May 26, 2022 09:30 ET | Source: Astute Analytica Astute Analytica
New Delhi, May 26, 2022 (GLOBE NEWSWIRE) -- According to the study published by Astute Analytica, the Global Machine Tools Market is projected to make a forward leap in its revenue from US$ 72,109.8 Mn in 2021 to US$ 95,169.1 Mn by 2027. The market is registering a CAGR of 4.7% during the forecast period. In terms of volume, the market is registering a CAGR of 3.6% over the projection period.
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Machine tools are used for cutting, drilling, grinding, and shearing, while processing or machining metal or other stiff materials. Machine tools offer various advantages, the most important of which is the ability to produce in large quantities with minimal effort. Further, machine tools help in bulk and hassle-free production. Thus, the machine tools market is expected to rise in the coming years due to the increasing benefits of machine tools and the growing government initiatives for the manufacturing sector's growth.
The manufacturing industry is benefiting from the favorable government rules and policies of various country-level governments, which is driving up the demand for machine tools. For instance, in 2016, the Chinese government implemented "Made in China 2025" and "Industry 4.0." The goal of which was to minimize China's reliance on foreign technology imports and thereby increase investments in domestic inventions by 40% in 2020 and 75% by 2025.
Further, in a range of industries around the world, industrial automation is assisting in increasing efficiency and output. Because machine tools function in real-time to give control of various sections involved in the manufacturing process and other industrial requirements, the expansion of industries is proportional to the growth of the machine tool market. Also, the industrial sector's strong emphasis on increasing efficiency and decreasing downtime is projected to fuel market growth. Emerging economies such as China, India, Argentina, Poland, and Brazil among others have become a hub for the manufacturing sector.
The Asia-Pacific region is one of the largest importers of machine tools owing to the growing manufacturing sector due to the large share of the population in the APAC coupled with the rising demand for goods and services. In addition, the growing demand for mass production in industries such as aerospace and military, and other industries is likely to increase machine tool usage. Also, metal cutting tool demand is increasing in tandem with the increased use of metals in numerous industries, which projects well for the market growth. Thus, machine tools are becoming more prevalent in manufacturing operations, as it helps organizations in enhancing efficiency, maximizing resources, and develop new goods.
The high cost of installing CNC machines prevents small and medium-sized businesses (SMEs) from incorporating machine tools into their operations. According to Prototech Asia, machines including CNC milling machines cost roughly US$ 35-40 per hour to run. Thus, concerns regarding machine tool installation and the high cost of adopting machines within SMEs are hampering the market growth.
The rising adoption of automatic tools by various manufacturing industries is providing a lucrative opportunity for market growth. The usage of autonomous tools is expected to be propelled by the growing number of smart factories in the industrial sector, as well as increased spending by manufacturers on new equipment to maintain product quality and precise measurements. Furthermore, market players are relying on strategic alliances such as partnerships to get a better hold of the market. For example, in 2017, DMG MORI and FUCHS PETROLUB SE signed a collaboration agreement that allows the two firms to collaborate on the development of novel lubricant solutions and services for machine tool applications.
As Industry 4.0 is gaining traction across the manufacturing sector, it is having an impact on the machine tools market, which is trying to integrate into smart systems. Industry 4.0 has the potential to improve the usage of machine tools in production operations by reducing idle time.
Asia Pacific dominates the global market of machine tools
Global market analysis includes the following regions - North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. The Asia Pacific is the highest shareholder region in the Global Machine Tools Market in 2021, registering a revenue share of more than 54.1%. The Asia Pacific market also records the highest CAGR over the projection period. This is attributed to regional governments' initiatives to promote local manufacturing, such as "Make in India" and "Made in China 2025." Further, rising middle-class income in APAC countries has led to increased expenditure on goods. Moreover, manufacturing businesses are investing in new production plants and machines to meet the growing demand for machine tools and seize opportunities in the Asian market. Furthermore, lower labor costs, young populations, and low raw material costs have led end-user industries to shift their businesses to Asian countries, thereby driving a rapid increase in machine tool demand.
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The key players in the Global Machine Tools Market are Trumf, DMG MORI, General Technology, Amada Co. Ltd., and Okuma Corporation among others Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisitions in order to have a grip in the stabilized China market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
The various segmentations considered to analyze the Global Machine Tools Market are based on product type, automation type, industry, sales channel, and region. Further, market size analysis based on revenue is included in the report's market segments. For instance, in the product type category, milling machines are expected to expand at the highest growth rate of 7.4% over the forecast period, while machine centers are estimated to account for the highest market share of 20% in 2021. Similarly, the CNC machine tools among the automation type dominated the market with more than 50% share in 2021 and are also projected to grow at the highest CAGR during the forecast period.
The following are the different segments of the Global Machine Tools Market:
By Product Type segment of the Global Machine Tools Market is sub-segmented into:
By Automation Type segment of the Global Machine Tools Market is sub-segmented into:
By Industry segment of the Global Machine Tools Market is sub-segmented into:
By Sales Channel segment of the Global Machine Tools Market is sub-segmented into:
By Geography segment of the Global Machine Tools Market is sub-segmented into:
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