TBRC's Machine Tools research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 23, 2022 /PRNewswire/ -- New product innovations have emerged as the new key trend gaining popularity in the machine tools market. Major companies operating in the machine tools market focused on new product innovations to sustain their position in the market. For instance, in December 2019, DMG MORI, a German-based company that manufactures machine tools launched a new product called lasertec 125 3D hybrid based on hybrid additive manufacturing technology. Lasertec 125 3D hybrid is a 5-axis laser deposition welding (LDW) system designed for the maintenance, repair, and production of parts in a workpiece.
The global machine tools market size is expected to grow from $80.51 billion in 2021 to $87.30 billion in 2022 at a compound annual growth rate (CAGR) of 8.4%. The global machine tool market size is expected to grow to $105.96 billion in 2026 at a CAGR of 5%.
Request a free sample of the Machine Tools Market Report
Manufacturing Industry Impact On Machine Tools Market Growth
The growing manufacturing industry is expected to propel the growth of the machine tools market going forward. Machine tools refer to power devices that are used to process workpieces and act as important equipment in the manufacturing process of mechanical parts. These machines are used for forming, cutting, and joining tools. As a result, growth in the manufacturing industry will increase the demand for machine tools.
What Does The Machine Tools Market Consist Of?
The main types of machine tools are milling machines, drilling machines, turning machines, grinding machines, electrical discharge machines, and others. The milling machines tools are referred to as multi-purpose machines that can mill and turn materials as well. A milling machine is a circular tool that has several cutting edges symmetrically arranged all over it. This machine is used for flat and irregularly shaped surfaces. These are used to drill, bore, and cut gears. The different automation types include CNC machine tools and conventional machine tools which are distributed by several sales channels including direct, and indirect. They are employed in various industries such as automotive, aerospace and defense, construction equipment, power and energy, industrial, among others.
Machine Tools Competitive Landscape
Major players in the machine tools market are Doosan Machine Tools Co. Ltd., Makino, Georg Fischer, JTKET Corporation, Komatsu NTC Ltd., OKUMA Corporation, Hyundai WIA, Chiron Group SE, Haas Automation Inc., Yamazaki Mazak Corporation, Amada Private Limited, MAG IAS GmbH, GROB-WERKE GmbH and Co. KG, Ace Micromatic Group, Spinner Machine Tools, Dalian Machine Tools Group Corporation, and Electronica Hitech Engineering Pvt. Ltd.
See more on the Machine Tools Market Report
Check out similar market reports:
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: http://blog.tbrc.info/
Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg
SOURCE The Business Research Company
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO98420&Transmission_Id=202206231140PR_NEWS_USPR_____IO98420&DateId=20220623)
Share this article