Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Production of machinery tools has a positive influence towards the demand across the industrial, automotive and transportation machinery. Machine tools are the kind of device that are used for shaping metal or other rigid materials by shearing, boring, cutting, deforming and grinding. Machinery tools are integrated with tools that do deformation and cutting operations. In present scenario advanced machineries are electrically or hydraulically powered which are much in use rather than human workforce. Various manufacturers of machinery tools focus on invention of such products which require less maintenance. Further, two types of machine tools are available conventional and CNC. CNC machinery tools are much in demand nowadays due to its high productivity, high efficiency and high precision. Over the forecast period, increase of CNC machinery is anticipated to grow at a significant rate across the end-use industries.
Machinery tools are used in various industries such as aerospace, electronics, precision engineering and automotive. Continuous evolution of these industries along with the research of new gas fields and oil fields are the major factors driving the growth of the market. Machinery tools are basically used for metal cutting across different industries. Milling machine is one of the product types that is used for metal cutting. Milling machine performs various operation such as chamfering, turning, filleting and gear cutting. Further, growth of metalwork process industries across the world has prompted the demand for milling machine which further fueled the growth of machine tools market. Increment in manufacturing sector has led to the demand for automatic machinery tools which is anticipated to witness the growth of CNC machine tools market. Automatic machinery tools improves productivity, eliminates human workforce and is also more efficient as compared to conventional machine tools. Furthermore, different manufacturers of machine tools are designing well equipped and compact machinery tools that can program in accordance to CAD/CAM software.
COVID-19 pandemic has spread across 215 countries worldwide affecting various industries worldwide. As the world is continuously fighting these crisis, various industries are experiencing constant decline. Due to temporary lockdowns across various countries companies are facing acute cash flow issues. Slowing down and halting of manufacturing process of machine tools along with disruption in supply chain logistics worldwide owing to the outbreak of coronavirus pandemic, having a negative impact on machine tools market.
The report analyses of the machine tools market based on application, technology, end use and by geography.
By application, the global machine tools market is segmented into metal forming and metal cutting. Metal cutting segment dominates the market due to increasing demand from different industries such as automotive and construction sectors over the forecast period. The growing advancements in production and management systems has fueled up the market growth in the automotive industry. Furthermore, the increasing demand for residential housing and commercial spaces has resulted in a significant growth in the construction industry.
The machine tools market by technology is classified into CNC and conventional. CNC segment holds the largest market share. The increasing automation of production processes due to growing demand for enhanced production and short lead time is further anticipated to result in the growth of sales of machine tools. Major key players are thus focusing on developments of CNC systems to fulfil various industrial requirements. However, lack of skilled labors in the market is restraining the market growth.
The machine tools market by end use is classified into general machinery, precision machinery, transport machinery, automotive and others. Automotive segment holds the largest market share owing to the various application of machinery tools in the automotive manufacturing industry. For instance, through milling various automotive parts are manufactured including piston rods, engine locks, wheels and gearbox cases.
Geographically, the Machine tools market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America is currently estimated to be the largest in machine tools market followed by Europe and Asia Pacific region. North America is showing a healthy growth rate due to growing adoption of automatic machinery tools. Presence of a number of automotive manufacturers that uses machine tools for various applications such as cutting and drilling is the major reason which drives the market growth rate in this region. China is considered to be one of the prominent consumer in machine tool market.
Some of the major players operating in this market include Doosan Corporation, AMADA Co., Ltd., Makino, Jtekt Corporation, GF Machining Solutions, DMG Mori Aktiengesellschaft, Komatsu Ltd., OKUMA Corporation, Hyundai WIA Corporation, Schuler AG, and Chiron Group SE.
The report analyses of the Machine tools market based on application, technology, and end-use and by geography.
The machine tools market by technology is classified into CNC, Conventional. CNC segment holds the largest market share in the near future. The increasing automation of production processes due to growing demand for enhanced production and short lead time is further anticipated to result in the growth of market sales of machine tools. Major key players are thus focusing on the developments of CNC systems to fulfil the various industrial requirements. However, lack of skilled labors in the market is restraining the market growth.
Geographically, the machine tools market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America is currently estimated to be the largest in machine tools market followed by Europe and Asia Pacific region.
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