DUBLIN--(BUSINESS WIRE)--The "Machine Tools Market Size, Share, & Trends Analysis Report by Type (Lathe Machine, Milling Machine), by Technology, by Sales Channel, by End Use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global machine tool market size is expected to reach USD 130.88 billion by 2030, expanding at a CAGR of 5.5% from 2022 to 2030
The promising growth prospects of the machine tools industry can be attributed to the rise in the demand for superior quality products, which are achieved through high precision machine tools, and the growth of industries that produce a range of end products using machine tools. The increasing demand for mass production capabilities in end-use verticals such as automobile and industrial has encouraged the automation of machines.
Moreover, the growing metalworking industry worldwide is also one of the major factors driving the market growth. The growing demand for multi-axis systems is anticipated to emerge as a key trend during the forecast period.
Multi-axis systems provide the capability to manufacture extremely complex parts required in the automotive and aerospace & defense industries. Several vendors have started offering innovative 5-axis machining systems.
For instance, in January 2021, Yamazaki Mazak announced the launch of the VARIAXIS i-800 NEO, a versatile 5-axis machining center. VARIAXIS i-800 NEO offers improved basic performance and is equipped with the MAZATROL Smooth Ai, a newly developed CNC device.
Several machine tool manufacturers are focusing on strategies such as product launches, partnerships, and mergers and acquisitions to expand their geographical presence. Companies are integrating their products with technologies such as artificial intelligence and IoT to enhance their features.
For instance, in January 2021, NUM, a technology solution provider for machine tools, announced the launch of an artificial intelligence software for CNC machine tools. This software offers CNC machine tool users cost-effective machine condition monitoring capabilities.
The COVID-19 pandemic adversely impacted the machine tools market growth, owing to the disruption in supply chain activities and government-imposed restrictions on movement worldwide. Numerous manufacturers demanded rented machine tools during the pandemic to help them fulfill their production demands while reducing their operating costs.
However, as restrictions are relaxed and the manufacturing industry recovers, the demand for machine tools across the globe is expected to increase during the projection period.
Machine Tool Market Report Highlights
Penetration and Growth Prospect Mapping
Machine Tools Market-Porter's Five Forces Analysis
For more information about this report visit https://www.researchandmarkets.com/r/10vnjr
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