TBRC's Machine Tools research report expands on key drivers, trends, and growth opportunities in the market.
LONDON , June 23, 2022 /PRNewswire/ -- New product innovations have emerged as the new key trend gaining popularity in the machine tools market. Major companies operating in the machine tools market focused on new product innovations to sustain their position in the market. For instance, in December 2019 , DMG MORI, a German-based company that manufactures machine tools launched a new product called lasertec 125 3D hybrid based on hybrid additive manufacturing technology. Lasertec 125 3D hybrid is a 5-axis laser deposition welding (LDW) system designed for the maintenance, repair, and production of parts in a workpiece.
The global machine tools market size is expected to grow from $80.51 billion in 2021 to $87.30 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The global machine tool market size is expected to grow to $105.96 billion in 2026 at a CAGR of 5%.
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Manufacturing Industry Impact On Machine Tools Market Growth
The growing manufacturing industry is expected to propel the growth of the machine tools market going forward. Machine tools refer to power devices that are used to process workpieces and act as important equipment in the manufacturing process of mechanical parts. These machines are used for forming, cutting, and joining tools. As a result, growth in the manufacturing industry will increase the demand for machine tools.
What Does The Machine Tools Market Consist Of?
The main types of machine tools are milling machines, drilling machines, turning machines, grinding machines, electrical discharge machines, and others. The milling machines tools are referred to as multi-purpose machines that can mill and turn materials as well. A milling machine is a circular tool that has several cutting edges symmetrically arranged all over it. This machine is used for flat and irregularly shaped surfaces. These are used to drill, bore, and cut gears. The different automation types include CNC machine tools and conventional machine tools which are distributed by several sales channels including direct, and indirect. They are employed in various industries such as automotive, aerospace and defense, construction equipment, power and energy, industrial, among others.
Major players in the machine tools market are Doosan Machine Tools Co. Ltd., Makino, Georg Fischer , JTKET Corporation, Komatsu NTC Ltd., OKUMA Corporation, Hyundai WIA, Chiron Group SE, Haas Automation Inc., Yamazaki Mazak Corporation, Amada Private Limited, MAG IAS GmbH, GROB-WERKE GmbH and Co. KG, Ace Micromatic Group, Spinner Machine Tools, Dalian Machine Tools Group Corporation, and Electronica Hitech Engineering Pvt. Ltd.
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