Europe Machine Tool Market to be Dominated by Cutting Tool and is Estimated to Cross USD 30 Billion by 2023: Ken Research Analysis
23 Sep, 2019, 15:10 BST
Europe Machine Tools Market will be Driven by Modernization of Existing and New Manufacturing Facilities in Europe
GURUGRAM, India, Sept. 23, 2019 /PRNewswire/ -- Key Trends
- Italy is expected to register highest growth among the top three largest Machine tool markets in the Europe. It will be driven by high domestic demand and production in the economy
- Domestic production in Europe is expected to improve but will be largely driven by demand for exports within and outside Europe
- Germany may lose its position as the largest market for machine tools in Europe to Italy
Expected Market Growth and Structure: Machine tools market in Europe is expected to register decline in growth rate due to poor manufacturing scenario. Impact of Brexit and tension related to trade between the US and China is expected to die down in view of larger interest of the global economy creating a positive business environment suitable for promotion in growth of manufacturing and demand for machine tools. The market is in matured stage in majority of the western European countries which were once the manufacturing hubs of Europe.
Role of Intelligent Automation, AI and Big Data: Investment in associated sectors such as AI, IoT, Cloud Computing, automation and their integration in machine tools will enhance the competitiveness of European machine tools companies. Development of additive technology is the major area where many European machine tool companies have enhanced their focus. European machine tools manufacturing units have very strong focus on R&D and continuously adopt these developments in their product portfolio.
Improving Demand in Eastern European Countries: Western Europe factories rely on a reputation built on past success, most Eastern European factories are offering similar or advanced high standards. Eastern European countries offer many incentives to attract foreign investment and encourage companies to build new factories. High ethics standard and better compliance to standard laws among Eastern European nation is the key factor of choice over Asian countries.
Analysts at Ken Research in their latest publication "Europe Machine Tool Market Outlook to 2023 by Type of Machine (Cutting and Forming), By End Users (Automobile Industry, Aerospace, Energy, Engineering, Electrical and Electronics, and Others) and by Sales Channel (Distributor and Direct)" expect that with introduction of new technology and growing demand from Eastern European Countries will have positive impact on the market. The focus on development of high precision and intelligent machines will drive the demand for European manufactured machine tools. It is expected that European machine tools market will register a five year CAGR of 6.8% during the period 2018-2023.
Key Segments Covered
- By Type of Machine Tools
- Cutting Machine Tool
- Machining Centres
- Flexible machines
- Turning Machine
- Laser and electric discharge machine
- Milling machines
- Grinding
- Honing, lapping and polishing machines
- Transfer machines
- Gear cutting and finishing machines
- Drilling machines
- Boring machines and boring-milling machines
- Sawing and cutting-off machines
- Forming Machine Tool
- Forging machines and hammers (including presses)
- Wire working machines
- Bending, folding and straightening machines
- Shearing, punching, notching machines
- By End Users
- Automobile Industry
- Aerospace
- Energy
- Engineering
- Electrical And Electronics
- Others
- By Sales Channel
- Direct Sales
- Distributor Sales
- By Country
- Germany
- France
- Italy
- Switzerland
- Time Period Captured in the Report:
- Historical Period – 2013-2018
- Forecast Period – 2019-2023
- Key Companies Covered
- Trumpf
- DMG Mori Aktiengesellschaft
- Schuler
- Mazak
- Gregory Fischer Machining Solution
- Amada
- Komatsu
- Sandvik
- Gleason
- Flow International
- EMAG
- 600 Group
- Heller
- Chiron
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- Value Chain in Europe Machine Tool Market
- Europe Machine Tool Market Size, 2013-2018
- Europe Machine Tool Market Segmentation, 2013-2018
- Snapshot on Germany Machine Tool Market
- Snapshot on Italy Machine Tool Market
- Snapshot on France Machine Tool Market
- Snapshot on Switzerland Machine Tool Market
- Trends and Developments in Europe Machine Tool Market
- Issues and Challenges in Europe Machine Tool Market
- Competitive Landscape in Europe Machine Tool Market
- Europe Machine Tool Market Future Outlook and Projections, 2019-2023
- Analyst Recommendations in Europe Machine Tool Market
For more information on the market research report please refer to the link below:
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