The global machine tools industry is projected to grow from a market size of USD 77.0 billion in 2019 to USD 98.3 billion in 2027 at a CAGR of 3.2% during the period (2019-2027). The machine tool industry has evolved with the development of both hardware technology and software applications. This has resulted in machines becoming faster, intelligent, and versatile. Advanced CAM technology is being used for multi-axis, multi-spindle, and multi-turret machines. The increasing demand from the end user industries such as Automobile, Aerospace and Defense, Energy, etc., will trigger the growth of machine tool industry during the forecast period.
The growing demand for the products with quality and precision and the need to improve productivity have propelled companies to undertake automation in manufacturing. Investment in the research and development activities by major machine tools manufacturers is focused on areas such as technology, hardware, software, services, and the communication protocol used for automation.
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Machine tools have always been in demand in the industry segments such as automotive, aerospace, railways, energy, etc. In the machine tool industry maximum percentage of the business comes from the automotive industry. The growth in vehicle production in countries such as USA, China, India, and Brazil have fuelled the demand for high precision machine tools. There has been demand in the automotive sector in terms of product precision, accuracy, and ability to manufacture complex components. Machine tools manufacturers can leverage technological advancements to cater to these industry expectations. They can focus on R&D to develop new machining solutions.
The machine tool industry has advanced significantly in hardware and software applications, and this trend would continue with the increasing use of computerized machine controls. The increasing drive for process automation in the manufacturing and automotive sectors will drive the machine tools industry. The leading manufacturers are focussing towards advancements in the CNC software solutions, inclusion of smart features, highly automated and IOT-ready machines, which will further improve the efficiency of machines.
In India, machine tools are among the sectors in focus in the National Capital Goods Policy, which is aimed at making the Indian Capital goods sector globally competitive. The policy integrates major capital goods sub-sectors like machine tools, textile machinery, earthmoving and mining machinery, heavy electrical equipment, plastic machinery, process plant equipment, dies, moulds and press tools, printing and packaging machinery and food processing machinery as priority sectors to be envisaged under the 'Make in India' initiative by the Government of India.
Global Machine Tools Market by product type (Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines), Automation Type, Industry Segment, Sales Channel, and Region – Global Forecast to 2027
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