TBRC’s Machine Tools research report expands on key market drivers, trends, and growth opportunities.
LONDON, June 23, 2022 /PRNewswire/ — New product innovations have emerged as the key new trend gaining popularity in the machine tool market. Major companies operating in the machine tool market focused on new product innovations to maintain their market position. For example, in December 2019, DMG MORI, a German company that manufactures machine tools, has launched a new product called lasertec 125 3D hybrid based on hybrid additive manufacturing technology. Lasertec 125 3D Hybrid is a 5-axis laser deposition welding (LDW) system designed for maintenance, repair and part production in one part.
The global machine tool market size should go from $80.51 billion in 2021 for $87.30 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The global machine tool market size should grow to $105.96 billion in 2026 at a CAGR of 5%.
Impact of the manufacturing industry on the growth of the machine tools market
The growing manufacturing industry is expected to propel the growth of the machine tools market in the future. Machine tools refer to electrical devices used to process parts and act as an important piece of equipment in the manufacturing process of mechanical parts. These machines are used to form, cut and assemble tools. Therefore, the growth of the manufacturing industry will increase the demand for machine tools.
The main types of machine tools are milling machines, drilling machines, lathes, grinding machines, EDM machines and others. Milling machine tools are called general-purpose machines that can also mill and turn materials. A milling machine is a circular tool on which several cutting edges are arranged symmetrically. This machine is used for flat and irregularly shaped surfaces. These are used for drilling, reaming and cutting gears. The different types of automation include CNC machine tools and conventional machine tools which are distributed through several sales channels including direct and indirect. They are employed in various industries such as automotive, aerospace and defense, construction equipment, electrical and energy, industrial, among others.
Key players in the machine tools market are Doosan Machine Tools Co. Ltd., Makino, George Fischer, JTKET Corporation, Komatsu NTC Ltd., OKUMA Corporation, Hyundai WIA, Chiron Group SE, Haas Automation Inc., Yamazaki Mazak Corporation, Amada Private Limited, MAG IAS GmbH, GROB-WERKE GmbH and Co. KG, Ace Micromatic Group, Spinner Machine Tools, Dalian Machine Tools Group Corporation and Electronica Hitech Engineering Pvt. ltd.
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