PUBLISHER: Grand View Research | PRODUCT CODE: 1076531
PUBLISHER: Grand View Research | PRODUCT CODE: 1076531
The global machine tools market size is expected to reach USD 127.7 billion by 2030, registering a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. The industry is primarily driven by the rising demand from the capital goods sector, particularly the automotive and textile sectors. Furthermore, the expanding manufacturing industry is likely to drive demand for machine tools. The COVID-19 pandemic has had a significant impact on the machine tool industry, as well as many other industries. The global economic slump caused by the pandemic resulted in a significant drop in demand in the first two quarters of 2020. Factory shutdowns, disrupted supply chains, component scarcity, logistical challenges, and other difficulties exacerbated the situation. Primary industrial users including the automotive, aerospace & military, railroads, capital goods, and consumer durables sectors have a considerable demand for machine tools.
The rapid growth of these sectors as well as the search for additional oil & gas reserves are the main forces behind the industry development. The global expansion of the metalworking process sectors has sparked a demand for milling machines, which, in turn, has fueled industry development. The need for automatic machine tools has increased as a result of the expansion of the manufacturing industry, and this demand is anticipated to drive the market for CNC machine tools. Industry players are considering collaborations, mergers, and acquisitions to diversify their product lines and boost production capacity. Manufacturers are also concentrating on expanding their production facilities to meet the rising demand from important end-use industries including aerospace, automotive, and electrical.