Global Machining Centers Industry

Global Machining Centers Industry

  • February 2022 •
  • 657 pages •
  • Report ID: 5957307 •
  • Format: PDF

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Global Machining Centers Market to Reach US$19.2 Billion by the Year 2026

Machining centers feature automatic tool changers for multitasking machining strategy involving a combination of milling, drilling and turning on the same workpiece. The manufacturing industry is a critical growth driver and the shifting role of manufacturing and its level of contribution to economic development tends to impact growth patterns in the global machining centers market. From turning, boring, milling, grinding, drilling, tapping, forming, casting, cutting to other more complex tasks, machine tools are indispensable in a wide gamut of manufacturing industries ranging from automotive, aerospace & defense, shipbuilding, electrical & electronics, precision engineering, power generation, railways to computers, medical, healthcare and biotechnology. The current focus on reducing operating costs, manufacturing timelines, improving productivity and competitiveness is expected to drive demand for next generation, efficient machine tools. Technological breakthroughs in machining center production through increase in spindle and positioning speeds have been instrumental in the development of techniques for refining machine center productivity. Such productivity was expected to be supported by technology involving adaptive control, five sides of work-piece in one, maximum vibration absorption, open architectures, personal computer controls, space efficiency, speed controls, and tight dimensional tolerances. The five-axis machining centers that emerged in recent years are equipped with two additional rotational axes besides the conventional three axes, thus allowing machining of shapes with greater complexity.

Amid the COVID-19 crisis, the global market for Machining Centers estimated at US$13.3 Billion in the year 2020, is projected to reach a revised size of US$19.2 Billion by 2026, growing at a CAGR of 6.2% over the analysis period. Vertical, one of the segments analyzed in the report, is projected to grow at a 6.2% CAGR to reach US$13 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Horizontal segment is readjusted to a revised 6.5% CAGR for the next 7-year period. This segment currently accounts for a 24.5% share of the global Machining Centers market. Vertical machine center types represent a popular choice because they occupy less installation space compared to the horizontal types with the spindle located on the side of the workpiece. Horizontal machining centers continue to display strong demand in recent years, led by integration of technology advancements such as high-torque and high-speed spindles, pallet pools, FMS stockers, automation with integral twin pallets, and gantry loaders and unloaders. Horizontal Machining Centers score over Vertical Machining Centers on spindle run time and hence involve less labor.

The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $8.1 Billion by 2026

The Machining Centers market in the U.S. is estimated at US$1.2 Billion in the year 2021. The country currently accounts for a 8.72% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$8.1 Billion in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR while Rest of European market (as defined in the study) will reach US$8.5 Billion by the end of the analysis period. Despite receiving a major blow in the form of COVID-19 coronavirus outbreak, China is forecast to continue to remain among the world`s largest manufacturing hubs in the medium term despite the rising domestic production costs. In the United States, manufacturing renaissance and reshoring of manufacturing are forecast to benefit the machine tools market in the long-term.

By Application, Automotive Segment to Reach $7.8 Billion by 2026

Automotive industry is one of the major end-use markets for machine tools for manufacture of a wide range of individual vehicle parts. Automobile sales and consequent production trends thus determine demand for a range of automotive parts and components, which in turn spurs opportunities in the machining centers market. In the global Automotive (Application) segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.3 Billion in the year 2020 will reach a projected size of US$6.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$935.4 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period.

Select Competitors (Total 359 Featured) -
  • Ace Micromatic Group & Micromatic Machine Tools Pvt. Ltd.
  • Amera-Seiki Corp.
  • CHIRON Group SE
  • DMG Mori Co.,Ltd.
  • Doosan Machine Tools Co., Ltd.
  • Emerson Macchine S.R.L.
  • Fanuc Corporation
  • FFG European & American Holdings GmbH
  • Haas Automation, Inc.
  • Hurco Companies, Inc.
  • Jiuh-Yeh Precision Machinery Co., Ltd.
  • JTEKT Corporation
  • Jyoti CNC Automation Limited
  • Kent CNC
  • Komatsu NTC Ltd.
  • Makino Inc.
  • Matsuura Machinery Corporation
  • Maxmill Machinery Co., Ltd.
  • Mazak Corporation
  • Mitsubishi Electric Corporation
  • MTAB™ Engineers Private Limited
  • Okuma America Corporation
  • SCM GROUP S.p.A.
  • Siemens AG
  • The Hyundai Wia Corporation
  • Yamazaki Mazak Corporation
  • Yeong Chin Machinery Industries Co., Ltd.