Machine Tool is a new machine using Computer Numerical Control (CNC) to perform a wide range of associated tasks. It is used for shaping of machining metal or different rigid materials, generally by cutting, grinding, boring, shearing, or other forms of deformation. All machine tools have some means of forcing the work piece and provide a conducted movement of the parts of the machine. This relative movement between work piece and cutting tool, is controlled or constrained by machine to at least some extent, rather than being exclusively “freehand” or “offhand”. It is a power driven metal cutting machine which helps in managing the needed relative motion between the job and cutting tool which changes the size & shape of the job material.
According to study, “World Machine Tools Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world machine tools market are Shenyang Machine Tools, Dalian Maching Tool Group, Japan MAZAK, Japan JTEKT, Japan Komatsu Ltd., Germany Gildemeister, Japan AMADA Co. Ltd, Japan Okuma Corp., Japan MORI SEIKI, Korea HYUNDAI WIA Machine Tool, Germany Trumpf Group, Germany Schuler AG, Japan Makino, Switzerland GF Machining Solutions, Haas Automation, Inc., United States MAG, Germany Grob, Germany INDEX, Korea Doosan, 600 Group, Allied Machine & Engineering, United States Gleason, Germany Schleifring, Germany Chiron Group SE, Japan Brother, Jier Machine Tool Group, Qiqihar No.2 Machine Tool, FANUC Corporation, Baoji NACGUBE Tool LTD, Jinan First Machine Tool, WORLD Group, Jiangsu Yangli Group, Yamazaki Mazak, FALCON Machine Tools, Diskus Werke AG, Jiangsu Jinfangyuan, Tianjin Tianduan Pre, Hangzhou Hangji Machine, Shanghai Machine Tool. The key companies are introducing automation into their industrialized processes to surge their productivity & meet quality standards. This has led to a rise in their profit margins & positively impacted the regulation of resources. Besides this, vendors are also using modern design & simulation engineering software to confirm the accuracy, sturdiness, and reliability of the machines.
Based on product type, machine tools market is segmented into vertical machine center, grinding machines, horizontal machine center, 5 axis machine center, numerical control lathes and multi axis lathes. Based on automation, market is segmented into conventional machine tools and CNC machine tools. Based on tool type, market is segmented into metal forming, metal cutting and accessories & spare parts. Metal forming includes bending machine, pressure machine, shearing device, punching machine, casting machine, etc. Based on sales channel, market is segmented into events & exhibitions, direct sales and dealers & distributors. In addition, based on end-use industry, market is segmented into capital goods, automotive & transportation, sheet metals and energy industry.
The machine tools market is driven by increase in technology innovations, followed by rise in machinery manufacturing, growth in development of flexible machine tools with robot-based automation features, stringent government policies, rapid mushrooming of job shops in developing countries and expand in applications.
Based on geography, China, SEA and Japan holds major share in machine tools market owing to large number of machine tools manufacturers and huge industrial sector. The USA country is expected to witness higher growth rate due to rise in private non-residential fixed investments over the forecast period. The global market is projection to reach a value of US $150 billion by 2024, registering a CAGR of nearby 6% during 2019-2024.
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Ankur Gupta, Head Marketing & Communications