Machine Tools Market Size Worth $104.86 Billion By 2027
The global machine tools market size is expected to reach USD 104.86 billion by 2027, according to a new study conducted by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. The growing demand for high-speed and efficient machining, particularly from the incumbents of the automotive and aerospace and defense industries bodes well for the growth of the market. Continued advances in manufacturing and processing technologies are also encouraging manufacturing companies to invest in the latest, advanced manufacturing techniques, thereby driving the growth. The rising demand for machine tools equipped with smart controls to facilitate unmanned operations, particularly from the metal processing industry, would play a crucial role in driving market growth.
The growing demand for multi-axis systems is anticipated to emerge as a key trend over the forecast period. Multi-axis systems provide the capability to manufacture extremely complex parts required in the automotive and aerospace and defense industries. Several vendors have started offering innovative 5-axis machining systems. For instance, in November 2018, DMG Mori Co., Ltd. launched two new 5-axis systems, namely DMU 200 Gantry and DMU 340 Gantry, which can be used to machine automotive parts, such as tailgate and shock mount.
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In the construction industry, machine tools are used in operations, such as broaching, hobbling, and drilling. The construction industry is growing in line with the growing demand for commercial spaces, which in turn, is expected to drive the demand for machine tools used in the construction industry. On the other hand, the rising demand for precision engineering in the development of semiconductors and medical equipment is also expected to drive the growth of the market. Various software companies are collaborating with machine tool manufacturers to provide simulation software for the CNC machines. For instance, in October 2018, Doosan Corporation signed a partnership with CAMplete Solutions, Inc. As part of the partnership, Doosan Corporation’s CNC machines would be equipped with CAMplete Solutions, Inc.’s verification, post-processing, and simulation software.
Machine Tools Market Report Highlights
- The growing adoption of laser machines in the fabrication of automotive seats and door panels is expected to drive the segment growth
- The CNC segment is anticipated to register the highest CAGR over the forecast period as manufacturers are introducing new products that can simultaneously perform multiple operations, such as drilling, cutting, turning, facing, and grinding
- The indirect sales channel segment is poised to witness remarkable growth owing to the presence of a huge number of indirect distributors such as Ellison Technologies and Absolute Machine Tools, Inc.
- The aerospace and defense segment is anticipated to register a significantly high CAGR on account of the increasing adoption of CNC machine tools in the aerospace and defense industry
- The Europe regional market is anticipated to exhibit a significantly high CAGR owing to the rising demand for machine tools to manufacture automotive parts, such as gearboxes and brakes, particularly for electric vehicles
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Grand View Research has segmented the global machine tools market based on type, technology, sales channel, end-use, and region.