As per the latest report by IMARC Group, titled “Machine Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 106 Billion in 2018. Machine tools are stationary, power-driven equipment utilized for cutting or forming metals and other hard materials. They generally shape the workpiece by removing the extra material and aid in performing operations such as drilling, grinding, abrading and nibbling. Modern machine tools are numerically, or computer-controlled, which enhances the product uniformity and reduces the human interaction required in the process. At present, an array of machine tools are available in the market, ranging from small workbench mounted instruments to large devices.
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Global Machine Tools Market Trends:
Machine tools shape and process metals into components, which are further used in the manufacturing of durable goods as well as other machines. As a result, they find vast applications in industries including aerospace, automotive, electronics and precision engineering. Rapid development in these industries is one of the major factors that are strengthening the growth of the machine tools market. Moreover, the introduction of advanced processes such as lasers, ultrasonics, high-pressure water jets and plasma streams in machine tool applications has helped in improving the speed and precision of the machining process. Apart from this, consumers are shifting toward automated higher-end technologies with better performance, stability and accuracy. In line with this, manufacturers have introduced products with linear drives, which are considerably faster and more accurate than their non-linear counterparts. They have also developed 5-axis technology that enables the convenient production of complex parts. Another major trend in the market is the increasing automation of tasks ranging from material handling to tool changing. The focus has also shifted toward the development of interconnected systems and user-friendly software that enable users to include specifications and additional characteristics in the final product. Looking forward, the market value is projected to reach US$ 150 Billion by 2024, expanding at a CAGR of around 6% during 2019-2024.
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Market Summary:
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