LONDON--(BUSINESS WIRE)--Technavio’s latest report on the machine tools market in India provides an analysis on the most important trends expected to impact the market outlook from 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.
Technavio analysts forecast the machine tools market in India to grow at a CAGR of about 13% during the forecast period, according to their latest report. Bharath Kanniappan, a lead analyst from Technavio, specializing in research on the automation sector, says, “The initiatives taken by the Government of India have encouraged manufacturers to enhance their production capacity. For instance, the Make in India policy has attracted FDI from Siemens, Foxconn, and Samsung Electronics into India's manufacturing sector.”
The top three emerging trends driving the machine tools market in India according to Technavio industrial automation research analysts are:
- Emergence of optimized machine tools
- IoT-connected machine tools
- Increased use of plastic as a substitute for metal
Emergence of optimized machine tools
The machine tools manufacturing industry needs to increase productivity, offer better quality, and enhance cost saving measures to stay ahead of the competition. These improvements are necessary to help end-users enhance the production rate.
Machine operations may be optimized by installing control systems such as the computer numerical control (CNC), that monitor cutting conditions in real time. The control system can also monitor the wear and tear and the work piece material characteristics. Technavio analysts expect the installation of these systems to result in a significant reduction in cycle time and prevent damage to tools, parts, and machines.
IoT-connected machine tools
The latest technology available in the machine tools market is the CNC. Though this device is considered highly efficient and productive, its user manual is a bulky tome. Thus, vendors have come up with mobile-based applications and other Internet-based functions that let users access virtual manuals.
Similarly, R&D programs have allowed manufacturers to design desktop CNC systems that can perform specific functions, such as drilling or milling, on a small scale. While these compact CNC differ in functions performed by an industrial CNC, they are helpful because they perform a single function efficiently. Moreover, smaller CNC devices also reduce investment costs.
An online monitoring and remote access to diagnosis systems was created by using IoT technologies. The multi-channel online acquisition system helps end-users monitor CNC machine tools in real-time. The remote fault diagnosis system helps experts to manage the devices and calibrate data uploaded from acquisition systems. The real-time information provided by this system can prevent or reduce machine downtime.
Increased use of plastic as a substitute for metal
Industries worldwide are increasingly using plastic as a substitute for metal in various product components. Plastic is lightweight and its corrosion-resistant properties make it a preferred choice across industries. The adoption of plastics in the automotive industry has significantly boosted the key components of a vehicle. Plastics are also widely used in the nuclear power, waste management, and healthcare industries.
With the advantages of low cost, low maintenance, low weight, and reduction in noise and vibration, plastics are expected to have a higher prominence in the replacement of metals in the automotive industry. Plastic components with Teflon coating are primarily replacing the metal components due to the increased resistance to heat and friction. These factors enhance the possibility of metal components being replaced with plastic components.
Browse Related Reports:
- Machine Tools Market in Japan 2015-2019
- Machine Tools Market in Germany 2015-2019
- Global Metal Forming Machine Tools Market 2016-2020
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact email@example.com with your requirements and a link to our subscription platform.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.