"Catapult Your Business to Fore, Gain Competitive Advantage "
The global machining centers market size stood at USD 29.17 billion in 2018 and is projected to reach USD 43.73 billion by 2026, exhibiting a CAGR of 5.1% during the forecast period.
The increasing automation in the manufacturing sector is driving the machining centers market. The metal fabrication industry has witnessed significant changes over the past few years. Rise in demand for high accuracy, reduced errors, and bulk production are resulting in the increasing demand for machining centers. Furthermore, significant reduction in the operational cost is expected to result in the product popularity among manufacturers. Manufacturers are focusing on reduced cycle time and material handling, quality improvement, and elimination of changeover time with less space to produce a product. All these factors are expected to result in the growth of machining centers market size.
Request a Free sample to learn more about this report.
Rising adoption of computer numerical control (CNC) machining centers is further expected to result in the increase of machining centers market revenue. This is further attributed to the improved tool movement through enhanced control and rising transparency of manufacturing process. The advanced CNC programming offers precise control over many elements, including location, speed, feed rate, and coordination. Furthermore, the ease in production process of complex surfaces is driving the CNC technology adoption. The increased demand for labor safety, high accuracy, real-time monitoring, greater flexibility, and high cutting parameters is driving the machining centers market growth. In addition, the adoption of Industry 4.0 solutions is resulting in the rising demand for smart instruments. It is thus, expected to result in the growth of connected machine centers market.
“Increasing Popularity of Multi-faceted Tools is Expected to Drive the Market”
The manufacturers are focusing on the development of multifaceted tools as a result of the increased demand for addressing multiple operations required by various industries. The 5-axis technology is resulting in the growth of machining centers owing to the increasing demand for convenience in complex part production. It is one of the most vital machining centers market trends. For instance, in October 2018, Matsuura Machinery Corporation launched MX-850 PC4, a 5-axis vertical machining center with four pallets automated version of large capacity. It is specially focused on large billets and casting manufacturers. This model is expected to deliver high quality, accuracy, reliability, and cost performance with respect to its former model named MX-850.
The advantages of multifaceted machining centers including improved processing efficiency and processing type, custom finishing, multifunctional, and high precision are resulting in the rising demand for the multifaceted machining centers market. The designers are also focusing on multi-faceted machining center development. For instance, Multi-faceted 5-axis CNC machine tool center manufactured by Shandong Shanyi CNC Machine Co, Ltd. is beneficial for different machining surfaces, machining planes, boring, drilling, milling, and tapping.
“Rising Demand for High Precision Machinery to Boost Growth of Market”
The surge in demand for high precision machinery from various industries including aerospace, defense, and medical sectors is expected to result in the increased demand for the machining center market. Furthermore, the rising demand for critical components from the robotic sector is resulting in the high demand for the machining center market. The increasing industrial automation is expected to result in the growth of industrial robot’s revenue, which in turn, is expected to drive the machine center market growth. For instance, according to multiple sources, the industrial robots accounted for approximately USD 18.8 billion in 2018 and is expected to grow at a CAGR of 15.7% during 2019-2026.
The ever-increasing demand for highly complex parts from the aerospace industry is further resulting in the growth of machining centers. For instance, the U.S. aerospace industry is projected to witness robust growth and had accounted for approximately USD 856 billion revenue in 2017, according to the Aerospace Industry Association (AIA). The increasing revenue from the commercial aviation, military, and space systems is expected to result in positive growth of the aerospace sector. Thus, the above-mentioned trends prevailing in different industries for critical components are expected to drive the growth of the machining centers in the near future.
“Horizontal Machining Centers is Expected to Exhibit Highest Growth”
Based on product, the market is segmented into vertical machining center, horizontal machining center, and others.
The vertical machining center has high adoption owing to the increasing demand for cost-effective machining that are easy to install and operate. Rising demand for vertical machining centers from various industries, such as the die sinking and oil industries is expected to drive the vertical machining centers segment in the near future. According to the United States Manufacturing Technology Orders, in 2017, approximately 7,800 VMC (vertical machining centers) and 1,600 HMC (horizontal machining centers) units were sold in the U.S. The horizontal machining centers segment is expected to exhibit high growth in the near future. This is attributed to the increasing demand for high speed and heavy duty machining as well as for multiple side machining. The rising demand for horizontal machining center with larger capability (greater than 500 mm) owing to the increasing rate of mass productivity, process flexibility, and cost reduction is expected to drive the machining centers market. Increasing demand from various manufacturing industries, namely, aerospace, automotive, and die & mold industries is expected to drive the horizontal machining centers segment in the near future.
