LONDON--(BUSINESS WIRE)--Technavio’s global woodworking machines market research report forecasts the market to grow at a CAGR of around 3% during the forecast period.
The adoption of loT in woodworking machines will be one of the major trends in the global woodworking machines market during 2018-2022. loT is an ever-growing network of physical objects, which feature an IP address, thereby allowing it to connect to the internet and permit communication between these objects and other internet-enabled devices. The integration of automation control systems, industrial machinery, and big data analytics offer the ability to predict future risks and can take the required steps for risk mitigation.
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According to Technavio analysts, one of the key drivers for the global woodworking machines market is the increasing adoption of automated woodworking machines:
Global woodworking machines market: Increasing adoption of automated woodworking machines
Automation is one of the key driving factors for the global woodworking machinery market. The rising focus toward ensuring flexibility and highly personalized product in the woodworking industry has led to an increased need for highly specialized woodworking machinery in the production process. This has resulted in the integration of automation technologies into traditional woodworking machinery.
According to a senior research analyst at Technavio, “The automated stand-alone machines are flexible. Hence, they are easy to integrate with other machinery and monitoring systems in the wood industry with the help of software. This allows the large industrial plants to partially shift toward automated production process, thereby ensuring high performance and flexibility of the production process with low human resource.”
Global woodworking machines market: Segmentation analysis
This global woodworking machines market analysis report provides market segmentation by application (furniture, construction, and others) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the furniture segment held the largest woodworking machines market share in 2017, contributing to over 79% of the market. This application segment will dominate the global market throughout the forecast period.
The EMEA region held the largest share of the market in 2017, accounting for more than 50% share. It was followed by APAC and the Americas respectively. The EMEA region is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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