Forging Presses Market size to increase by USD 313.13 million during 2022-2027- Technavio

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Oct 18, 2023, 19:20 ET

NEW YORK, Oct. 18, 2023 /PRNewswire/ -- The Forging Presses Market size is expected to grow by USD 313.13 million, accelerating at a CAGR of 3.28% during the forecast period. The use of servo presses in forging machines is a key driver of the market. Servo presses differ from traditional presses by employing variable-speed torque motors instead of motors and stable flywheels. This results in significantly lower energy consumption per production stroke, reducing overall production costs. The adoption of servo press technology is expected to rise, leading to the production of more competitive products. Variable-speed torque motors in servo presses enable rapid changes in ram speed, reducing part transport time and ensuring quality. This is anticipated to have a positive impact on the global forging press market's growth during the forecast period. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report.

Technavio has announced its latest market research report titled Global Forging Presses Market 2023-2027

Forging Presses Market 2023 – 2027: Key Highlights:

The report recognizes the following as some of the key players in the forging presses market: Andritz AG, Anyang Forging Press Group Machinery Industry Co. Ltd., Chin Fong Machine Industrial Co. Ltd., Ficep SpA, Komatsu Ltd., Kurimoto Ltd., LASCO Umformtechnik GmbH, Magnum Integrated Technologies Inc., Neff Press Inc., Park Ohio Holdings Corp., RATTAN HAMMERS, Santec Exim Pvt. Ltd., Sharma Presses, SMS group GmbH, Sumitomo Heavy Industries Ltd., Wepuko PAHNKE Engineering LP, AIDA Engineering Ltd., Beckwood Press, G.Siempelkamp GmbH and Co. KG, and JNH Press Co. Ltd.
Forging Presses Market is fragmented in nature.
Market to observe 2.86% YOY growth in 2023.

Forging Presses Market 2023 – 2027: Market Dynamics:

Trend

Integration of IoT in forging technology is a global trend.
IoT offers real-time communication, waste reduction, flexibility, and increased ROI.
It optimizes processes, reduces time-to-market, and minimizes inventory.
Enhanced control and monitoring lead to improved tool life and machine availability.
Overall, IoT integration is driving positive growth in the global forging press market.

Challenges

The forging industry faces a challenge due to increasing variable costs.
Reliance on raw materials like iron, steel, and alloys impacts costs.
Escalating salaries for skilled laborers globally adds to the cost pressure.
Outsourcing to regions with lower labor costs is a cost-saving strategy.
Rising labor costs can force market players to increase prices, leading to competition from low-cost labor markets.
Fluctuating raw material prices also impact industry revenue, potentially hindering market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample

Forging Presses Market 2023 – 2027: Key Segmentation

The market is segmented by Application (Automotive, Aerospace, and Others), Type (Hydraulic, Mechanical, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

The automotive sector is expected to be a significant contributor to market growth during the forecast period. This is due to the automotive industry's increasing production of high-quality forged components used in a wide range of commercial and passenger vehicles, such as fender roots, spars, hinges, bulkheads, and engine mounts. Consequently, there's a rising demand for metal forging processes, driving the need for forging presses, particularly in automotive applications.

Forging Presses Market 2023 – 2027: Geographical Analysis

During the forecast period, it is anticipated that APAC will contribute a significant 64% to the market growth. The increasing urban population and rising disposable income in APAC are driving a higher demand for automobiles. In response, automakers have expanded their production of both commercial and passenger vehicles to meet this demand. This surge in automobile production is fueling the need for metals, consequently boosting the demand for forging presses. As a result, the APAC forging presses market is expected to experience substantial growth during the forecast period.

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Related Reports:

Hydraulic Press Machine Market: The hydraulic press machine market size is estimated to grow at a CAGR of 5.78% between 2023 and 2028. The market size is forecast to increase by USD 4,375.22 million.

Metal Forging Market: The metal forging market size is estimated to grow at a CAGR of 6.85% between 2023 and 2028. The market size is forecast to increase by USD 3,3291.08 million.

TOC:

Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix

About Technavio

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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