LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global machine tools market to grow at a CAGR of more than 7% during the period 2018-2022, according to their latest market research report.
The government initiatives providing impetus to machine tools industry is one of the major trends being witnessed in the global machine tools market. Governments around the world have undertaken numerous initiatives to enhance the growth of the global machine tools market. The Ministry of International Trade and Industry, Japan, has taken the initiative to rationalize the machine tools industry by implementing strategic M&As.
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In this report, Technavio analysts highlight the large-scale industrial automation as a key factor contributing to the growth of the global machine tools market:
Global machine tools market: Large-scale industrial automation
Increasing globalization has led to enhancement in quality and efficiency of manufacturing processes. This increased the adoption of automated technologies in various machine tools used in the manufacturing sector. Investments in the global process automation applications continue to rise with a specific focus on technology, software, services, hardware, and communication protocol used for automation.
According to a senior analyst at Technavio for tools and components, “Automated manufacturing processes help in increasing the productivity, which helps businesses grow and compete. Increase in profits encourages businesses to focus on regulating resources and controlling losses. Regardless of the ultimate consequences, it is always beneficial for any business to improve its overall business efficiency.”
Global machine tools market - APAC dominates the global market
This market research report segments the global machine tools market into the following end-users (automotive, industrial machinery, precision engineering, and transportation) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major end-users, the automotive segment held the largest market share in 2017, contributing to over 41% of the market. This market share occupied by this segment is expected to increase steadily during the forecast period.
APAC was the leading region for the global machine tools market in 2017. It accounted for a market share of approximately 54%. The market share occupied by this region is anticipated to increase by more than 1% during 2018-2022.
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