The global machine tools market size is expected to reach USD 90.55 billion by 2030, according to a new study by Polaris Market Research. The report “Machine Tools Market Share, Size, Trends, Industry Analysis Report, By Type (Lathe, Milling, Laser, Grinding, Welding, Winding, Others) By Technology (Computer Numerical Control (CNC), Conventional); By Sales Channel; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors favoring the global industry growth include the increased demand in the emerging industry along with the rising adoption of appliance by various manufacturing industries. Moreover, the increasing industrial automation in manufacturing industries resulting in demand for automated solutions like robots and other products is driving the market growth.
Moreover, automation has resulted in Computer Numerical Control (CNC) systems allowing several industry players to rely on strategic alliances like a partnership, creating a lucrative opportunity for the industry. Thus, the advent of advancements along with the rise in the adoption of automatic tools will augment the global industry growth.
Based on type, the 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. The laser segment is projected to grow at the fastest rate due 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 include AMADA Co., Ltd., Ace Micromatic Group, DMG MORI, CHIRON Group SE, Doosan Corporation, FANUC, Haas Automation India Pvt. Ltd, Komatsu Ltd., Electronica Hitech Engineering Pvt ltd, Georg Fischer Ltd., Gleason Corporation, HYUNDAI WIA CORP., Jtekt, OKUMA, Makino, Schuler AG, and Spinner Machines Tools are operating in the global market.
In June 2021, Innse-Berardi and Ingersoll launched Powermax, a manufacturing tool for titanium and aluminum, improving 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 the size of the pieces, materials to be machined, and the level of automation required.
Polaris market research has segmented the machine tools market report based on ype, technology, sales channel, end-use, and region:
Machine Tools, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Machine Tools, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Machine Tools, Sales Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Machine Tools, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Machine Tools, Regional Outlook (Revenue - USD Billion, 2018 - 2030)