LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global vertical grinding machine market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest report.
This market research report segments the global vertical grinding machine market into the following products, including PLC, CNC, and manually controlled and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the rising demand for CNC incorporated machine tools as a key factor contributing to the growth of the global vertical grinding machine market:
Rising demand for CNC incorporated machine tools
The crucial factor for any product development process is the design that helps give the desired shape to the final product. CNC machines comply with these design specifications and help in conveniently developing the product with the desired form with maximum accuracy. Continuous R&D efforts have made such advances in machine tools such as CNC machines, possible. CNC machines are highly productive, efficient, and enable the incorporation of new technologies.
Companies across industries are adopting automation in their manufacturing operations due to the growing customer demand for high-quality products. Businesses and investors around the world are now investing in process automation. Technology, software, hardware, the communication protocol used for automation, and related services will be the main focus points of such investments.
According to a senior analyst at Technavio for engineering tools, “Numerical control and CNC machines are replacing manually controlled machine tools, in mid- and small-scale industries. The new machines use programmed commands and computers, which helps in ensuring high productivity. Additionally, the use of computer-aided design and computer-aided manufacturing software to design CNC and NC machine components results in machines that ensure high accuracy. NC and CNC machines also aid in reducing the time and human effort. Thus, automation being adopted in a company’s production or fabrication process leads to a reduction in operational costs and increases their competitive edge.”
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Global vertical grinding machine market segmentation
Of the three major products, the PLC segment held the largest market share in 2017, accounting for nearly 46% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is CNC, which will account for nearly 44% of the total market share by 2022.
APAC was the leading region for the global vertical grinding machine market in 2017, accounting for a market share of nearly 37%. By 2022, APAC is expected to continue dominating the market due to the growing demand from major end-user industries in the region.
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