Machine Tools Market in US 2017-2021
About Machine Tools
A machine tool is defined as a machine for shaping and machining metals or other rigid materials in a wide range of industrial applications. These tools are extensively used across the automotive, aerospace, and electronics industries.
Technavio’s analysts forecast the machine tools market in the US to grow at a CAGR of 4.34% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the machine tools market in the US for 2017-2021. To calculate the market size, the report considers the new installations, sales, value and retrofit, replacement, spares, aftermarket, services market.Technavio's report, Machine Tools Market in the US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Machine Tools Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the machine tools market in the US: Dalian Machine, DMG MORI, Haas Automation, JTEKT, and Komatsu.
Other Prominent Vendors in the market are: Amada Machine Tools, Fives, Gleason, Hardinge, Mitsubishi Electric, Makino, Okuma, Yamazaki Mazak, and TRUMPF.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is cloud-based machine tools. The industry 4.0 revolution together with the industrial Internet of things (IIoT) has led to the demand for cloud-based computing to manage the huge amount of data in a cost-effective manner. Thus, we believe that as CNCs have become essential machine tools, they will adopt cloud-based systems into the machines.”
According to the report, one of the major drivers for this market is increased demand for fabricated metal products. The fabricated metal products market has been witnessing steady growth of 3%-4% in the US since 2003. The growth is mainly attributed to the increasing demand for metals from the construction and machinery industries. Fabricated metals, including ammunition, small arms, buildings products, springs, utensils, stamped metal products, tanks, and cranes are manufactured using machine tools.
Further, the report states that one of the major factors hindering the growth of this market is highly capital-intensive market. The machine tools market is highly capital-intensive, and the profitability of this market has a high correlation with the prices of raw materials such as iron, steel, aluminum, brass, and copper. It is estimated that raw material costs account for approximately 48% of the overall manufacturing cost. Fluctuation in raw material prices impacts the manufacturer negatively due to the need to frequently change the pricing strategy.
Dalian Machine, DMG MORI, Haas Automation, JTEKT, Komatsu, Amada Machine Tools, Fives, Gleason, Hardinge, Mitsubishi Electric, Makino, Okuma, Yamazaki Mazak, and TRUMPF.
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