Milling Machines Market Size, Industry Analysis Report By Type (Horizontal Milling Machines, Vertical Milling Machines, End-Use , Automotive, Aerospace & Defense, Construction Equipment, Power & Energy, Industrial) & Region – Forecast
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 249
- CATEGORY
- Energy & Power
The global milling machine market size was valued at USD 65,196.5 million in 2022 and is expected to register a CAGR of 7.5% over the forecast period. Across many sectors, milling machines are among the most crucial equipment utilised in metal cutting applications. The demand for these machines has increased recently due to the global metalworking industry's optimistic expansion and the noticeable increase in metalworking facilities around the world. Filleting, turning, chamfering, drilling, facing, gear cutting, and slot cutting are just a few of the many tasks that milling machines are capable of. By installing numerous cutters, these machines can also be used to make multiple cuts at once. These machines can also incorporate a number of additional tools, including ball end mills, fluted mills, and rounding mills. These benefits make milling machines the best choice for cutting metal components needed in sectors like automotive and defence & aerospace.
Milling Machines Market - Growth Factors
The increased demand for milling machines is largely due to consumer demand for high-quality goods. The global market for milling machines has improved due to an increase in demand for computer numerical control (CNC) machines because of their sophisticated method and precise cutting. There are three different kinds of milling machines on the market: automatic, semi-automatic, and manual. To make their products more cutting-edge and effective, manufacturers are putting a lot of effort into technological advancement. Demand for automatic milling machines has increased as a result of increased automation. These devices demand a lot of capital investment but little human labour. Automatic milling machines are being used by manufacturers to boost output. Since CNC machines are extremely productive, efficient, and allow for the inclusion of new technology, demand for them has grown over time. These elements have fueled the expansion of companies that produce and distribute these equipment.
Milling Machines Market – Market Trends
• Industries can be affected by technology in a variety of ways, but manufacturing is uniquely positioned to benefit from the most recent developments.
• The development of computerised milling equipment has given enterprises of all sizes more power, more efficiency, and decreased waste.
• The productivity of a single milling machine is increased by cutting-edge equipment's 5-axis configuration, which reduces the need to manually reorient materials or change tooling parts during processing. Modern procedures are more adaptable than ever in terms of material compatibility thanks to milling machines' ability to work with a wider range of metals, polymers, and even composite materials. These elements open up business prospects for the goods.
Milling Machines Market – Segmentation
ByType
• Horizontal Milling Machines
• Vertical Milling Machines
• End-Use
• Automotive
• Aerospace & Defense
• Construction Equipment
• Power & Energy
• Industrial
• Others
Milling Machines –Regional Analysis
Due to the increased use of metal cutting techniques in the area, Asia Pacific held the majority of the market share in 2023. It is projected that Asia Pacific will continue to dominate the worldwide market throughout the projection period because it is home to some of the leading market firms in the milling machine sector. The demand for machine tools in the region is also anticipated to be fueled by government efforts like the Government of India's """"Make in India"""" and """"Skill India"""" programmes.
Milling Machines Market – Key Market players
The major players in the market are: 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); and Yamazaki Mazak Corporation; among others.
Report scope
Global Milling Machines Market
Historical Years- 2018-2021
Global Milling Machines Market
Forecast Years- 2022-2030
Global Milling Machines Market 2022- of USD 65,196.5 million
Global Milling Machines Market CAGR- 7.5%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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