Market Scenario Trends Impacting Global Machine Tool Market
Global machine tools market predicted to exceed $120 billion by 2020, growing at a CAGR of more than 6 per cent. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Technavio’s report on the global machine tools market provides an analysis of the key trends expected to impact the market through 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline. The global machine tools market is predicted to exceed $120 billion by 2020, growing at a CAGR of more than 6 per cent.
Lead analyst at Technavio for tools and components research, Anju Ajaykumar says, “Industrial sectors where automation is employed on a wide scale such as automotive, aerospace and defense, electrical and electronics, medical devices, industrial machinery, and renewable energy are showing signs of positive growth which will augur well for the growth of the machine tools market during the forecast period.”
The top three emerging trends influencing the global machine tools market according to Technavio’s heavy industry research analysts follow:
Integration of 3D printing technology with machine tools
The original application of 3D printers was to create small plastic models and prototypes. Currently, 3D printers are increasingly used to create prosthetics, full-scale clothing, and electronic products. These printers also have a tremendous potential in the industrial sector.
The dramatic changes that 3D printing technology has brought about are likely to have an impact on machine tools and plastic injection molding. 3D printing technology reduces material usage by nearly 30 per cent to 70 per cent as compared to traditional techniques. This results in faster speed to market for new products and a reduction in development costs. Many machine tool manufacturers are incorporating this technology into their machine tools. For example, Japanese machine tool manufacturer Yamazaki Mazak has integrated metal 3D printing technology into its computer numerical control (CNC) product line.
The machine tools industry has evolved with the development of both hardware technology and software applications. This has resulted in machines becoming faster, intelligent, and versatile. Machines have now become multifunctional and are capable of performing a broad range of tasks inside a single set up. Electrical discharge machines, ultrasonic, and electronic beam technologies have revolutionized manufacturing technology. In 2013, the Taiwan-based Tongtai Machine Tool Co.'s TT51-USA ultrasonic machining center was set up in the U.S. This center offers a user-friendly operational interface together with enhanced machining precision. The German-made TRUMATIC 6000 was also introduced in the same year; this machine combines punching and laser technologies.
Multiple software products can be standardized on one platform. Advanced CAM technology is being used for multi-axis, multi-spindle, and multi-turret machines. Software is increasingly being used in automation of manufacturing and engineering processes. Software applications provide an integrated view of operation through direct integration with product lifecycle management, manufacturing execution services, process planning, and enterprise resource planning systems.
Surge in automation
The growing demand for superior-quality products has propelled companies to undertake automation in manufacturing. Investment in global process automation is continuing to grow at 6 per cent and is projected to reach $120 billion by 2019. This growth is focused on areas such as technology, hardware, software, services, and the communication protocol used for automation.
The machine tools sector in the developed and developing countries, especially those in mid and small-scale industries, are increasingly using NC and CNC machines rather than manually controlled conventional machines. The new and advanced machines operate using programmed commands and computers to enhance productivity.
“Increased productivity is a major factor, which benefits companies that use process automation. Moreover, implementing process automation not only enhances profit margins but also has a positive impact on resource regulation and loss control,” Anju says.
Some of the top vendors in the global machine tools market, as researched by Technavio analysts are:
- DMG MORI
- Yamazaki Mazak
This article was first published by MaschinenMarkt International.