Post COVID-19, the Global Machine Tool Market size is projected to reach USD 68.9 billion by 2021 from an estimated USD 65.6 billion in 2020, at a CAGR of 5.0%. The projections were based on the ongoing automotive industry production drop, which is the biggest consumer of machine tools and, additionally, the supply chain disruptions caused by the COVID-19 pandemic in the manufacturing industry.
The machine tool market is expected to decline due to COVID-19, where major investment decisions on new machinery in the manufacturing industries are likely to halt until the end of the year further. After the lockdown period, many manufacturers will face problems in meeting the demand due to supply chain disruptions caused by a period of stagnation during the global crisis. Asian suppliers, especially, will have difficulties in ramping up production, which will cause severe bottlenecks in the supply of some key components and delays in delivery.
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However, companies can adopt the Internet of Things (IoT) and robotics usage to focus on automation of machine tools with a minimum requirement of human labor. Advanced technologies such as Artificial intelligence, connected technologies, and 3D printing will help companies to achieve the highest level of efficiency at a lower cost. They will decrease the dependency of companies on human labor.
Zyfra, a Finnish-Russian digital solutions provider, has launched an Internet of Things (IoT) innovation in the form of a cloud-based version of its ”MDCplus” machine monitoring system, which allows remote monitoring of CNC machines. Many companies in the past have already installed this technology not only for remote access but to collect data from all types of machines and monitor their energy consumption, which could result in a substantial increase in machine utilization and energy saving.
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The Asia Pacific machine tool market is expected to be the least compared to Europe and North America. However, in Asia Pacific, China will be facing the biggest issue where the COVID-19 originated and disrupted the majority of the supply chain. The country is expected to recover rapidly however the growth will be limited as most of the other countries who heavily invested in China are trying to pull out of the country and shift the base to India or other Asian countries that will have limited effect on business in operations in the event of such pandemic cases in future.