in these machines. However, the US is not the largest adopter of multi-tasking machines. Other countries, especially China and India, are witnessing heavy investments in deploying multi-tasking machine tools technologies.
Multi-Tasking Machine Tools Market Competitive Analysis
Highly competitive, the multi-tasking machine tools market appears fragmented due to the presence of several well-established players. These industry players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launches to gain a larger competitive share. They make substantial R&D investments in developing a completely different technology than their competition. Another strategy of these firms is close collaboration with automakers and aircraft manufacturers to provide customized solutions.
For instance, on June 17, 2022, Mazak Corp. showcased 19 machines that can operate in real-world production at the International Manufacturing Technology Show (IMTS). Mazak series of machines include the Ez, Integrex Multi-Tasking, the NEO Series, and the Syncrex Swiss-Style. At IMTS, the company will also feature the QT-Ez 8MY Multi-Tasking CNC Turning Center, which handles various materials and milling capabilities.
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In another instance, on April 12, 2022, Yamazaki Mazak announced its plan to open a new Laser Technology Center in Italy. The company has set up ten production plants and multiple sales subsidiaries worldwide, with 14 out of them in Europe. The latest addition is a European Technology Center Laser in Milan, Italy. The rapid developments in laser cutting technology have led the company to open a dedicated site for ETC Laser alongside the Italian subsidiary in Cerro Maggiore, near Milan.
Visitors to the new ETC Laser can experience a suite of laser solutions as well as a variety of Mazak machine tools, including the Integrex range of Multi-Tasking machines, the new Variaxis C-600 simultaneous 5-axis vertical machining center, and QTE-200M entry-level turning center. Mazak's FG-220 is the newest fiber laser machine, integrating multiple production processes in one single machine to reduce setup time, lead time, fewer operators, and floor space requirements.
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