Market Scenario Trends Impacting Global Machine Tool Market
Global machine tools market predicted to exceed $120 bn by 2020, growing at a CAGR of more than 6 per cent, Technavio reports. Top trends are 3D printing, software, and automation.
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.