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A boring-milling machine mainly performs resizing and reshaping the existing drilled holes. The process involves the usage of cutting tools or equipment which is single-edged with uniquely adjustable boring heads. These machines offers high versatility and productivity for large components machining. Also, the properties such as rigid nature and its unique design enables to achieve high precision and productive benefits at every job work. The boring-milling machines market is anticipated to propel in the coming years owing to its ability to cut the workpiece precisely and efficently across various industries. The deployment of boring-milling machines is widening in shipbuilding industry. For instance, in June 2017, The Brazilian Navy installs a JUARISTI boring milling machine for manufacturing key components of the future submarines. Besides, streamling of cutting edge technologies such as Internet on Things, integration of various sensors and components eliminates vibrations and performs the work in real-time. Also, it enables to store the data for the future reference. However, on a global level, the United States (machinery, precision instruments and automotive), the European Union (chemicals, automotive and machinery), the Republic of Korea (machinery equipment), Vietnam (communication equipment), Taiwan-Province of China (office machinery and communication equipment) and Japan (machinery and automotive) are the key economies that have observed severe impact on the aforesaid sectors due to COVID-19 pandemic. The fluctuation in foreign exchange rates, disruption in import export trades, hampered production activities, and others has slashed the economy further slowing the boring-milling machines market.
Key Market Driver -
• Increasing demand for high precision cutting is spurring the market growth. • Technological advancement in boring-milling machines is accelerating the market
Key Market Restraint -
• A high upfront investment at initial stage is hindering the market growth.
Some of the key competitors in the boring-milling machines market include Doosan Machine Tools, Mitsubishi Heavy Industries Machine Tool Co., Ltd., AZ spa., PAMA, Shibaura Machine CO., (Toshiba Machine Co. Ltd., JUARISTI. Shenji Group Kunming Machine Tool Company Limited, FPT Industries, Fermat Machinery, SMTCL and others.
Asia Pacific is expected to book a major market share in the forecast period owing to presence of organized and unorganized chinese players operating in this business segment, rising infrastructure development, demand for industrial machineries across various applications and others. Also, countries including China and Japan are continously pouring heavy investments in research and development activities for automation tools further boosting the market growth. However, impact of COVID-19 pandemic has drastically affected the manufacturing sector which further downsized the market for boring-milling machines.
North America is forecasted to grow signifcantly in the coming years owing to presence of manufacturers operating in this business, high adoption of technologically advanced machines, and others. Also, industries including aerospace & defense, energy and power wherein high precision cutting is required further fuelling the market.
Europe, Middle East and Africa and Latin America are anticipated to grow at a considerable rate in the coming years owing to increasing usage of horizontal and vertical milling machines across various applications, various government initiatives for boosting manufacturing and other industries. Countries including Germany, United Kingdom, France, GCC wherein deployment of industrial machinery is rapidly growing creating a potential impact on boring-milling machines market.
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