Machine Tools Market to Grow with a CAGR of 6.15% Globally through to 2028
Machine Tools is
Increasing digital transformation and industrial automation initiatives across
industries in the forecast period, 2024-2028.
According to
TechSci Research report, “Global Machine Tools Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028 Global Machine Tools market has witnessed tremendous
growth in recent years, reaching a valuation of USD 6.05 billion in 2022. The
market is projected to continue its strong upward trajectory, posting a CAGR of
6.15% from 2024 to 2028. Machine Tools solutions have gained significant
prominence in recent years owing to their widespread adoption across diverse
industries globally. Critical manufacturing sectors such as automotive,
aerospace, electronics and semiconductor recognize Machine Tools as a vital
tool for optimizing production processes and minimizing downtime. Stringent
regulatory standards governing workplace safety, emissions control and product
quality have compelled organizations to invest heavily in advanced Machine
Tools platforms. Industries rely on robust Machine Tools capabilities to ensure
compliance with regulations and improve operational efficiency. To address
unique equipment monitoring needs, companies are partnering with leading
Machine Tools providers to develop customized solutions. These collaborations
have resulted in integrated offerings empowering predictive maintenance,
personalized workflows and streamlined compliance processes. Advanced Machine
Tools platforms equipped with AI, machine learning and automation are enabling
data-driven failure prediction and enhanced decision making. The development of
innovative features such as digital twins and augmented reality is also fueling
market growth. Such innovations allow evaluating broader aspects of production
line performance. Automation and integration of Machine Tools capabilities with
manufacturing execution systems and digital interfaces are poised to
revolutionize productivity, uptime and quality control. This fusion of
technology promises improved asset visibility, reduced downtime and optimized
resource allocation.
Government
support through regulations mandating workplace safety best practices will
continue driving investments in intelligent asset management infrastructure. As
industries increasingly rely on data analytics and automation, demand for
advanced Machine Tools solutions is projected to rise substantially. In conclusion, the global Machine Tools market
is undergoing rapid digital transformation led by widespread adoption across
sectors. Strong compliance needs and focus on optimizing operations point
towards continued substantial market expansion in the coming years.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on "Global Machine Tools Market.”
Global Machine Tools market
is segmented by type of machine tool, tool material, end user and region. By type of machine tool, the market is divided
into turning machines, milling machines, drilling machines, grinding machines,
electrical discharge machines (EDM), forming machines (e.g. press brakes,
shears), and others including laser cutting machines and waterjet cutting
machines. Turning machines dominated in 2022 with over 30% share owing to
widespread demand for turned components across industries. By tool material, the market
is bifurcated into high-speed steel (HSS) tools, carbide tools, ceramic tools
and diamond tools. Carbide tools captured over 40% of the market in 2022,
driven by their high wear resistance and strength.
Based on end user, the
segments include job shops, manufacturing enterprises, repair and maintenance
workshops, automotive workshops, aerospace and defense, electronics and
electrical, and others. Manufacturing enterprises are the major end user
segment due to large-scale deployment in automotive, machinery, and metal
fabrication industries.
The fastest growing segments
are expected to be laser cutting machines under machine tools type and ceramic
tools under tool material. Laser cutting machines offer flexibility and
precision for complex profiles. Meanwhile, ceramic tools provide an alternative
to carbide tools for difficult-to-machine materials. The market is also
witnessing high demand from electronics and medical device end users.
Major companies operating in Global Machine Tools
Market are:
- AMADA
HOLDINGS CO., LTD.
- DMG
MORI CO., LTD.
- TRUMPF
GROUP
- JTEKT
Corporation
- Komatsu
Ltd
- Okuma
Corporation
- Doosan
Machine Tools Co., Ltd
- Makino
Milling Machine Co., Ltd
- HYUNDAI
WIA CORP
- CHIRON
Group SE
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“Global Machine
Tools market has witnessed significant growth in recent years driven by
increasing digitization across industries. Public sector organizations have
increasingly relied on advanced Machine Tools solutions to streamline
operations through data-driven decision making. Machine Tools platforms enable
centralized access to risk data, analytics capabilities and personalized risk
reports. This allows agencies to conduct predictive risk analysis, automate
workflows and ensure regulatory compliance. Such solutions help optimize risk
management programs, improve processes for cost efficiencies and strengthen
overall controls.
Leading public
entities have partnered with major Machine Tools vendors to modernize risk
management functions digitally. The integrated solutions enhance
cross-department collaboration, provide real-time visibility into risk levels
and facilitate auditing and reporting.Vendors continue
advancing their offerings through innovations in areas like artificial
intelligence, cloud computing and cybersecurity. These capabilities ensure
solutions are secure, scalable and interoperable to support diverse public
sector risk assessment needs. Ongoing research
and growing acceptance of analytics indicate Machine Tools will play a vital
role in streamlining public sector functions by facilitating data-driven
decision making. As data and systems become more interconnected, these
solutions promise to surface insights from disparate sources for comprehensive
risk oversight and governance.
Partnerships
with Machine Tools providers and compliance with emerging standards are
expected to drive continued momentum in this high growth market. The long-term
outlook for Machine Tools in the public sector therefore remains positive as
data-driven transformation gathers pace across agencies worldwide.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Machine Tools Market by
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Type of Machine
Tool (Turning Machines, Milling Machines, Drilling Machines, Grinding
Machines, Electrical Discharge Machines (EDM), Forming Machines (e.g., Press
Brakes, Shears), Others (e.g., Laser Cutting Machines, Waterjet Cutting
Machines)),
By Tool Material (High-Speed Steel (HSS)
Tools, Carbide Tools, Ceramic Tools, Diamond Tools) By End User (Job Shops. Manufacturing
Enterprises, Repair and Maintenance Workshops, Automotive Workshops, Aerospace
and Defense, Electronics and Electrical, Others) By
Region, By Competition”, has evaluated the future growth potential of Global
Machine Tools Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Machine Tools Market.
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