The global machining center market size is projected to reach USD 43.73 billion by 2026, thereby exhibiting a CAGR of 5.1% during the forecast period. However, the market was valued at USD 29.17 billion in 2018.
Fortune Business Insights published this information in an upcoming report, titled, “Machining Centers Market Size, Share & Industry Analysis, By Product (Vertical Machining Center, Horizontal Machining Center, Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026.” The report further states that manufacturers, nowadays, are focusing more on the elimination of changeover time with less space, reduced material handling, quality improvement, and decreased cycle time to produce a specific product. These factors are expected to contribute to the machine centers market growth during the forecast period.
Highlights of the Report
• Accurate analysis of several vendors present in the market.
• Competitive landscape consisting of new contracts, strategic partnerships, mergers and acquisitions, and agreements.
• Various insights, namely, machining center market trends, growth drivers, opportunities, and restraints.
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some of the most prominent companies operating in the machining center market. They are as follows:
• Okuma Corporation
• JTEKT Corporation
• Hyundai WIA
• Matsuura Machinery Corporation
• Komatsu Ltd.
• Yamazaki Mazak Corporation
• Doosan Machine Tools Co., Ltd.
• DMG MORI CO., LTD.
• MAG IAS GmbH
Rising Focus on the Development of Multifaceted Machining Centers to Propel Market
Several manufacturers are aiming to develop the multifaceted tools owing to their rising demand from various industries for addressing multiple operations. The latest 5-axis technology is also resulting in an ever-increasing demand for hassle-free procedures during the production of complex parts. Multifaceted machining centers are multifunctional. They include high precision, custom finishing, improved processing type, and efficiency. The designers, at present, are focusing on developing the multifaceted machining centers. All these factors are likely to increase the machining center market revenue across the globe during the forecast period.
Automotive Segment to Grow Notably Owing to Increasing Demand for Commercial Vehicles
In terms of application, the market is fragmented into transport machinery, automotive, precision engineering, general machinery, and others (energy, electrical, etc.). Amongst these, the automotive segment is set to exhibit immense growth backed by a rise in the demand for commercial vehicles in the emerging countries, such as India. The segment had generated 41.8% machining center market share in 2018. According to numerous sources, in 2017, the automotive industry showcased a year on year growth of more than 9.5% in India. Additionally, the governments of many countries are taking initiatives to promote the usage of electric vehicles. The Government of India, for instance, has shortlisted 11 cities to deploy electric vehicles for public transportation under the ‘Electric Vehicles in India’ and ‘Faster Adoption and Manufacturing of (Hybrid)’ schemes.
Precision engineering, on the other hand, is anticipated to be one of the fastest-growing segments in the coming years. This growth is attributable to the rising demand for highly accurate and top-quality critical components from the medical and aerospace sectors. Besides, there is an increasing demand for those machines that are capable of manufacturing products with high critical tolerance. The transport machinery segment is expected to grow notably owing to the rising rate of trade worldwide.
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Asia Pacific to Grow Rapidly: Rising Demand for Construction Equipment Will Favor Growth
Asia Pacific had generated USD 14.91 billion machine centers market share and is expected to acquire the highest CAGR throughout the forecast period. This growth is likely to occur on account of the rapidly expanding aerospace and automotive market in the emerging nations, namely, Thailand, Vietnam, and India. Moreover, increasing construction activities is causing a high demand for several types of equipment required for this purpose. As per our sources, in China, the construction industry was valued at USD 893.58 billion and is anticipated to grow at a CAGR of 5% in the coming years.
Table of Content -
1.1. Definition, By Segment
1.2. Research Approach
2. Executive Summary
3. Market Dynamics
3.1. Drivers, Restraints and Opportunities
3.2. Emerging Trends
4. Key Insights
4.1. Macro and Micro Economic Indicators
4.2. Key Technological Developments
4.3. Consolidated SWOT Analysis of Key Players
5. Global Machining Centers Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Sizing Estimations and Forecasts – By Product (Value)
5.2.1. Vertical Machining Center
188.8.131.52. Vertical Machining Center with size less than 500 mm
184.108.40.206. Vertical Machining Center with size greater than or equal to 500 mm
5.2.2. Horizontal Machining Center
220.127.116.11. Horizontal Machining Center with size less than 500 mm
18.104.22.168. Horizontal Machining Center with size greater than or equal to 500 mm
5.2.3. Others (Universal, Double Column)
5.3. Market Sizing Estimations and Forecasts – By Application (Value)
5.3.2. General Machinery
5.3.3. Precision engineering
5.3.4. Transport Machinery
5.4. Market Analysis, Insights and Forecast – By Region (Value)
5.4.1. North America
5.4.3. Asia Pacific
5.4.4. Middle East & Africa
5.4.5. Latin America
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