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SAN FRANCISCO, Nov. 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Machining Centers - Global Market Trajectory Analytics" . The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global Machining Centers Market
FACTS AT A GLANCE Edition: 7; Released: October 2021 Executive Pool: 782 Companies: 359 - Players covered include Allied Machine Engineering Corp.; Amada Co., Ltd.; Amera-Seiki; BYJC-OKUMA (Beijing) Machine Tools Co., Ltd.; Dalian Machine Tool Group Corporation; DMG Mori AG; Doosan Corporation; Doosan Infracore Co., Ltd.; ENSHU Limited; Fair Friend Enterprise Group; FANUC Corporation; GF Machining Solutions Management SA; Haas Automation, Inc.; Hardinge, Inc.; Heller Industries, Inc.; HMT Ltd.; Hurco Companies, Inc.; Hyundai WIA Corporation; Jiuh-Yeh Precision Machinery Co., Ltd.; JTEKT Corporation; Kennametal Inc.; Kiwa Machinery Co., Ltd.; Komatsu NTC Ltd.; Makino Milling Machine Co., Ltd.; Matsuura Machinery Corporation; OKK Corporation Ltd.; Sandvik AB; Sister Machine Technology Co., Ltd.; SMTCL Americas; SNK America, Inc.; Tongtai Machine Tool Co., Ltd.; Toshiba Machine Co., Ltd.; Yama Seiki USA, Inc.; Yamazaki Mazak Corporation; Yeong Chin Machinery Industries Co., Ltd. and Others. Coverage: All major geographies and key segments Segments: Product Type (Vertical, Horizontal, Other Product Types); Application (Automotive, General Machinery, Precision Engineering, Transport Machinery, Other Applications) Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Machining Centers Market to Reach US$19.2 Billion by the Year 2026 Machining centers feature automatic tool changers for multitasking machining strategy involving a combination of milling, drilling and turning on the same workpiece. The manufacturing industry is a critical growth driver and the shifting role of manufacturing and its level of contribution to economic development tends to impact growth patterns in the global machining centers market. From turning, boring, milling, grinding, drilling, tapping, forming, casting, cutting to other more complex tasks, machine tools are indispensable in a wide gamut of manufacturing industries ranging from automotive, aerospace defense, shipbuilding, electrical electronics, precision engineering, power generation, railways to computers, medical, healthcare and biotechnology. The current focus on reducing operating costs, manufacturing timelines, improving productivity and competitiveness is expected to drive demand for next generation, efficient machine tools. Technological breakthroughs in machining center production through increase in spindle and positioning speeds have been instrumental in the development of techniques for refining machine center productivity. Such productivity was expected to be supported by technology involving adaptive control, five sides of work-piece in one, maximum vibration absorption, open architectures, personal computer controls, space efficiency, speed controls, and tight dimensional tolerances. The five-axis machining centers that emerged in recent years are equipped with two additional rotational axes besides the conventional three axes, thus allowing machining of shapes with greater complexity.
Amid the COVID-19 crisis, the global market for Machining Centers estimated at US$13.3 Billion in the year 2020, is projected to reach a revised size of US$19.2 Billion by 2026, growing at a CAGR of 6.2% over the analysis period. Vertical, one of the segments analyzed in the report, is projected to grow at a 6.2% CAGR to reach US$13 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Horizontal segment is readjusted to a revised 6.5% CAGR for the next 7-year period. This segment currently accounts for a 24.5% share of the global Machining Centers market. Vertical machine center types represent a popular choice because they occupy less installation space compared to the horizontal types with the spindle located on the side of the workpiece. Horizontal machining centers continue to display strong demand in recent years, led by integration of technology advancements such as high-torque and high-speed spindles, pallet pools, FMS stockers, automation with integral twin pallets, and gantry loaders and unloaders. Horizontal Machining Centers score over Vertical Machining Centers on spindle run time and hence involve less labor.
The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $8.1 Billion by 2026 The Machining Centers market in the U.S. is estimated at US$1.2 Billion in the year 2021. The country currently accounts for a 8.72% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$8.1 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR while Rest of European market (as defined in the study) will reach US$8.5 Billion by the end of the analysis period. Despite receiving a major blow in the form of COVID-19 coronavirus outbreak, China is forecast to continue to remain among the world's largest manufacturing hubs in the medium term despite the rising domestic production costs. In the United States, manufacturing renaissance and reshoring of manufacturing are forecast to benefit the machine tools market in the long-term.
By Application, Automotive Segment to Reach $7.8 Billion by 2026 Automotive industry is one of the major end-use markets for machine tools for manufacture of a wide range of individual vehicle parts. Automobile sales and consequent production trends thus determine demand for a range of automotive parts and components, which in turn spurs opportunities in the machining centers market. In the global Automotive (Application) segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.3 Billion in the year 2020 will reach a projected size of US$6.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$935.4 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. StrategyR™ Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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