New Analysis from Global Industry Analysts Reveals Steady Growth for Machine Tools, with the Market to Reach $98.3 Billion Worldwide by 2026

2022-06-02 07:10:43 By : Ms. FCAR DIAGNOSIS

888-776-0942 from 8 AM - 10 PM ET

SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Machine Tools - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE What's New for 2022?

Edition: 19; Released: May 2022 Executive Pool: 33272 Companies: 617 - Players covered include Ace Micromatic Group; Allied Machine & Engineering Corporation; Amada Co, Ltd.; Amada Machine Tools America, Inc.; Chiron Group SE; Dalian Machine Tool Group Corporation; DMG Mori Co., Ltd.; Doosan Machine Tools Co. Ltd.; Electronica Hitech Engineering Pvt. Ltd.; FANUC Corporation; FANUC America Corporation; GF Machining Solutions Management SA; Gleason Corporation; GROB-WERKE GmbH & Co. KG; Hardinge, Inc.; Jones & Shipman Hardinge Ltd.; Haas Automation, Inc.; Hyundai WIA Co. Ltd.; JTEKT Corporation; Kennametal Inc.; Komatsu Ltd.; Makino Milling Machine Co. Ltd.; Okuma Corporation; Otto Bihler Maschinenfabrik GmbH & Co. KG; Sandvik AB; Sandvik Coromant; Schuler AG; Shanghai Machine Tool Works Ltd.; Shape Technologies Group; Sodick; Spinner Machine Tools GmbH; TAJMAC-ZPS, a.s.; Trumpf Group; Walter AG; Yamazaki Mazak Corporation and Others. Coverage: All major geographies and key segments Segments: Product Segment (Machining Centers; Lathe Machines; Bending & Forming Machines; Grinding, Honing, Lapping, Polishing & Buffing Machines; Milling Machines; Electrical Discharge Machines; Punching & Shearing Machines; High Power Laser Cutting Machines; Metal Working Presses; Waterjet Cutting Machines; Other Product Segments); End-Use (Automotive, Aerospace / Defense, Industrial Machinery, Other End-Uses) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; India ; South Korea ; Taiwan ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Africa .

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

Amid the COVID-19 crisis, the global market for Machine Tools estimated at US$77.1 Billion in the year 2022, is projected to reach a revised size of US$98.3 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Machining Centers, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR, while growth in the Lathe Machines segment is readjusted to a revised 6.2% CAGR.

Despite receiving a major blow in the form of COVID-19 coronavirus outbreak, China is forecast to continue to remain among the world's largest manufacturing hubs in the medium term despite the rising domestic production costs. In the United States , manufacturing renaissance and reshoring of manufacturing are forecast to benefit the machine tools market in the long-term. The latter half of the previous decade saw automotive manufacturing making a comeback to domestic shores as cost advantages of moving plants overseas to countries like China gradually shrunk. Spiraling labor costs in China and increasing shipping costs are fast eroding China's edge as a low cost manufacturing hub. In addition, the shale gas revolution in the United States and the ensuing availability of cheap energy and fuel sources is expected to reduce manufacturing costs in the country.

Interestingly, cheap shale gas is attracting industrial companies back into the US, boding a possible return to industrialization after decades of consumption led growth. Surplus of shale gas reserves and production results in significantly lower feedstock and energy costs, helping narrow further the country's production cost gap with China and other lower cost Asian countries. Manufacturing in Europe over the last couple of decades has been slow and stagnant largely as a result of de-localization of manufacturing activities of most companies in the EU zone. Japan over the last decade played an instrumental role in chipping away at EU manufacturing strength through radical improvements in design, performance and engineering skills. Manufacturing industry in the region has been facing steady loss of loss of knowledge capital as a result of labor market rigidities.

Projected rise in demand for fabricated metals from major sectors like machinery and construction in 2022 and beyond would favor market expansion, globally. Fabricated metals such as small arms, ammunition, building products, cutlery, utensils, springs, stamped-metal products, cranes, tanks, fasteners and other hardware are manufactured using various machine tools. Likely increase in demand for these fabricated metals therefore would drive the future demand for machine tools. Going forward, additive manufacturing is expected to wield a major positive impact on the market. Several manufacturers of machine tools are aiming to capitalize on the growing popularity of 3D printing by integrating the technology in their tools. 3D printing enables quicker delivery of products and reduces development costs and raw material costs drastically. Ongoing advancements in 3D printing in making a plethora of products, ranging from small parts & components to multi-storey buildings and mid-sized boats in very less time and resources, has grabbed the attention of enterprises across different industries, while pointing towards active integration of the technology in machine tools vertical. At the same time, the trend of high demand for advanced technology based machine tools, especially those integrated with IoT, AI, ML, and smart functionalities, would continue with the same fervor. Five and four-axis machines, multitasking machines and a few other advanced machine tool segments are expected to witness strong demand growth across the world but commodity type machine tools are expected to be in less demand.

The market for machine tools has been witnessing continuous technological advancements for long but the sophistications of the recent years are a class apart from the many previous advancements. These include multi-axis arms and robotic arms among a few others. This combined with the factor of constant and rapid growth of the manufacturing industry worldwide is the major factor driving growth for the market for machine tools currently. All industrial sectors seek innovative means for increasing productivity and reducing downtime. This increased the proliferation of automated machine tools. Demand has also been high over the past many years for high accuracy and high precision components among various industrial sectors which has been encouraging machine tool companies to develop more advanced and feature-rich tools that can handle heavy and more complicated parts with increased accuracy and flexibility. CNC (Computer Numerical Control) machine tools for instance, provide the finest cuts for metal workpieces. When workpieces have the perfect finishes, it greatly improves quality of final product. Wastage is also greatly reduced with such high accuracy in cutting.

Automation, machine learning and such other advances led to the development of CNC systems. In the current scenario, CNC machine tools are being increasingly employed in machining operations where they help in reducing machining time of various components by following a completely automated process. There are several advantages with CNC machines including enhanced capability, uniformity in product delivery, and reduced operating and labor costs among others. Advanced software is also being integrated in CNC machine tools. With the help of the software, users would be able to produce components seamlessly, in the required sizes, textures and shapes. CAD-CAM in product designing as well as prototyping is also implemented in CNC machines. These enable customers provide better finishes for their products. CNC systems are also being integrated with automatic tool changers. The automation of such tool changers allows conducting of multiple operations with just one command. All high-speed CNC machining centers also have tool magazines as the most common parts along with the automatic tool changers. Machine tool manufacturers currently are totally invested in developing advanced and fully-automated machine tools. Okuma Corporation for instance, a provider of CNC lathe machines, recently launched its new large vertical CNC lathe, VT1000EX, capable of achieving improved productivity, especially in machining materials that are difficult to cut. The lathe machine offers exceptional machining capability due to its mechanical configuration which is highly rigid. Difficult-to-cut materials can be given the finest cuts with reduced cycle times. More

MarketGlass™ Platform Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™ Global Industry Analysts, Inc., ( is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS: Zak Ali Director, Corporate Communications Global Industry Analysts, Inc. Phone: 1-408-528-9966 Email: [email protected]

LINKS Join Our Expert Panel

Connect With Us on LinkedIn

Follow Us on Twitter

Journalists & Media [email protected]

SOURCE Global Industry Analysts, Inc.

More news releases in similar topics

Cision Distribution 888-776-0942 from 8 AM - 9 PM ET