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Rising demand for Machine tools primarily from aerospace and defense, machinery manufacturing, automobile, and other industries toexpand the market trend in the future.
Further, advanced infrastructure facilities and rising urbanization to evolve various market players in the machine tool industry.
In addition, manufacturers from various sectors are highly accepting machine tools for their production owing to their availability in several types including metal forming machine tools, metal cutting machine tool, and other machine tools.
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Furthermore, these tools perform numerous functions that include planning, shearing, turning, milling, bending, stamping, boring, grinding, machining and drilling and others.
Therefore, the implementation of some standards, programs and regulations by the government encourages the companies to develop high quality products. However, increasing labor& energy cost, industrial transformation, and orders declining to pose challengesto themachine tool market growth.
Key Trends Shaping the Future of Machine tools market
The integration of 3D printing technology with machine tools is the current trend in the machine tool industry. Currently, 3D printers are using at a higher rate to form full-scale clothing, prosthetics, and electronic products.
Many machine tool manufacturers are integrating the 3D printing technology into their machine tools. For instance, the Japanese machine tool manufacturer “Yamazaki Mazak” has incorporated metal 3D printing technology into its “computer numerical control” product line.
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To minimize material usage by almost 30% to 70% as compared to outdated techniqueswhich allow faster speed to industry for the development of new products and decline in development costs.
Investment in process automation is set to reach a strong market value and to grow at a rapid pace by 2026.
The increasing demand for high-quality products has fueled the companies to accept automation in manufacturing processes. Increased productivity is a key factor that benefits machine tool companies, which are using process automation.
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Various countries automotive manufacturers are focusing to develop electric vehicles in an innovative way.Therefore, the specialization of machine tools is requiring in several areas for innovation of advanced electric vehicles.
Further, increasingneed for the industry to incorporate the latest technologies and come up with keen solutions for changing the market scenario.
Thus, advent of electric vehicles provideopportunities for manufacturers in the machine tool sector to improve their product and technology portfolio.
Regional machine tool market share during the forecast period
North America and Asia Pacific machine tool marketsto grow rapidly in terms of value owing to the rapid growth of the automotive industry with an increase in private non-residential fixed investments and high economic development.
US and China are the major consumers and revenue contributors for machine tools in North America and Asia Pacific regions respectively.
Therefore, according to the German Machine Tool Builders Association (VDW), the machine tool industry in Germany ranks among the 5major specialist alliances in the mechanical engineering sector.
Machine Tools Market participants can harness lucrative market growth opportunities
Launches of innovative products by key companies in order to meet the emerging demands of customers and to sustain in the market place are fuelling the market growth. For instance,New solutions from Hexagon to deliver faster, accurate, data-rich measurement integrated into the machine tool and a step-change in calibration technology.
Accordingly, XYZ Machine Tools launched its automation system in 2019 in partnership with Adelphi Automationto manoeuvreand reposition the robot in front of the machine.
In addition, in2019, Trumpf showcases artificial intelligence and 3D printing solutions at INTECH and in 2018, Mazak introduces machine tool assembly operations in japan at a new plant to enhances its market position.
Further, acquisition by key market players to boost the market value. For instance, in 2019, AHB Tooling & Machinery Inc.acquired Tool-Craft Supply, LLC, a part of Tool-Craft Industries of Sterling Heights to add the ability to offer full special custom cutting tools to the customers.
Moreover, in 2018, AMADA Holdings Co. Ltd. acquired Marvel Manufacturing, Inc. to make the position of AMADA Holdings Co. Ltd. in the metal cutting segment of the machine tools market.
Key players of the machine tools market include Trumpf, Shenyang Machine-Tool Group, DalianMachine-Tool Group, Amada, Komatsu Ltd,Yamazaki Mazak, MAG,JTEKT Corporation, DMG Mori Seiki AG, and Gildemeister among others.
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