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New York, December 01, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Machine Tool Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” – https: // www. reportlinker.com/p06187417/?utm_source=GNW
The pandemic has negatively impacted the market in 2020 due to the shutdown of production facilities in many countries and disruptions in the supply chain.
The growth of the global motion control market has triggered a substantial demand for motion control products, especially in the robotics, electronics assembly, semiconductor, machine tool, and renewable energy industries. . The simplified design of the machines was made possible by advances in control components.
Although overshadowed by the recent impacts of the coronavirus, the move towards electric mobility remains a significant issue for machine tool producers and other traditional auto parts suppliers as auto companies increasingly focus on the development and production of electric vehicles (EV).
Key market trends
Positive outlook for the automotive industry
Despite some headwinds, the auto industry looks bright, globally. According to industry sources, global light vehicle production units have been remarkable and are expected to continue to grow. APAC is expected to register the highest growth rates in terms of production volumes, followed by North America. In addition, sales and manufacturing of electric vehicles are increasing at an all time high, creating a demand for machine tools and other equipment associated with the manufacturing process. Machine tools have a wide range of applications in the automotive industry such as CNC milling (gearbox housing, transmission housings, engine heads, etc.), turning (brake drums, rotors, flywheel, etc.), drilling, etc. With the advent of technology and automation, the demand for machines will only increase to gain in productivity and precision.
CNC machine tools set to dominate the global market
CNC machines streamline many operational processes by reducing production time and minimizing human errors. The increasing demand for automated manufacturing in the industrial sector has resulted in the increasing use of CNC machines. In addition, the establishment of manufacturing facilities in Asia Pacific has boosted the use of CNCs in the industry.
A highly competitive market has forced players to focus on efficient manufacturing techniques while trying to gain a competitive advantage by redesigning their facilities, which include CNC machines. Apart from this, the integration of 3D printing with CNC machines is a unique addition to some of the new production units, which should offer better multi-material capability, with little waste of resources.
Along with this, with the growing concerns about global warming and the depletion of energy reserves, CNC machines are actively used in power generation, as this process requires large-scale automation.
Competitive landscape
The machine tools market is quite fragmented in nature with the presence of large global players and small and medium local players with a number of players occupying market shares. The main competitors in the global machine tool markets are China, Germany, Japan and Italy. For Germany, apart from several hundred sales and service subsidiaries or branches of German machine tool manufacturers around the world, there are probably less than 20 German companies currently producing complete units abroad.
With the growing preference for automation, companies are focusing on developing more automated solutions. The industry is also witnessing the trend of consolidation with mergers and acquisitions. These strategies help businesses enter new markets and gain new customers.
Additional benefits:
The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06187417/?utm_source=GNW
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