The global machine tools market size is expected to reach USD 81.90 billion by 2028 according to a new study by Polaris Market Research. The report “Machine Tools Market Share, Size, Trends, Industry Analysis Report, By Type; By Technology; By Sales Channel; By End-Use; By Region; Segment Forecast, 2021 –2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors favoring the global market growth include the increased demand in emerging industry along with the rising adoption of automatic tools by various manufacturing industries. Moreover, the rising industrial automation in manufacturing industries resulting in demand for automated solutions like robots and other product is driving the industry growth. Based on type, lathe is the dominating segment in the global market, owing to its high demand in various applications and its properties of formation as per the required industrial task will boost the segment growth. Whereas, laser segment is projected to grow at the fastest rate owing to its high efficiency.
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Asia Pacific region holds the largest revenue share in the global market. The adoption & utility of machine tools is growing swiftly, as a result of the rapid growth of the manufacturing sector, along with initiatives taken by the economies towards the promotion of the smart manufacturing sector in the region.
The key players including Ace Micromatic Group, AMADA Co., Ltd., CHIRON Group SE, DMG MORI, Doosan Corporation, Electronica Hitech Engineering Pvt ltd, FANUC, Georg Fischer Ltd., Gleason Corporation, Haas Automation Iindia Pvt. Ltd, HYUNDAI WIA CORP., Jtekt, Komatsu Ltd., Makino, OKUMA, Schuler AG, Spinner Machines Toolsare operating in the global market.
In June 2021, Innse-Berardi and Ingersoll launched Powermax, a manufacturing tool for titanium and aluminum, resulting improvement in terms of TCO. Powermax has its application in aeronautical, aerospace, and mechanical engineering sectors and can be scaled up with customized options according to the customer’s need for size of the pieces, materials to be machined, and the level of automation required.
Polaris Market Research has segmented the machine tools market report on the basis of type, technology, sales channel, end-use, and region:
Machine Tools, Type Outlook (Revenue – USD Million, 2016 – 2028)
Machine Tools, Technology Outlook (Revenue – USD Million, 2016 – 2028)
- Computer Numerical Control (CNC)
Machine Tools, Sales Channel Outlook (Revenue – USD Million, 2016 – 2028)
Machine Tools, End-Use Outlook (Revenue – USD Million, 2016 – 2028)
- Aerospace & Defense
- Construction Equipment
- Power & Energy
Machine Tools, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa