CNC Metal Cutting Machine Tools industry
Market Research Future (MRFR) believes that the global market for computer numerical control (CNC) metal cutting machine tools market can attain a decent CAGR of 6.14% between 2018 and 2023, which is the forecast period.
Primary Drivers and Top Challenges
The market for CNC metal cutting machine tools is expected to garner voluminous revenues in the following years. The process involves the computer-based software maneuvering all the movements of the factory machinery and tools, which makes it easy to understand the correct angle to cut the equipment and metal. However, the cutting process of metals is a complicated process, which involves using specialized equipment as well as machinery. Data experts predict that the use of CNC metal cutting machine tools can increase in the coming years, improving the cumulative revenue index of the market in the years ahead.
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The growth rate of the CNC Metal Cutting Machine Tools industry has been stellar over the past few years and can note further surge with the rising application of cutting tools within the aerospace and defense sector. The defense industry happens to be a highly sought after industry in the world, with governments steadfastly investing in it for its development. This is bound to ensure market growth in the near future for CNC metal cutting machine tools. Besides, the rapidly expanding shipbuilding sector can also help the CNC Metal Cutting Machine Tools industry gain a better valuation in the upcoming years.
Furthermore, the market furnishes a host of commendable growth opportunities, given the increasing adoption of CNC metal cutting machine tools within the automotive sector. On top of this, the growing need for sturdy and effective cutting tools within the construction sector also induces the growth of the CNC Metal Cutting Machine Tools industry.
Market Segmentation
The report provides an extensive segmental description of the worldwide market for CNC metal cutting machine tools, with respect to application and product type.
The application-wise market segments for CNC metal cutting machine tools are aerospace & defense, automotive, construction, and shipbuilding. Between these, the automotive segment has the potential to achieve a better CAGR of 6.4% than its counterpart. It is also revealed that the automotive segment can seize the largest share in the market during the review timeframe.
Given the product type, the market covers horizontal machine centers, CNC grinder and vertical machine centers. Out of these, the vertical machine centers segment had touched a valuation of USD 19,541.3 Mn in 2017 and has the capacity to reach a valuation of USD 28,264.9 Mn by the end of the evaluation period. Further, the manufacturing sector can make strong demand for vertical machine centers in the following years.
Regional Insight
The geographical categorization of the global market for CNC metal cutting machine tools includes Europe, the Americas, the Middle East & Africa (MEA) and Asia Pacific (APAC).
APAC dominates the CNC Metal Cutting Machine Tools industry and has the potential to retain its lead throughout the assessment period. The region can achieve a higher growth rate of 6.36% until the end of 2023. The rapid expansion of the end-use industries and the various growth strategies being used by renowned players like Yamazaki Mazak Corporation, DMG Mori Co. Ltd and Okuma Corporation can work in the market’s favor during the appraisal period.
Europe can be singled out as a highly lucrative market for CNC metal cutting machine tools and is expected to record a growth rate of 5.84% in the years ahead. Its valuation by the end of the forecast period is estimated to be around USD 16,312.3 Mn, which is clearly indicative of its vigorous expansion rate. The chief factors inducing market growth can be the rising adoption of modern machinery across various end-user industries and the presence of numerous multinational companies in the region.
The Americas is making similar strides in the global CNC Metal Cutting Machine Tools industry and is anticipated to record a decent growth rate of 6.10% in the given timeframe.
Top Players
The top players shaping the worldwide market for metal cutting machine tools are Dalian Machine Tool Group Corporation, JTEKT CORPORATION, Okuma Corporation, Komatsu Ltd., Hurco Companies, Inc., DMG MORI CO., LTD, FANUC CORPORATION, Yamazaki Mazak Corporation, AMADA MACHINE TOOLS CO., LTD., Haas Automation, Inc., EMAG GmbH & Co. KG, to name a few.
Browse Complete Report "CNC Metal Cutting Machine Tools industry Research Report - Global Forecast to 2023" @ https://www.marketresearchfuture.com/reports/cnc-metal-cutting-machine-tools-market-7201
