Machine tools are devices used to cut, shape, drill or form metal and other hard materials into precision parts, components or products, serving as foundational equipment across various industries. These tools are essential in manufacturing processes, allowing for high levels of precision and efficiency when crafting complex shapes and forms.
The machine tools market consists of sales, by entities (organizations, sole traders and partnerships), of machine tools that are used for various applications such as milling, drilling, turning and grinding, which are integral to creating both intricate and large-scale products. Machine tools are often indispensable in production facilities, research and development centers and specialized manufacturing sites where they contribute to both high-volume and precision-specific outputs.
The global machine tools market was valued at $51,795.98 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.00%.
Growth Of The Renewable Energy Sector
Growth of the renewable energy sector propelled the growth of the machine tools market. As governments and organizations increase investments in green energy, manufacturers face rising demand for these essential components, boosting the need for advanced machine tools. Additionally, the renewable sector's focus on sustainable, high-performance materials like composites and alloys has spurred innovations in machine tools that improve machining accuracy, speed and material handling. For instance, in November 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global electricity demand is poised for a robust rebound, projected to increase by nearly 5% this year and 4% in 2022. Concurrently, the share of electricity generated from renewable sources is expected to rise by 8% this year and over 6% in 2022, reflecting a significant growth trajectory in renewable energy utilization. Therefore, growth of the renewable energy sector supported the growth of the machine tools market during the historic period.
Focus On Next-Generation Solutions With The Introduction Of Machine Tool Probes
Major companies operating in the machine tools market are focusing on developing next-generation solutions, such as machine tool probes, to increase their profitability in the market. A machine tool probe is a sensor attached to a CNC machine tool that is used to measure the position, dimensions and features of a workpiece or cutting tool. For instance, in May 2023, Renishaw plc, a UK-based engineering and scientific technology company, launched RMP24-micro, a wireless probe for machine tools. It is designed to be 24 millimeters in diameter and 31.4 millimeters in length, making it ideal for applications where space is at a premium. The RMP24-micro's high accuracy and repeatability help to ensure that parts are manufactured to the correct specifications, reducing the risk of scrap and rework. It automates tasks that were previously carried out manually and the RMP24-micro can help significantly reduce setup times and cycle times.
The global machine tools market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 18.61% of the total market in 2023.
Machine Tools Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global machine tools market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Where is the largest and fastest-growing market for machine tools? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The machine tools market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider machine tools market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product type, by automation type, by sales channel and by industry.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the machine tools market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by product type, by automation type, by sales channel and by industry in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for machine tools providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product Type: Metal Cutting Tools; Metal Forming Tools
- 2) By Automation Type: CNC Machine Tools; Conventional Machine Tools
- 3) By Sales Channel: Direct; Indirect
- 4) By Industry: Automotive; Aerospace And Defense; Construction Equipment; Power And Energy; Industrial; Other Industries
- Companies Mentioned: Trumpf SE + Co. KG; DMG Mori Aktiengesellschaft; JTEKT Corporation; Georg Fischer AG; Fanuc Corporation
- Countries: China; Australia; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam, Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Brazil; Mexico; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Chile; Argentina; Colombia; Peru; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; machine tools indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.