Machine Tools Market in the US 2017-2021: Market Segmentation and Forecast by Technavio

Technavio has published a new report on the machine tools market in the US from 2017-2021. (Graphic: Business Wire)

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LONDON--()--According to the latest market study released by Technavio, the machine tools market in the US is expected to grow at a CAGR of more than 4% during the forecast period.

This research report titled ‘Machine Tools Market in the US 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecast for various market segments and all geographical regions.

According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research, “Machine tool applications are categorized into three important product segments, which consist of metal cutting machine tools, metal forming machine tools and other accessories. The metal cutting machine tools segment dominated the market in the US with a market share of around 51% in 2016, primarily due to the higher demand for industrial metal cutting applications.”

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The market research analysis categorizes the machine tools market in the US into three major end-user segments. They are:

  • Automotive
  • Aerospace
  • Metal Fabrication

Machine tools market in the US by the automotive industry

Globally, the US is the second-largest automotive market. The machine tools market in the US by the automotive industry is expected to grow at a CAGR of more than 4% due to the upward trend of automobile sales in the US.

“The flexible investment structure, large consumer base, government incentives, and advanced technologies are likely to further boost the demand for both automotive and machine tools market in the US during the forecast period,” says Raghav.

Machine tools market in the US by aerospace industry

The machining applications in the aerospace industry include spare parts, components, and materials that are ultimately used in aircraft and sub-assemblies. Thus, the aerospace industry holds the second-largest share in the machine tools market due to the extent of the application scope. The demand for machine tools is evolving continuously due to both fresh investments as well as replacement and retrofitting activities.

As the raw materials used undergo constant evolution to enable the production of high-quality and lightweight aircraft, most of the growth in the machine tools market is expected to come from CNC machines. The use of alloys and composite materials to manufacture aircraft components is likely to increase the importance of CNC machining tools during the forecast period.

Machine tools market in the US by metal fabrication

Metal fabrication units are the intermediate producers of many materials and components used by diverse industries. In addition, many of these metal fabrication requirements are highly cyclical. End-users considered in this segment are residential and commercial construction, mining, energy, and general industries.

Metal fabrication, another major segment of the machine tools market, is likely to grow due to the rising demand from heavy industry in the US. The recent initiatives taken by the current US President to bring the manufacturing sectors back to the US will offer significant growth opportunity for the machine tools market in the country.

The top vendors highlighted by Technavio’s industrial automation market research analysts in this report are:

  • Dalian Machine
  • DMG MORI
  • Haas Automation
  • JTEKT
  • Komatsu

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About Technavio

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 media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the machine tools market in the US is expected to grow at a CAGR of more than 4% during the forecast period.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com