"Catapult Your Business to Fore, Gain Competitive Advantage "
The global Vertical Milling Machine market size stood at USD 6.91 billion in 2018 and is projected to reach USD 8.77 billion by 2026 exhibiting a CAGR of 3.0% during the forecast period.
The installation of a Vertical Milling Machine aids companies to increase the efficiency and output. The increasing number of axes of movements installed in machines has helped perform complex machining motions with relative ease. Complex machining motions are essential during the production process by multiple applications. This will contribute to the dominance of the Vertical Milling Machine in the overall milling machines market. Applications such as precision engineering, automotive, and general machinery, contribute to more than fifty percent market share and therefore are expected to have a steady impact on the Vertical Milling Machine market growth during the forecast period.
Request a Free sample to learn more about this report.
Increasing Installation of Multiple Axis for Movements to Achieve Complex Machining Motion
Initially, the standard vertical mills came with 1 or 2 axes options of movement, which limit the use of the machines to certain application. To overcome this challenge, contemporary models are installed with multiple axes options enhancing the use-case of the tools. Furthermore, the multiple axis options have provided prospects for the milling machines to operate on critical irregular, curved, and angular surfaces. This has resulted in increased use of milling machines in various industries such as precision engineering, electronics, etc.
Adoption of Automation & Industry 4.0 for Continuous and Efficient Production Process is Expected to Drive the Market
The manufacturing industries are going through a revolutionary phase, with the adoption of automated processes and industry 4.0 to endure the increasing demand from end users. This has made the companies install advanced machines for the continuous and efficient production process. These machines enable the manufacturing process to be smooth, well organized, time-saving, and fewer human errors. Vertical Milling Machines are such examples that allow the companies to perform milling operations on different kinds of surfaces. These milling processes involve activities such as chamfering, turning, gear cutting, filleting, etc. Hence, with these transformation going in the industries, the market growth of Vertical Milling Machine is expected to be steady in the coming years.
Cost Involved in Maintenance & Retrofitting of Accessories after Installation is Restricting the Market Growth
The cost involved in the purchase of Vertical Milling Machine is closely related to its accessories and configuration. This includes the cost of parts, setup, software packages to create designs installation durations, and training cost. Various medium and small industries purchase these machines without considering the regularity of the use. They do not consider this aspect and look for tools with minimized requirements, thus resulting in frequent wear and tear of the machines.
Moreover, once the machines are installed, it becomes a frantic task to have some additional accessory or function that can be performed by the devices. Hence, this restricts the use of Vertical Milling Machine for some of the industries.
To know how our report can help streamline your business, Speak to Analyst
Turret Mills Sub-Segment Accounts for a Significant Share
The market Vertical Milling Machine is categorized based on type, namely turret mills, bed mills & others. Among them, the turret vertical mills segment is estimated to hold a significant portion of the market share, owing to its design and application. In turret mills, the spindle of the machines does not move while its operating, but the table moves perpendicularly or parallel to do the cutting job.
On the other hand, bed mills hold the highest market share. The operation process of the bed mills has a spindle that runs in parallel to the perpendicularly moving table. Other mills that are included in the scope are mill drills, drill presses. These types of mills are comparatively compact in sizes, hence are installed and operated by small and medium scale industries.
Precision Engineering Segment is Expected to Exhibit the Highest CAGR
Based on applications, the global Vertical Milling Machine market scope is categorized into automotive, general machinery, precision engineering, transport machinery & others. Precision engineering is expected to exhibit the highest CAGR during the forecast period, owing to its increasing adoption in emerging economies of various regions, including the Asia Pacific and Middle East & Africa. Furthermore, the automotive and general machinery segment together is expected to share more than 50% of the market. The use of milling machines in both applications is rising with increasing end-user demand for electronics and automobiles. Additionally, transport machinery is expected to exhibit a steady growth rate during the forecast period owing to the increasing demand from the supply chain & logistics industry. Other applications included the scope of the study applications such as aerospace, shipping, etc.
Asia Pacific Vertical Milling Machine Market, 2018 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The market of Vertical Milling Machine is further studied among all regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Wherein Asia Pacific held the largest share in 2018 and is estimated to be a prominent contributor to the growth. Additionally, the region will have a significant impact, as there is a high concentration of manufacturing industries in countries such as China, Japan, India, South Korea, etc. Furthermore, factors such as increased awareness about energy-efficient production process rise in economically developing countries, and rapid industrialization are fueling the Vertical Milling Machine market growth. Additionally, key manufacturers are focusing on establishing their manufacturing facilities in the Asia Pacific region as it provides low-cost labor, land, and expenses.
Europe Vertical Milling Machine market is anticipated to witness significant growth compared to North America, MEA, and LATAM. The region focuses on using Vertical Milling Machine that are energy efficient and technologically equipped during the production process for various applications. Moreover, increased demand in manufacturing and processing operations is subsequently fueling the demand in the Europe. Furthermore, North America is expected to showcase stagnant growth during the forecast period, owing to the reduced use of the machines for industrial applications. Vertical milling machines are used to manufacture products with reduced thermal & mechanical effects, hence used in advanced industries such as aerospace and automobile industry. Manufacturers are intensifying their business line in the developing region by focusing on having their manufacturing facility along with mergers and acquisitions.
The Middle East & Africa and Latin America are expected to grow at a slower rate during the forecast period. The slow growth is owed to the growth of the manufacturing sector, along with that the companies are focusing on shifting their manufacturing facilities in either the Asia Pacific or Europe.
Prominent Manufacturers are Aiming at Introducing Products in Different Regions by Expansion of Their Sales and Distribution Channel
Key manufacturers are proactively strengthening their share and position by expanding their sales and distribution channel in different regions. Also, some of the manufacturers are focusing on collaborating with other regional and local players to introduce new products for the consumers. Additionally, the introduction of sales and distribution channel at other regions will provide the companies with the additional market to cater; hence resulting in enhanced market share. For instance, in November 2018, TRIMILL, a.s., introduced its first Trimill VU 3525 which installed at Concours Mold Inc., in Canada. This machine will provide the company with high productivity in roughing and finishing operation at one go.
The Vertical Milling Machine market report offers qualitative and quantitative insights along with the detailed analysis of market size & growth rate for all possible segments in the market of Vertical Milling Machine.
An Infographic Representation of Vertical Milling Machine Market
To get information on various segments, share your queries with us
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption of Vertical Milling Machine by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies adopted by leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD billion)
As per our study, the global market of Vertical Milling Machine is predicted to reach USD 8.77 billion by 2026 with a CAGR of 3.0% (2019 -2026)
In 2018, the market value stood at USD 6.91 billion.
Growing at a CAGR of 3.0%, the market will exhibit steady growth in the forecast period (2019-2026).
The Asia Pacific dominated the market share of Vertical Milling Machine in 2018.
The turret vertical mills are estimated to be the leading segment in the market of Vertical Milling Machine, owing to its design and application.
The driving factor for this market is automation & industry 4.0 for the continuous and efficient production process.
The increasing number of axes of movements to achieve complex machining motion is expected to create lucrative opportunities for the growth of the market.
The cost involved in the maintenance & retrofitting of accessories after installation is restricting the market growth.
In the market of Vertical Milling Machine, some of the key players are Mazak Corporation, TRIMILL, a.s., DMG MORI, JET Tools, Baileigh Industrial Holdings LLC., Haas Automation, Inc & Wells-Index.
Turret mills held 31.3% of the market share in 2018.
“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