SAN FRANCISCO, Aug. 18, 2020 /PRNewswire/ -- The global machine tools market size is expected to reach USD 104.86 billion by 2027, according to a new study conducted by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. The growing demand for high-speed and efficient machining, particularly from the incumbents of the automotive and aerospace and defense industries bodes well for the growth of the market. Continued advances in manufacturing and processing technologies are also encouraging manufacturing companies to invest in the latest, advanced manufacturing techniques, thereby driving the growth. The rising demand for machine tools equipped with smart controls to facilitate unmanned operations, particularly from the metal processing industry, would play a crucial role in driving market growth.
Key suggestions from the report:
Read 150 page research report with ToC on "Machine Tools Market Size, Share & Trends Analysis Report By Type (Lathe, Milling, Laser, Grinding, Welding, Winding), By Technology (CNC, Conventional), By Sales Channel, By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/machine-tools-market
The growing demand for multi-axis systems is anticipated to emerge as a key trend over the forecast period. Multi-axis systems provide the capability to manufacture extremely complex parts required in the automotive and aerospace and defense industries. Several vendors have started offering innovative 5-axis machining systems. For instance, in November 2018, DMG Mori Co., Ltd. launched two new 5-axis systems, namely DMU 200 Gantry and DMU 340 Gantry, which can be used to machine automotive parts, such as tailgate and shock mount.
In the construction industry, machine tools are used in operations, such as broaching, hobbling, and drilling. The construction industry is growing in line with the growing demand for commercial spaces, which in turn, is expected to drive the demand for machine tools used in the construction industry. On the other hand, the rising demand for precision engineering in the development of semiconductors and medical equipment is also expected to drive the growth of the market. Various software companies are collaborating with machine tool manufacturers to provide simulation software for the CNC machines. For instance, in October 2018, Doosan Corporation signed a partnership with CAMplete Solutions, Inc. As part of the partnership, Doosan Corporation's CNC machines would be equipped with CAMplete Solutions, Inc.'s verification, post-processing, and simulation software.
Grand View Research has segmented the global machine tools market based on type, technology, sales channel, end-use, and region:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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