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The global machine tools market size is projected to grow from USD 113.26 billion in 2021 to USD 164.92 billion in 2028. The emergence of smart tools for scheduling maintenance and optimizing machine time is expected to affect growth positively. At the same time, these tools can prevent idle time issues efficiently by enhancing predictive analysis about the overall machine. Fortune Business Insights™ published this information in a report, titled, “Machine Tools Market Size, Share & COVID-19 Impact Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, & Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 111.36 billion in 2020. It is set to exhibit a CAGR of 5.5% during the forecast period between 2021-2028.
XYZ Machine Tools Extends Z-axis by 1000 mm According to Customer’s Requirements
In April 2020, XYZ Machine Tools, a supplier of superior quality tools upgraded and surged the z-axis by 1000 mm at its vertical machinery center. The machine will leave the company’s factory in Devon, England as it is ready for commissioning. As per a company official, “As we deliver machines to our clients according to a standard specification, we are always open to discuss with them if they require any adaptations and modifications to suit their needs. In this case, we have developed a machine with a z-axis capacity from a standard vertical machining center that would have been prohibitive financially or difficult to find anywhere else in the market.”
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Increasing Number of Novel Product Launches by Manufacturers to Augment Growth
The high popularity of heterogeneous material manufacturing capability is expected to accelerate the machine tools market growth in the upcoming years. Various CNC manufacturers are constantly planning to include additive manufacturing into their businesses. Okuma, for instance, announced its plans to launch innovative Laser EX machines in the near future. These machines would contain hardening by self-cooling and heating by laser emission. However, the rising expenditures in the manufacturing industry are directly proportional to the sales of this type of tools. This factor may hamper growth.
Development of Technical Capabilities — A Vital Strategy of Key Players
Most of the manufacturers present in the global market are trying to broaden their production management systems by engaging in mergers & acquisitions. A few others are striving to improve product efficiency. Some of the others are focusing on collaborating with regional organizations to develop technical capabilities required for numerous manufacturing operations. Hyundai WIA, for instance, has built its new machine tool laboratories in Europe, Changwon, and Uiwang. The company would be able to provide extensive research activities and high-speed technology.
Fortune Business Insights™ presents a list of renowned machine tool manufacturers operating in the global market. They are:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in this way:
Value (USD Billion)
Technology, Product, Application, Region