Machining Center Market To Reach USD 43.73 Billion By 2026; Demand for High Precision Machinery to Boost Growth

The global machining centers market size is projected to reach USD 43.73 billion by 2026. The market is anticipated to gain momentum from the increasing utilization of computer numerical control (CNC) machining centers. This information is published in a recent report by Fortune Business Insights, titled, “Machining Centers Market Size, Share & Industry Analysis, By Product (Vertical Machining Center, Horizontal Machining Center, Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026.” The report further mentions that the market was valued at USD 29.17 billion in 2018. However, it is set to exhibit a CAGR of 5.1% during the forecast period from 2019 to 2026.

Rising Demand for Industrial Automation to Drive Growth

Numerous industries, namely, medical, aerospace and defense are exhibiting an increasing demand for high precision machinery. Also, the demand for complex components from the robotics sector is rising day by day owing to increasing industrial automation. These factors are expected to augment the machine centers market growth in the coming years. As per various sources, industrial robots had generated around USD 18.8 billion share in the year 2018. It is projected to grow at a CAGR of 15.7% during 2019-2026.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/machining-centers-market-101770

Key Segments of Machining Center Market

• Product: The market is divided into horizontal machining centers, vertical machining centers, and others (universal, double column). Out of these, the vertical machining centers are highly adopted worldwide owing to a rise in the demand for cost-effective machining that can be installed and operated efficiently. Also, industries, such as oil and die-sinking are demanding these centers the most. The horizontal machining centers segment, on the other hand, is anticipated to showcase notable growth in the coming years. It is attributable to the rising demand for heavy-duty, high-speed, and multiple side machining. The horizontal machining center with size greater than or equal to 500 mm sub-segment is set to experience a high demand on account of an urgent need for cost reduction, process flexibility, and mass productivity.


• Application: The market is grouped into transport machinery, automotive, precision engineering, general machinery, and others (energy, electrical, etc.). The automotive industry held 41.8% market share in the global machining centers market in 2018. It is expected to grow notably owing to the increasing demand from the emerging nations for commercial vehicles. Additionally, the governments of various countries are implementing initiatives to promote the usage of electric vehicles, which in turn, would accelerate the growth of this segment. Precision engineering, on the other hand, is expected to be one of the fastest-growing segments in the near future. It is likely to occur owing to the demand for highly accurate and premium quality critical components from the medical and aerospace industries.


• Region: The market is geographically fragmented into North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America. Asia Pacific had generated USD 14.91 billion machine centers market revenue in 2018 and is projected to achieve the highest CAGR during the forecast period. It would take place because of the expansion of aerospace and automotive industries in emerging countries, namely, India, Thailand, and Vietnam. Combined with this, rising construction activities would also propel growth in this region. Latin America and North America, on the other hand, are exhibiting sky-high demand from the prefabricated metals industry. It will surge market growth here. Europe is likely to experience growth on account of the robust demand from industries, such as food processing, electrical engineering and electronics, chemicals, and automobiles.

Reputed Market Players Focus on Developing Multifaceted Machining Centers

The market includes many small, medium, and large enterprises. At present, they are focusing on developing multifaceted machining centers to keep up with the latest machining center market trends. This way, they will be able to increase sales and widen product portfolio.

Fortune Business Insights lists out some of the most prominent organizations operating in the machining centers market. They are as follows:

• MAG IAS GmbH


• Matsuura Machinery Corporation


• Okuma Corporation


• JTEKT Corporation


• Doosan Machine Tools Co., Ltd.


• Hyundai WIA


• Yamazaki Mazak Corporation


• Komatsu Ltd.


• Makino


• DMG MORI CO., LTD.


• Other key market players

Okuma Corporation Launches MCR-S (Super) Double-column Machining Center

• November 2019: Okuma Corporation, a machine tool builder, headquartered in Japan, launched its new double-column machining center named MCR-S (Super). It is best suited for five-sided applications. It provides high surface quality, high accuracy, and high-speed machining.

The global machining center market can be segmented in the following manner: