Global Milling Machine Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Milling Machine Market” is an upcoming report by MarketResearch.biz. The global milling machine market segmentation allows for deeper understanding and thought, to decisively assess, analyze, and study. Besides revenues for segments, global, regional, and country-wise, market revenue segmentation will be compiled in a scrupulous manner for clear flow and understanding. The analysis will be conducted using expert opinions and inputs, as well as thorough primary and secondary research efforts to determine various aspects of the milling machine market. The global milling machine market report will be segmented on the basis of type, end-use, and region.
Milling is the process of machining by using rotary cutters to extract material by advancing a cutter into a workpiece. This is done by varying direction on one or several axes, pressure and cutter head speed. Milling machines, also known as multitasking machines (MTMs) multi-purpose machines that capable of milling and cycling material as well. They are versatile machines that can perform a host of functions such as chamfering, turning, gear cutting, drilling, facing, slot cutting, and fillet making. They are some of the most important machines implemented in metal cutting applications across several industries.
The inception of compact tools that require minimum floor space is gaining momentum in the industrial manufacturing sector. The integration of CAD and CAM software into a computer numerical control machine has proven to enable smooth workflow and reduce machining time. Nevertheless, the substantial costs of installation and maintenance of these advanced machine tools and the lack of an adequately skilled labor force are projected to hinder market growth over the foreseeable future. To surmount these obstacles, several companies are investing in R&D and implement automated diagnostic solutions to depreciate maintenance costs.
In terms of type, the market is segmented into vertical milling machines and horizontal milling machines. The horizontal milling machine (HMM) segment accounted for a majority revenue share in 2018 due to the increasing preference and popularity of these milling machines. They are capable of performing three or more times the amount of work a vertical milling machine can. In spite of this, vertical milling machines accounted for substantial revenue share in the same year due to their ease of use, high accuracy, high visibility, affordable costs, and are available in a diverse range of specifications depending on the end-use.
The end-use of the market is segmented into aerospace & defense, automotive, construction equipment, industrial, and power & energy among others. The industrial segment accounted for a majority revenue share in 2018 due to the extensive use of HMMs for result-oriented operations. The surging demand for the mass production of various products like automobiles, household appliances, and consumer electronics is projected to fuel market growth in the coming years.
The automotive segment is projected to index the highest CAGR over the next ten years due to an increasing preference for OEM parts that guarantee precision. Furthermore, power companies are significantly investing in advancements that focused on renewable energy. The components required for these devices are machined using high-precision machine tools and this is expected to boost market growth in the foreseeable future.
The Asia Pacific market accounted for a majority revenue share in 2018 due to the increasing adoption of metal cutting processes in this region. Since it is home to prominent market companies, it is expected to continue its dominance in the years to come. Various government initiatives are also expected to contribute to overall market growth.
The market in Europe also accounted for a substantial market revenue share in 2018. This can be accredited to its robust adoption of milling machines in the region. A growing energy sector and the subsequent requirement of parts that must be machined using high-precision machine tools are other factors that are assisting in market growth.
Global Market Segmentation:
Global market segmentation, by Type:
- Horizontal Milling Machines
- Vertical Milling Machines
Global market segmentation, by End-use:
- Aerospace & Defense
- Construction Equipment
- Power & Energy
Global market segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- AMADA CO. LTD.
- Amera Seiki
- DATRON Dynamics Inc.
- DMG MORI CO. LTD.
- Haas Automation Inc.
- FANUC CORPORATION
- Okuma Corporation
- Shenyang Machine Tool Co. Ltd.
- Hurco Companies Inc.
- Dalian Machine Tool Group Corporation (DMTG)
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