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/EIN News/ -- Pune, India, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global machine tools market is set to gain impetus from the rising usage of robotics to surge automation and human-machine interaction. Hence, the trend of smart factories is growing rapidly because of the requirement of real-time connectivity. In August 2020, for instance, Hurco introduced a new line of CNC turning centers. Its three models are TM12Mi XP, TM10Mi XP, and TM8Mi XP. These models have live tooling in the turret. This information is given by Fortune Business Insights™ in a published report, titled, “Machine Tools Market Size, Share & COVID-19 Impact Analysis, and Regional Forecast, 2021-2028.” As per the report, the market size is projected to grow from USD 113.26 billion in 2021 to USD 164.92 billion in 2028 at a CAGR of 5.5% in the forecast period. It stood at USD 111.36 billion in 2020.
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Fortune Business Insights™ lists out the names of the renowned providers of machine tools operating in the global market are Yamazaki Mazak Corporation (Japan), Doosan Machine Tools Co., Ltd. (South Korea), Trumpf (Germany), Amada Machine Tools Co., Ltd (Japan), JTEKT Corporation (Japan), MAG IAS GmbH (Germany), Schuler AG (Germany), Makino (Japan), Hyundai WIA (South Korea), Komatsu Ltd. (Japan), Okuma Corporation (Japan), FANUC Corporation (Japan), Haas Automation Inc. (United States), Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan), BIG KAISER Precision Tooling Inc (United States), Kennametal (United States), Nachi-Fujikoshi Corp (Japan), OSG USA, INC (United States), Sandvik AB (Sweden), Ceratizit S A (Luxembourg), Dewalt (United States), Fraisa SA (Switzerland), Guhring, Inc (United States), Kilowood Cutting Tools (China), Xiamen Golden Egret Special Alloy Co Ltd (China), Zhuzhou Cemented Carbide Cutting Tool Co Ltd (China), Tiangong International Co, Limited (China), Ingersoll Cutting Tool Company (United States), Sumitomo Electric Hartmetall GmbH (Germany), Kyocera Unimerco (Denmark), ISCAR LTD (Israel), and more players profiled.
COVID-19 to Impact Growth Stoked by Shutdown of Plants and Shortage of Raw Materials
The COVID-19 pandemic resulted in the decline of sales and production in 2020. It further led to shortages of laborers, supply chain disruptions, unavailability of raw materials, and shutdown of manufacturing plants worldwide. Owing to new norms given by government bodies, a few companies have opened their facilities to clear out their backlog orders. Mazak Corporation, for instance, is currently fulfilling the pre-existing orders and is supporting the healthcare industry.
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Precision Engineering Segment Procured 14.9% Share in 2020: Fortune Business Insights™
Based on the technology, the market is divided into computerized numerical control (CNC) and conventional. By products, it is segregated into metal cutting and metal forming. Based on the application, it is fragmented into automotive, general machinery, precision engineering, transport machinery, and others. Out of these, the precision engineering segment generated 14.9% in terms of the machine tools market share in 2020. This growth is attributable to the high demand from a wide range of industries, such as marine, medical, and semiconductors.
The report delivers an elaborate assessment of numerous customers’ journeys related to the industry, regions, and segments. At the same time, it provides multiple customer impressions about machine tools and their utilization. The analysis takes a closer look at their fears and pain points across various customer touch points. The business intelligence and consultation solutions would aid interested stakeholders, such as chief experience officers to define customer experience maps catered to their requirements. They can refine customer experience and engagement with their own brands.
Increasing Shift of Manufacturers towards Additive Manufacturing to Aid Growth
The increasing additive manufacturing activities across the globe is anticipated to propel the machine tools market growth in the upcoming years. Nowadays, manufacturers are inclining towards rapid and cost-effective production processes. It is further leading to the higher usage of additive manufacturing. However, frequent and unexpected changes in social, political, and economic circumstances of a specific country may obstruct the demand for these tools.
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Governmental Campaigns to Promote Manufacturing Sector Will Favor Growth in Asia Pacific
Regionally, Asia Pacific held USD 58.83 billion in 2020 in terms of revenue. The rising government initiatives to enhance a large number of industries would drive growth in this region. The ‘Make in India’ campaign, for instance, is aimed to provide tax benefits and foreign direct investments (FDI) to the manufacturing sector in the country. China is expected to showcase the highest growth in the forthcoming years on account of the expansion of the manufacturing sector. In North America, on the other hand, the market is likely to exhibit a considerable growth for machine tools fueled by the surging R&D activities occurring in the U.S.
Key Players Focus on R&D Activities to Deliver Novel Products to Their Customer Base
The global market contains various manufacturers that are currently aiming to bring about the Fourth Industrial Revolution. Therefore, they are creating innovative products through extensive R&D activities. Some of the others are providing unique features to their customers through smartphone apps.
Below is one of the significant industry developments:
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