Technavio has announced its latest market research report titled global machine tools market 2020-2024.
The global machine tools market is poised to grow by USD 19.02 billion during 2020-2024 at a CAGR of almost 4% during the forecast period.
The growing demand for CNC machines and rising adoption of integrated digital solutions in machine tools are factors anticipated to boost the growth of the market.
CNC machines are preferred over conventional machine tools because they boost the efficiency of production and minimize the cost of manufacturing by performing multiple operations in short cycle time.
For instance, a 6-axis CNC milling machine is used for machining cast iron, steel, aluminum, and other materials and minimizes production time of products in the automotive and aerospace sectors by 75%.
Modern manufactures are moving toward additive manufacturing, connected factories, and smart machining, which is driving the demand for CNC-based lathes, grinding machines, laser machines, and milling machines in their metalworking facilities. Hi-tech industries such as aerospace and automotive, rely on CNC machines as they require products with high precision.
Thus, the growing demand for CNC machines is expected to drive market growth during the forecast period.
Major Five Machine Tools Market Companies:
600 Group Plc
600 Group Plc is headquartered in the UK and operates the business under various segments such as Machine Tools and Precision Engineered Components and Industrial Laser Systems. The company offers Master VS 3250 and Typhoon L Series CNC Turning Centres.
AMADA HOLDINGS Co. Ltd.
AMADA HOLDINGS Co. Ltd. is headquartered in Japan and offers products through the following business units: Metalworking Machinery and Metal Machine Tools. The company offers an advanced integrated sheet metal fabrication machine, LASBEND-AJ.
DMG MORI Co. Ltd.
DMG MORI Co. Ltd. is headquartered in Japan and operates under various business segments, namely Machine Tools and Industrial Services. The company offers a large high-precision lathe, NLX 6000 | 1000 for large-diameter shafts.
Doosan Corp. is headquartered in South Korea (Republic of Korea) and offers products through the following business segments: Electro-Materials BG, Mottrol BG, Industrial Vehicle BG, Information and Communication BU, DHC, DI, DEC, DE, and Others. The company offers DNM Series and LYNX 2100 Series.
Falcon Machine Tools Co. Ltd.
Falcon Machine Tools Co. Ltd. is headquartered in Taiwan and offers products through the following business segments: Grinding Machine, Milling Machine, Turning Machine, and Other. The company offers CNC Surface Grinder (SMART-III series) and 5-axis Vertical Machining Center.
Machine Tools End-User Outlook (Revenue, USD Million, 2020-2024):
Machine Tools Regional Outlook (Revenue, USD Million, 2020-2024):
Whole report read on: Technavio