Global Machine Tools Market Projected To Reach US$ 114.3 Billion By 2031 Astute Analytica

(MENAFN- EIN Presswire)

machine tools market is estimated to generate a revenue of US$ 114.3 Bn by 2031 from US$ 75.2 Bn in 2022, registering a CAGR of 4.7% over the period 2023-2031.

CHICAGO, CA, UNITED STATES, September 20, 2024 /EINPresswire / -- The global machine tools market is on a growth trajectory, with projections indicating a significant increase in revenue, expected to reach US$ 114.3 billion by 2031. This marks a substantial rise from US$ 75.2 billion in 2022, representing a compound annual growth rate (CAGR) of 4.7% from 2023 to 2031.

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The growth of the machine tools market can be attributed to various factors, including advancements in automation technologies, increasing demand for precision machining, and the expansion of manufacturing sectors across emerging economies. Additionally, the push for smart manufacturing solutions is propelling investments in innovative machine tool technologies.

Market Dynamics

Driver: Increasing demand for automation and Industry 4.0

One of the major drivers of the machine tools market is the increasing demand for automation and Industry 4.0. Industry 4.0 is the fourth industrial revolution that involves the integration of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics into manufacturing processes. The goal is to create smart factories that are highly efficient, flexible, and adaptive to changing market demands.

This trend has led to an increasing demand for advanced machine tools that can support automation and digitalization of manufacturing processes. For instance, machine tools with built-in sensors can collect real-time data on machine performance and provide insights into production processes, enabling operators to make adjustments and optimize performance. Moreover, the use of machine learning algorithms can help predict maintenance needs and optimize tool life, reducing downtime and increasing productivity.

Key players in the market are focusing on product development and strategic partnerships to enhance their competitive edge. As industries increasingly adopt automation and digitalization, the demand for advanced machine tools that can facilitate these transitions is expected to rise.

.Ace Micromatic Group
.Amada Co. Ltd.
.CHIRON Group
.Dalian Machine Tool Group Corporation (DMTG)
.DMG MORI
.Doosan Machine Tools Co. Ltd.
.Electronica Hitech Engineering Pvt. Ltd.
.Georg Fischer Ltd
.Gleason Corporation
.GROB-WERKE GmbH & Co. KG
.Haas Automation Inc.
.Hyundai WIA
.JTKET Corporation
.Komatsu Ltd.
. MAG IAS GmbH
.Makino
.Okuma Corporation
.Schuler AG
.Spinner Machine Tools
.Yamazaki Mazak Corporation
.Other Prominent Players

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Market Segmentation for the Global Machine Tools Market

By Product

.Milling Machine
.Lathe Machine
.Laser Machine
.Drilling Machine
.Turning Machine
.Grinding Machine
.Electrical Discharge Machine
.Machining Centers

By Automation Type

.CNC Machine Tools
.Conventional Machine Tools

By Industry

.Automotive
.Aerospace and Defense
.Construction Equipment
.Power and Energy
.Industrial
.Others

By Sales Channel

.Dealers and Distributors
.Events and Exhibitions

By Region

.North America
oThe U.S.
oCanada
oMexico
.Europe
oWestern Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
oEastern Europe
Poland
Russia
Rest of Eastern Europe

.Asia Pacific

oChina
oIndia
oJapan
oAustralia & New Zealand
oASEAN
Malaysia
Singapore
Thailand
Indonesia
Cambodia
Vietnam
Rest of ASEAN
oRest of Asia Pacific

.Middle East & Africa

oUAE
oSaudi Arabia
oTurkey
oEgypt
oSouth Africa
oNigeria
oRest of MEA

.South America

oArgentina
oBrazil
oColumbia
oRest of South America

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About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyse for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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