Global Machine Tools Market is Estimated to Develop at a Moderate 5.6% CAGR by 2031 | SkyQuest Technology
Westford, USA, Aug. 16, 2024 (GLOBE NEWSWIRE) — Global machine tools market size was valued at USD 84.00 billion in 2022 and is expected to grow from USD 88.70 billion in 2023 to reach USD 137.17 billion by 2031, at a CAGR of 5.6% during the forecast period (2024-2031).
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SkyQuest projects that the machine tools market will attain a value of USD 137.17 billion by 2031, with a CAGR of 5.6% over the forecast period (2024-2031). Rapidly expanding industrial operations around the world are projected to bolster sales of machine tools over the coming years. Advancements in manufacturing technologies and the high adoption of automation in manufacturing will also shape the future machine tools demand outlook.
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Browse in-depth TOC on “Machine Tools Market”
- Pages – 197
- Tables – 95
- Figures – 76
Machine Tools Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 88.7 Billion |
| Estimated Value by 2031 | $ 137.17 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Automation, Sales Channel, End User Industry, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Development of energy efficient machine tools |
| Key Market Drivers | Rapidly increasing industrialization around the world |
Growing Emphasis on Precision Manufacturing Leads Turning Machine Demand
Turning machines play a crucial role in the manufacturing of cylindrical components and parts that are more in demand across multiple industry verticals. Growing investments in the development of new turning technologies to improve precision of machine tools will also help this segment maintain its high market share.
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Rising Demand for Automation in Industries is Promoting Adoption of CNC Machine Tools
Computer numerical control (CNC) machines guarantee high accuracy with little to no margin of error. CNC machines can also easily be automated and with automation gaining traction in the manufacturing industry, this segment is projected to flourish in the future. High demand for complex part manufacturing will also help this segment to boost market growth.
Asia-Pacific Takes the Lead Owing to the Presence of Strong Industrial Manufacturing Activity in this Region
The Asia-Pacific region is a hub for manufacturing multiple components ranging from semiconductors to massive engine blocks. Rapid industrialization and supportive government initiatives to boost manufacturing activity are also predicted to help machine tools companies maximize their business in this region. China and India are forecasted to be the most rewarding markets in this region.
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Machine Tools Market Insights:
Drivers
- Rapid industrialization around the world
- Adoption of smart and precision manufacturing practices
Restraints
- Fluctuations in raw material pricing
- High costs of acquisition
Prominent Players in Machine Tools Market
The following are the Top Machine Tools Companies
- Trumpf Group
- Shenyang Machine Tool Group
- Amada Co. Ltd
- Dalian Machine Tool Group
- Komatsu Ltd
- Dmg Mori Seiki Co. Ltd
- Schuler AG
- Jtekt Corporation
- Okuma Corporation
- Mag
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Key Questions Answered in Machine Tools Market Report
- What drives the global machine tools market growth?
- Who are the leading machine tools providers in the world?
- Which region leads the demand for machine tools in the world?
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This report provides the following insights:
- Analysis of key drivers (rapidly increasing industrialization, high demand for precision and additive manufacturing, increasing emphasis on manufacturing complex components), restraints (high costs of acquisition, fluctuations in raw material pricing), and opportunities (incorporation of sustainability in manufacturing, energy efficient machine tool development), influencing the growth of Machine Tools market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Machine Tools market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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