Aug 27, 2021 (AB Digital via COMTEX) -- The Machine Tools Market is estimated to be $77.0 billion in 2019 and is projected to reach $98.3 billion by 2027, at a CAGR of 3.2%.
The overall machine tools market is highly governed by the continually rising industrial manufacturing and processing sector worldwide. The Asia Pacific is estimated to remain a frontrunner in the market during the forecast period. Several technological advancements have been introduced by the machine tools manufacturers in Europe and North America due to the demand for highly sophisticated products and components from the end-users from those regions. The overall machine tool industry is quite fragmented with international and domestic players in the market.
The global machine tools market is dominated by Doosan Machine Tools Co. Ltd. (Japan), AMADA Pvt. Ltd. (Japan), Makino (Japan), JTKET Corporation (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), Schuler AG (Germany), Chiron Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany), Haas Automation Inc. (USA), Gleason Corporation (USA), Spinner Machine Tools (Germany), Dalian Machine Tools Group Corporation (China), Yamazaki Mazak Corporation (Japan), DMG MORI (Germany), Electronica Hitech Engineering Pvt. Ltd. (India), Ace Micromatic Group (India).
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The Asia Pacific is expected to dominate the global machine tools market due to the increase in the number of metal cutting process industries across the region. The region is home to most of the leading machine tool manufacturers and is anticipated to dominate the market. China is one of the major consumers of machine tools and is driving the market in the Asia Pacific. There has been substantial growth and investment in the automotive industry, oil and gas, and railways in the Asia Pacific region. The major manufacturers such as OKUMA Corporation, Yamazaki Mazak Corporation, and DMG Mori are based in this region.
Primary industry users like automotive, aerospace and defence, railways, capital goods, and consumer durable sectors have a high demand for machine tools. The automotive industry is adopting the integration of technologies such as AI, IoT, robotics, etc., which will serve the demands of the end-users. Major efforts are made to upgrade engine technologies to meet the fuel efficiency mandates and NCAP rating globally. This will further add to the re-tooling of the existing machining solutions. The growth in different vehicle segments across the globe is expected to drive the demand for machine tools.
EDM is an important process in metal fabrication. Cutting of metals with precision and accuracy to the exact dimensions has been a driver for the acceptance of EDM machines in the industrial sector across the globe. Advancement in EDM machines has been possible due to continuous R&D efforts by major machine tools manufacturers. China is the leader in the introduction of EDM machines and is expected to surpass the North American and Rest of Asia markets taken together. In Europe, the maximum demand for EDM machines is mainly observed in Germany and Italy.
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The CNC machines segment holds the major market share of the machine tool market and is expected to grow further in the future due to the increasing demand from manufacturing companies for productivity improvements and product innovation. Growth in the manufacturing sector has led to a rapid increase in demand specifically for the increasingly sophisticated CNC machines. Automation of machine tools leads to enhanced productivity, time-saving, and elimination of human errors. The new age CAD/CAM CNC machines are compact in size are equipped with automatic tool changers along with multi-axis machining technology and can carry out the entire machining process using a single machine.
In India, machine tools are among the sectors in focus in the National Capital Goods Policy, which is aimed at making the Indian Capital goods sector globally competitive. The policy integrates major capital goods sub-sectors like machine tools, textile machinery, earthmoving and mining machinery, heavy electrical equipment, plastic machinery, process plant equipment, dies, moulds and press tools, printing and packaging machinery and food processing machinery as priority sectors to be envisaged under the 'Make in India' initiative by the Government of India.
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