Machine Tools Market

As per the latest report by IMARC Group, titled “Machine Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global machine tools market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global machine tools market size reached US$ 96.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 129.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.

Machine tools are devices that use a cutting tool to remove material from a workpiece to shape, cut, or form a range of materials into specific shapes and sizes. These tools are used by manufacturing industries to produce complex parts, components, and products with high levels of precision and accuracy. These machines perform a variety of duties, including drilling, turning, milling, grinding, and shaping, and are typically powered by electricity, hydraulic pressure, or pneumatics. Thus, machine tools are capable of producing parts and components on a large scale at a faster rate than manual methods, as well as reducing energy and labor costs and improving the versatility of a manufacturing process.

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Global Machine Tools Market Trends:

The market is primarily driven by the augmenting demand for high-precision machining due to the increasing complexity of products requiring higher accuracy and specialized machine tools. This can be attributed to the rapid automation of manufacturing processes including shaping, drilling, cutting, and creating finished products. In line with this, continual technological advancements resulting in the development of new and advanced machine tools, such as 5-axis machines and CNC machines is providing a impetus to the market.

Additionally, the advent of smart manufacturing by the usage of artificial intelligence (AI), machine learning (ML) and internet of things (IoT) is also creating lucrative opportunities in the market. The market is further driven by the rapid expansion of the automotive industry requiring large-scale production of parts and components for vehicles. Apart from this, the considerable rise in construction and infrastructure development projects is propelling the demand for construction equipment and related machine tools. Some of the other factors contributing to the market include rapid industrialization, rapid utilization of precision machining in the aerospace and defense industries, and increasing number of manufacturing facilities, particularly in emerging economies.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

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Key Market Segmentation:

Breakup by Tool Type:

Breakup by Technology Type:

Breakup by End Use Industry:

Breakup by Region:

Key highlights of the Report:

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