Machine Tools Market Poised to Grow 1.4X Through 2030, Finds Fact.MR

DUBLIN 2, Ireland - July 23, 2020 - PRLog -- The machine tools market is projected to surpass a valuation of US$ 99 Bn, with a steady growth rate through the forecast period (2020-2030). With the widespread impact of the global coronavirus pandemic, manufacturing and machining activity has come close to stalling, following a drop in new orders, closure of factories, and multiple supply chain disruptions. These trends are anticipated to moderately affect the machine tools market through the outbreak.

Despite the fast-growing concerns of a recession, a number of suppliers are now restarting operations. However, demand for machine tools continues to remain uncertain. This will hurt inventories, imports, jobs and order backlogs in the industry in the near term.

"The rising trajectory of COVID-19 cases around the globe will slow economic recovery. Also, companies in Europe and China are going through a decline in sales of machine tools, and international trade. On the other hand, the recovery of the Chinese market will help in recovery of the overall industry in the coming months," says the Fact.MR analyst.

Machine Tools Market - Key Takeaways

• Milling machines will contribute substantially to global revenue streams, owing to applications in multiple verticals.
• CNC machine tools, are rapidly gaining traction, on back of high demand for automated metalworking systems.
• Applications in the automotive industry remain a key area of market developments.
• Asia Pacific will account for a dominant share of the machine tools market, driven by a strong metalworking industry in the region.

Read Report- https://www.factmr.com/report/4348/machine-tools-market

Machine Tools Market - Key Driving Factors

• CAD/CAM and IoT innovations will play major roles in the development of machine tools.
• Extensive applications of machine tools in railways, automotive, defense, and aerospace applications are set to drive growth opportunities.
• Rise in the number of metalwork process facilities on a global scale has resulted in increased demand.
• Maintenance, repair, and operations of heavy-duty, fixed machine tools will sustain market demand.

Machine Tools Market - Key Constraints

• Dependence on operator skill for end-product accuracy and resultant errors, hampers market growth.
• Shortage of adequately skilled manpower, is also a challenge for the industry.

The Anticipated Impact of COVID-19

The manufacturing industry has been highly vulnerable to the COVID-19 crisis. The impact of the outbreak has been unprecedented. Demand for machine tools and supply chains are anticipated to be severely impacted. The disruptions in Chinese industry and the overall demand for metalworking products are key concerns.

PR Source- https://www.factmr.com/media-release/1465/global-machine-...