Global Toolroom Machine (Machine Tools) Market: Introduction
A toolroom machine
is used to shape metals or other rigid materials by boring, shearing, grinding, cutting, or deforming. Based on mode of operation, machine tools are classified into different types such as conventional and numerically controlled. Examples of machine tools include broaching machines, drill presses, gear shapers, hobbing machines, lathe machines, screw machines, milling machines, shapers, and grinding machines.
Global Toolroom Machine (Machine Tools) Market: Competition Landscape
- In June 2018, Hexagon AB acquired SPRING Technologies, a France- based player specialized in providing integrated solutions for machine tool management
- In January 2019, Hoffmann Group introduced three new and innovative cutting tools in the market in India. These include carbide barrel milling cutters, tools for processing threads for a wide range of materials, and cutters for titanium processing.
Established in 1902, 3M Company is located in St. Paul, Minnesota (the U.S.). It develops, manufactures, and sells several products. The company primarily operates through four business segments: transportation & electronics, safety & industrial, consumer, and healthcare. The company provides products for use in the manufacturing sector such as abrasives, automotive products, filtration products, and tapes and adhesives.
Incorporated in 1847, Siemens AG is located in Munich, Germany. Siemens AG is one of the leading global developers of resource-saving and energy-efficient technologies. The company is especially focused on the areas of automation, electrification, and digitization. It is the world’s leading supplier for the oil & gas industry and distributed power generation. It primarily operates through nine business segments: power & gas, energy management, building technologies, mobility, digital factory, process industries & drives, Healthineers, Siemens Gamesa Renewable Energy, and Siemens Financial Services (SFS).
Other prominent players operating in the global toolroom machine (machine tools) market are Dalian Machine Tool Group Corporation, Allied Machine & Engineering Corporation, ANCA Pty Ltd., DANOBAT Group, Delapena Group, Doosan Machine Tools Co., Ltd., FANUC Corporation, Junker Group, JTEKT Corporation, Kellenberger & Co. AG, Komatsu Ltd., Korber AG, Koyo Machinery, Okuma Corporation, Schuler Group, Shenyang Group, Toyoda Americas, and WMW Machinery.
Global Toolroom Machine (Machine Tools) Market: Dynamics
Increasing Demand for Machine Tools from Industrial Sector Driving Demand for Toolroom Machine (Machine Tools)
The increasing automation in the industrial sector is projected to be a major factor driving the global toolroom machine (machine tools) market in the near future. Additionally, rise in improvements in the manufacturing process, in terms of product quality and efficiency, led by globalization has resulted in the implementation of automated technologies in toolroom machines that are utilized in manufacturing processes.
Furthermore, emergence of electric vehicles is anticipated to boost the global market for toolroom machine (machine tools) during the forecast period. Moreover, increasing penetration of computer numerical control (CNC) machines is another key factor expected to boost the demand for toolroom machine (machine tools) across the world in the next few years. The global toolroom machine (machine tools) market is fragmented, with the presence of a large number of international as well as regional players. This has ensured a competitive environment for the market players.
High Costs of Machine Tools to Hamper the Global Toolroom Machine (Machine Tools) Market
High costs has been identified as a prominent challenge in the commercialization of toolroom machine (machine tools) in the consumer application, as the cost of production is also high. This factor is likely to hinder the global market in the near future. Lack of standards and design complexity are other factors hampering the market.