Isolated thunderstorms this evening becoming more widespread overnight. Low 79F. Winds SE at 10 to 20 mph. Chance of rain 70%..
Isolated thunderstorms this evening becoming more widespread overnight. Low 79F. Winds SE at 10 to 20 mph. Chance of rain 70%.
DUBLIN--(BUSINESS WIRE)--May 18, 2022--
The "Global Machine Tools Market Size, Share & Industry Trends Analysis Report By Type, By Technology, By Sales Channel, By End-use, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Machine Tools Market size is expected to reach $96.8 billion by 2027, rising at a market growth of 4.0% CAGR during the forecast period.
The industrial sector's great focus on increasing efficiency and decreasing downtime is projected to fuel market growth. The growing demand for mass production in industries such as aerospace and military, as well as other industries and industry verticals, is likely to increase machine tool usage. Metal cutting tool demand is increasing in tandem with the high use of metals in numerous industries, which bodes well for market growth. Integration of Computer-Aided Producing (CAM) in machine tools to cut the time necessary for manufacturing work pieces and make sure trouble-free production of micro components is becoming a prominent market trend.
The goal of Industry 4.0 is to reduce idle time and improve the usage of machine tools. Analyzing data linked to tool changes and program stops can be particularly useful in identifying and correcting the source of idle time, resulting in more efficient machine tool utilization. Various bearing manufacturers, like The Timken Company and NSK Ltd., are concentrating on the development of bearings for machine tools at the very same time. The Timken Company, for example, launched a new range of precision cylindrical roller bearings in October 2019 that are designed to maximize efficiency and speed in high-demand applications.
Computer Numerical Control (CNC) systems have emerged as a result of advances in machine learning and automation. CNC systems enable operators to send assembly code to a computer and conduct several operations on the same machine without wasting time. Different lubricant makers, on the other hand, are collaborating with market players such as DMG MORI and Komatsu, Ltd. to develop lubricants for their equipment. DMG MORI and FUCHS PETROLUB SE, for example, signed a partnership deal in September 2017 that entails the two firms working together to develop novel lubricant services and solutions for machine tool applications
Growing need for smart machine tools
The technological breakthroughs such as the increased deployment of robotics and human-machine interaction are found to have an impact on market growth. The demand for real-time connectivity is fuelling the emergence of smart factories that are cloud-enabled. As a result, the tool is becoming an important component of smart systems, which is projected to boost the product's popularity. Sensors are included in these smart equipment to help optimize machine time and maintenance schedules. This information can be examined and used to boost productivity. Furthermore, the sensors can help with predictive analysis of these tool parts and their life cycle.
High Demand for Additive Manufacturing and Hybrid Machine Tools
A rise in demand for additive manufacturing is contributing to the market growth. Manufacturers are moving toward more cost-effective and quick production processes, which is leading to a rise in the use of additive manufacturing. Moreover, the market is predicted to expand due to the increased popularity of heterogeneous material manufacturing capabilities. CNC manufacturers intend to incorporate additive manufacturing into their operations. Okuma, for instance, plans to offer its new Laser EX equipment in the future, which will provide laser hardening for carbon steel materials, as well as laser heating and self-cooling hardening. As a result, such creative technology combinations are projected to continue to support market expansion in the future.
Uncertainty related to social and economic factors
Changes in overall economic conditions are causing a significant change in the operation of various industries, including manufacturing sector. The manufacturing industry's expenditures are proportionate to the sales of these tools. As a result, if the global economy slows, machine tool income is projected to fall. Similarly, due to the increased acceptance of machinery in the industry, trends in the automobile industry have had a greater impact on the tools sector. The patterns in capital investment in the automotive manufacturing sector, on the other hand, have a substantial impact on market revenue. Unexpected changes in a country's economic, political, or social situations, as well as legislation, can have an impact on the market revenue growth.
Market Segments Covered in the Report:
For more information about this report visit https://www.researchandmarkets.com/r/k36d4i
View source version on businesswire.com:https://www.businesswire.com/news/home/20220518005737/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: TECHNOLOGY ENGINEERING HARDWARE MANUFACTURING
http://www.businesswire.com/news/home/20220518005737/en
Your comment has been submitted.
There was a problem reporting this.
Real Names required. No pseudonyms or partial names allowed. Stand behind what you post. Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language. Don't Threaten. Threats of harming another person will not be tolerated. Be Truthful. Don't knowingly lie about anyone or anything. Be Nice. No racism, sexism or any sort of -ism that is degrading to another person. Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Please log in, or sign up for a new account and purchase a subscription to read or post comments.
Start your morning with the top headlines each day.
Receive email alerts anytime there is breaking news or a severe weather alert.
Get the latest local and national sports headlines delivered to your inbox every morning.
Plan your fishing trips with Capt. Joe Kent's Reel Report every evening.
Receive Laura Elder's Biz Buzz direct to your inbox every Sunday.
Receive the daily weather forecast and the weekly outlook in your inbox each morning.
Receive an email notification each time resident weather expert Stan Blazyk writes a new article.
ICYMI is a weekly newsletter highlighting stories from the past week. Wether they were the most important, most read or most talked about we want to make sure you read them. ICYMI also features select historical content.
Receive the most recent obituaries every afternoon.
Get a link to the latest e-Edition delivered to your inbox each morning.
Receive updates on the latest issues of Coast Monthly.
Receive the latest Dear Abby column in your inbox each morning.
Receive special offers from The Daily News and select partners including discounts, contests and more.
Thank you. Your account has been registered. Check your email for details.
Invalid password or account does not exist
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account.
Thank you. Your purchase was successful.
A receipt was sent to your email.