Machine Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The Global machine tool industry is growing at a steady pace and is estimated to grow in the coming times with the continuous focus and support from the Government programs. The sector is expecting a growth of USD 77.0 billion in 2019 to USD 98.3 billion in 2027 at a CAGR of 3.2% during the forecast period. The growing manufacturing industry and technological advancements in machine tools, such as multi axis and robotic arm, are some of the major factors driving the growth of the machine tool industry globally.
Machine tools are used in a number of industries such as automotive, aerospace, electronics, precision engineering, etc. Continuous expansion in these industries along with the exploration of new oil and gas fields are the primary drivers for market growth. Moreover, the incorporation of 3D printing technology has aided in minimizing the amount of materials used for producing these tools in recent years. For instance, Yamazaki Mazak, a Japanese machine tool manufacturer, utilizes 3D printing in the production of its CNC machines. Apart from this, several companies are introducing automation into their manufacturing processes to increase their productivity and meet quality standards. This has led to an increase in their profit margins and positively impacted the regulation of resources. Besides this, vendors are also using modern design and simulation engineering softwares to ensure the sturdiness, accuracy and reliability of the machines.
Indian machine tool industry: -
The manufacturing sector of India has the potential to reach US$ 1 trillion by 2025 and India is expected to rank amongst the top three growth economies and manufacturing destination of the world by the year 2020. The implementation of the Goods and Services Tax (GST) will make India a common market with a GDP of US$ 2.5 trillion along with a population of 1.32 billion people, which will be a big draw for investors. The Indian machine tool industry is expected to grow at a CAGR of 12.6% by 2020 and is expected to reach USD 2,588 million.