Overview and Scope
A machining center refers to an advanced manufacturing machine tool that can automate several machine functions. These machining centers help in performing with high precision and have high finish quality as compared to manual machining.
Sizing and Forecast
The machining centres market size has grown strongly in recent years. It will grow from $26.64 billion in 2023 to $28.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to demand for high precision components, mass production requirements, flexible manufacturing systems, reduction in setup time, globalization of manufacturing, energy sector investments, focus on quality assurance..
The machining centres market size is expected to see strong growth in the next few years. It will grow to $36.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to customization in manufacturing, increasing productivity, smart manufacturing initiatives, energy efficiency requirements, global infrastructure development, advanced control systems.. Major trends in the forecast period include automation and robotics, high-speed machining, multi-tasking machining centers, integration of additive manufacturing, digital twin technology, advanced tooling technologies, remote monitoring and maintenance, focus on user-friendly interfaces..
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Segmentation & Regional Insights
The machining centres market covered in this report is segmented –
1) By Type: Horizontal Machining Center, Vertical Machining Center, Other Types
2) By Distribution Channel: Direct Sales, Third-Party Sales
3) By Application: Automotive, Aerospace, Construction and Agriculture, Fluid Power, Oil and Energy, Other Applications
Asia-Pacific was the largest region in the machining centers market share in 2023. The regions covered in the machining centres market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in automation and robotics in the manufacturing industry is expected to propel the growth of the machining centers market going forward. The manufacturing industry is the industry concerned with the manufacturing and processing of raw materials such as steel, iron, and plastic into end products. Machining centers automate the manufacturing machining processes and are considered excellent automation tools for the manufacturing sector. For instance, in 2021, according to the Association for Advancing Automation (A3), a US-based trade association of robotics, automation, and AI companies, robot orders in the second quarter of 2021 were up 67% as compared to the same period in the previous year. Furthermore, the orders from the metal, automotive components, plastics, and rubber industries were up by 99%, 85%, and 51%, respectively, as compared to the previous year. Therefore, the increasing automation and robotics in the manufacturing sector are driving the growth of the machining centers market.
Key Industry Players
Major companies operating in the machining centres market report are AceMicromatic Group, Amera-Seiki Corp., CHIRON Group SE, DMG Mori Co. Ltd., Doosan Machine Tools Co. Ltd., Fanuc Corporation, FFG European & American Holdings GmbH, Haas Automation Inc., Hurco Companies Inc., Jiuh-Yeh Precision Machinery Co. Ltd., JTEKT Corporation, Jyoti CNC Automation Limited, Kent CNC, Komatsu NTC Ltd., Makino Inc., Matsuura Machinery Corporation, Maxmill Machinery Co. Ltd., Mazak Corporation, Mitsubishi Electric Corporation, MTAB Engineers Private Limited, Okuma America Corporation, SCM GROUP S.p.A., Siemens AG, The Hyundai Wia Corporation, Yamazaki Mazak Corporation, Yeong Chin Machinery Industries Co. Ltd., Hornet Cutting Systems LLC, Davenport Machine Inc., Emmegi SPA, Tsugami-Rem Sales LLC, Detroit Edge Tool Company, TruCut Fabricators Co., BLM Group USA Corp., HowesTemco a div. of NN Inc., Elektriska Svetsnings-Aktiebolaget, Doosan Corp., Toyoda Gosei Co. Ltd., Hermle AG, GROB-WERKE GmbH & Co. KG
The machining centres market report table of contents includes:
1. Executive Summary
2. Machining Centres Market Characteristics
3. Machining Centres Market Trends And Strategies
4. Machining Centres Market – Macro Economic Scenario
5. Global Machining Centres Market Size and Growth
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31. Global Machining Centres Market Competitive Benchmarking
32. Global Machining Centres Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Machining Centres Market
34. Machining Centres Market Future Outlook and Potential Analysis
35. Appendix
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