The ‘Global Machining Centres Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global machining centres market, assessing the market on the basis of its segments like types, applications, and major regions.
Machining Centres Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Value (2021): USD 30.66 billion
• Forecast CAGR (2023-2028): 4.7%
• Forecast Market Value (2027): USD 40.38 billion
The manufacturing of critical car components is made possible only using machining centres. The product is designed to perform with pallet transfer systems to efficiently handle the transportation of components between stations and machines. The machining centres are also deployed for grinding and drilling of automotive components and for producing dies for car bodies.
Hence, the thriving automotive industry owing to the increasing sale of commercial and passenger vehicles is leading to a heightened deployment of machining centres across automotive manufacturing units.
The machining centres market is being positively influenced by the large-scale multitasking processes across the construction industry owing to the rapid urbanisation and rising standards of living. Machining centres are widely used in building projects for tapping, milling, and repeating operations at construction sites.
Moreover, the heightened deployment of machining centres in the oil and energy sector, to increase the production efficiency and to improve the handling of complex machine parts, is further propelling the demand for the product.
Regionally, the Asia Pacific has a sizable share in the market. The rising investments from private and public players towards various end-users of the product are driving the machining centres market in the region. Meanwhile, the favourable policies of governments to ramp up the indigenous manufacturing volumes in industries such as automotive and aerospace are anticipated to lead to a heightened demand for the product.
Machining Centres Industry Definition and Major Segments
Machining centres are defined as the equipment which are extensively used in the industrial sector to carry out various operations using machineries or metallic components. In other words, machining centres are deployed to facilitate different industrial operations such as milling, threading, boring, and drilling, among others. Machining centres are also capable of increasing the efficiency of automated components.
Based on type, the machining centres market can be segmented into:
• Horizontal Machining Centre
• Vertical Machining Centre
The market can be broadly categorised based on application into:
• Fluid Power
• Oil and Energy
• Construction and Agriculture
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Machining Centres Market Trends
The key trends in the machining centres market include the increasing demand from the manufacturing sector due to the rising investments towards automation. This includes the manufacture of electronic appliances which is witnessing an escalated demand due to rising disposable income and increasing digitalisation in households.
Meanwhile, the growing research and development activities in the aerospace industry aimed towards ramping up the quality and production of aircrafts, battle tanks, and weapons, among others are some of the key market boosting trends. Also, the technical upgradations of agricultural equipment and increasing awareness of modern automation are further providing impetus to the machining centres market.
Moreover, there are technological advancements in the automotive sector induced by growing competition to gain an edge in the industry and to reach potential customers. These are the crucial trends leading to a heightened deployment of the product in the market. The increasing sale of new energy vehicles is anticipated to augment the supply demand chain of the product in the coming years.
Furthermore, progressive product innovations by the major market players leading to the launch of brands is expected to aid the market. In November 2021, heavy investments were carried out for double column machining centres across India.
Key Market Players
The major players in the machining centres market report are:
- JTEKT Corporation
- FANUC Corporation
- Yamazaki Mazak Pvt. Ltd
- FFG European, American Holdings GmbH
- Makino Inc
- Okuma Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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