“Rising Initiatives to Promote Electric Vehicles Will Favor Growth of Automotive Segment”
Based on application, the market is divided into automotive, general machinery, precision engineering, transport machinery, and others.
Automotive industry has contributed significantly to the machining centers market. The increasing demand for commercial vehicles from the developing economies, such as India is expected to result in the growth of automotive segment in the near future. According to multiple sources, the automotive industry in India witnessed a year on year growth of approximately more than 9.5% in 2017. Furthermore, the government initiatives to promote electric vehicles is resulting in the growth of the automotive sector. For instance, the Government of India has shortlisted 11 Indian cities to introduce electric vehicles in the public transport under the ‘Faster Adoption and Manufacturing of (Hybrid)’ and ‘Electric Vehicles in India’ scheme.
To know how our report can help streamline your business, Speak to Analyst
The increasing demand for general machinery from various industries, such as food & beverages, construction, and pharmaceutical is expected to increase the machining centers market size in the near future. Precision machinery is expected to be the fastest growing segment of the market. This is attributed to the increasing demand for high quality and accuracy of the critical components from the aerospace and medical sectors. The machines that are capable of manufacturing products with high critical tolerance are further expected to drive the precision machinery segment. In addition, the transport machinery segment is expected to contribute positively to the machining market growth owing to the increasing global trade. For instance, according to the American Trucking Association, the U.S. observed a growth of 3.5% in 2017 with respect to 2016.
By region, the machining center market is segregated into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America, which is further categorized into countries.
Asia Pacific is estimated to hold the major machine centers market share. The increasing automotive and aerospace market in the developing economies, such as India, Vietnam, and Thailand, is expected to drive the demand for machining centers in the near future. Furthermore, the rise in construction activities is resulting in the surging demand for various construction machinery. It is further causing the machining centers market growth. For instance, according to multiple sources, the construction industry in China was valued at USD 893.58 billion and is expected to grow at a CAGR of 5% in the near future. Furthermore, numerous government initiatives, such as ‘Made in China 2025’ by the Chinese government is resulting in the growth of the machining centers market revenue in this region.
Asia Pacific Machining Centers Market, 2018 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
North America and Latin America are expected to drive the demand for machining centers as a result of an increasing demand from the prefabricated metals industry. Europe is positively contributing to the market growth owing to the rising demand from various industries, namely, automobiles, electrical engineering and electronics, chemicals, and food processing. Furthermore, the industrial, machinery, and aerospace sectors are positively contributing to the machining centers market share in the Middle East and Africa.
“Leading Players are Focusing on New Product Development to Gain Competitive Edge”
The manufacturers are focusing on multi-faceted machining centers. For instance, JTEKT Toyoda Americas Corporation in 2019, launched FH630SX-i 5-Axis horizontal machining center. This machine is expected to achieve high torque, simultaneous 5-Axis machining with complex part production and multi surface processing with one step itself.
The research report offers an in-depth analysis of the market. It further provides details on the adoption of machining center across several regions. Information on trends, drivers, opportunities, threats, and restraints of the market can further help the stakeholders to gain valuable insights into the market. The report offers a detailed competitive landscape by presenting information on key players, along with their strategies, in the market.
Value (USD billion)
As per Fortune Business Insights, the global machining centers market was valued at USD 29.17 billion in 2018.
In 2026, the global machining centers market is expected to reach USD 43.73 billion.
The machining centers market is projected to grow at a CAGR of 5.1% during the forecast period (2019-2026).
Precision machinery segment is expected to lead the machining centers market owing to the increase in demand from the high accuracy in critical components manufacturing for industries including defense, medical, and aerospace.
The increasing popularity of multi-faceted tools and high precision machinery are the key factors driving the machining centers market.
JTEKT Corporation, Doosan Machine Tools Co., Ltd., Hyundai, and Okuma Corporation are the top companies in the global machining centers market.
Asia Pacific is expected to hold the highest CAGR in the machining centers market.
The need for connectivity with real-time monitoring and achieving high accuracy are the key trends in the machining centers market
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry