Press release
Machine Tools Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | TRUMPF Group, Amada Co Ltd., Chiron Group SE, Atlas Copco AB, Sandvik AB
Machine Tools Global Market
The Business Research Company offers in-depth market insights through Machine Tools Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The machine tools market size has grown strongly in recent years. It will grow from $92.21 billion in 2023 to $97.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to industrial revolution and manufacturing growth, globalization and industrialization, automotive and aerospace growth, precision engineering and quality standards, military and defense sector demand.
The machine tools market size is expected to see strong growth in the next few years. It will grow to $122.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to shift towards lightweight materials, global infrastructure projects, medical and healthcare industry requirements, renewable energy sector demands, aerospace and defense sector expansion. Major trends in the forecast period include automation and robotics integration, digitalization and industry 4.0, demand for multi-functionality, sustainable manufacturing practices, adoption of 5-axis machining.
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Market Segmentation:
The machine tools market covered in this report is segmented -
1) By Product Type: Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, Other Product Types
2) By Automation Type: CNC Machine Tools, Conventional Machine Tools
3) By Sales Channel: Direct, Indirect
4) By Industry: Automotive, Aerospace and Defense, Construction Equipment, Power and Energy, Industrial, Other Industries
Major Driver - The Role Of A Booming Manufacturing Sector In Fueling Machine Tools Market Expansion
The growing manufacturing industry is expected to propel the growth of the machine tools market going forward. Machine tools refer to power devices that are used to process workpieces and act as important equipment in the manufacturing process of mechanical parts. These machines are used for forming, cutting, and joining tools. As a result, growth in the manufacturing industry will increase the demand for machine tools. For instance, in September 2021, according to India Brand Equity Foundation (IBEF), an India-based government agency, 2021 India received $30 billion worth of foreign direct investments which increased to 15% when compared to previous years and in the same year, the government approved the production-linked incentive (PLI) scheme worth $3.53 billion for the manufacturing auto industry and drone industry to boost India's manufacturing capabilities. Therefore, the growing manufacturing industry is driving the growth of the machine tools market.
Competitive Landscape:
Major companies operating in the machine tools market report are Robert Bosch GmbH, The Black & Decker Corporation, Stanley Black & Decker Inc., Techtronic Industries Co Ltd., JTKET Corporation, Makita Corporation, Hilti AG, Hyundai WIA Corporation, TRUMPF Group, EBARA CORPORATION, Georg Fischer AG, Lincoln Electric Holdings Inc., Makino Milling Machine Co Ltd., OKUMA Corporation, GROB-WERKE GmbH u. Co KG, Shenyang Machine Tool Co Ltd., Haas Automation Inc., Falcon Machine Tools Co Ltd., Ace Micromatic Group, Amada Co Ltd., Chiron Group SE, Yamazaki Mazak Corporation, MAG IAS GmbH, MC Machinery Systems Inc., Spinner Tooling Technologies, Doosan Machine Tools Co Ltd., Hitachi Koki Co Ltd., Dalian Machine Tools Group Corporation, Komatsu NTC Ltd., Electronica Hitech Engineering Pvt Ltd., Husqvarna AB, Atlas Copco AB, Sandvik AB, Kennametal Inc., OSG Corporation
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Top Trend - Pioneering Next-Generation Solutions With The Introduction Of Machine Tool Probes
Major companies operating in the machine tools market are focused on developing next-generation solutions, such as machine tool probes, to increase their profitability in the market. A machine tool probe is a sensor attached to a CNC machine tool that is used to measure the position, dimensions, and features of a workpiece or cutting tool. For instance, in May 2023, Renishaw plc, a UK-based engineering and scientific technology company, launched RMP24-micro, a wireless probe for machine tools. It is designed to be 24 millimeters in diameter and 31.4 millimeters in length, making it ideal for applications where space is at a premium.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Machine Tools Market Characteristics
3. Machine Tools Market Trends And Strategies
4. Machine Tools Market - Macro Economic Scenario
5. Machine Tools Market Size And Growth
…..
27. Machine Tools Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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