Global Machine Tools Market Size Revised to $68.9 Billion by 2021, Post COVID-19 -- Shift Towards Automation and Remote Monitoring Through IoT Innovation
DUBLIN, May 13, 2020 /PRNewswire/ -- The "COVID-19 Impact on the Global Machine Tool Market by Machine Type, Automation Type, Industry, Sales Channel, and Region - Global Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.
Post COVID-19, the Global Machine Tool Market is Projected to Reach USD 68.9 Billion by 2021 from an Estimated USD 65.6 Billion in 2020, at a CAGR of 5%
This report covers the COVID-19 impact on the global machine tool market based on Machine type, Automation, Industry segment, sales channel, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products, and services, and key strategies associated with the machine tool market.
The machine tool market comprises of major manufacturers such as Doosan (South Korea), Amada (Japan), Makino (Japan), JTEKT (Japan), GF Machining Solutions (Switzerland), DMG Mori (Japan), Komatsu (Japan), OKUMA (Japan), Hyundai WIA (South Korea), Schuler (Germany), and Chiron Group (Germany)
Shift towards automation and remote monitoring through IoT innovation will be seen to lower the dependency of manual labor.
The projections were based on the ongoing automotive industry production drop, which is the biggest consumer of machine tools and, additionally, the supply chain disruptions caused by the COVID-19 pandemic in the manufacturing industry.
The machine tool market will see an increase in automation and remote monitoring through the Internet of Things (IoT) innovation. Machine monitoring systems will be set up that will allow remote monitoring of CNC machines. This technology not only accesses remotely but collects overall data from all types of machines and monitors their energy consumption, which could result in a substantial increase in machine utilization and energy saving.
The US-China trade deal signed recently after the trade war that downsized the machine tool market is expected to bring relief post-COVID-19.
The COVID-19 outbreak has worsened over the first quarter of 2020, which is having a significant and growing effect on international supply chains. Global imports from China were about 4% lower over the two months through February 2020, compared with the same time last year. With the crisis expected to continue until the second quarter of 2020, the imports globally will be falling to its worst. However, the recent trade deal signed between the US and China is expected to provide some relief to ease up the supply chain that has affected the 2019 market with the trade war.
The Asia Pacific machine tool market is expected to register the fastest growth during the forecast period.
The Asia Pacific market is expected to witness the fastest growth, followed by North America and the Rest of the World. With the automotive industry in countries such as China, Japan, and South Korea is inclined toward innovation, technology, and the development of advanced electric vehicles, the machine tool demand is expected to increase.
Key Benefits of Buying the Report
- Illustrative segmentation, analysis, and forecast pertaining to the machine tool market based on Machine type, Automation, Industry segment, sales channel, and geography have been conducted to provide an overall view of the machine tool ecosystem considering detailed impact analysis of COVID-19
- This report will help stakeholders understand the market scenario and gain more insights to better position their businesses and plan suitable strategies considering the impact of COVID-19.
Key Topics Covered
1 Executive Summary
2 Introduction
2.1 Covid-19
2.2 Confirmed Cases and Deaths by Geography
2.3 Key Measures Taken by Key Countries
3 Market Overview
3.1 Introduction
3.2 Global Machine Tools Market - An Overall Ecosystem
3.3 Impact of Covid-19 on Machine Tool Manufacturing Companies
3.4 Macro-Economic Indicators
3.4.1 Short Term Drivers
3.4.2 Short Term Restraints
4 Covid-19 Impact on Global Machine Tool Market Size
4.1 Introduction
4.1.1 Research Methodology
4.1.2 Assumptions and Definitions
4.2 Covid-19 Impact on Machine Type
4.2.1 Most Likely (Medium Impact) Market Scenario for Machine Type Market, 2017-2021
4.2.1.1 Metal Cutting Machines
4.2.1.2 Metal Forming Machines
4.2.2 Optimistic Market (Low Impact) Scenario for Machine Type, 2017-2021
4.2.3 Pessimistic Market (High Impact) Scenario for Machine Type, 2017-2021
4.3 Covid-19 Impact on Machine Tool, by Automation Type
4.3.1 Most Likely (Medium Impact) Market Scenario for Automation Type Market, 2017-2021
4.3.1.1 CNC Machine Tools
4.3.1.2 Conventional Machine Tools
4.3.2 Optimistic Market (Low Impact) Scenario for Automation Type, 2017-2021
4.3.3 Pessimistic Market (High Impact) Scenario for Automation Type, 2017-2021
4.4 Covid-19 Impact on Machine Tool Market, by Industry Segment
4.4.1 Most Likely (Medium Impact) Market Scenario, by Industry, 2017-2021
4.4.1.1 Automotive Industry
4.4.1.2 Sheet Metal Industry
4.4.1.3 Capital Goods Industry
4.4.1.4 Energy Industry
4.4.2 Optimistic Market (Low Impact) Scenario, by Industry, 2017-2021
4.4.3 Pessimistic Market (High Impact) Scenario, by Industry, 2017-2021
4.5 Covid-19 Impact on Machine Tool Market, by Sales Channel
4.5.1 Most Likely (Medium Impact) Market Scenario, by Sales Channel, 2017-2021
4.5.2 Optimistic Market (Low Impact) Scenario, by Sales Channel, 2017-2021
4.5.3 Pessimistic Market (High Impact) Scenario, by Sales Channel, 2017-2021
4.6 Covid-19 Impact on Machine Tool Market, by Region
4.6.1 Most Likely (Medium Impact) Market Scenario, by Sales Channel, 2017-2021
4.6.2 Optimistic Market (Low Impact) Scenario, by Sales Channel, 2017-2021
4.6.3 Pessimistic Market (High Impact) Scenario, by Sales Channel, 2017-2021
5 Covid-19 Impact on Machine Tool Market in Key Countries
5.1 Introduction
5.2 China
5.3 US
5.4 Germany
5.5 Japan
5.6 Italy
5.7 Korea
5.8 India
5.9 Mexico
5.10 Taiwan
5.11 Russia
5.12 Canada
6 Business Opportunities (Top Gainers vs Top Losers)
6.1 in Terms of Manufacturing
6.2 in Terms of Supply Chain
7 Competitive Landscape and Covid-19 Impact
7.1 Introduction
7.2 Impact on Industry Segments
7.3 Impact on Machine Tool Manufacturers
7.4 Impact on Sales Channel
7.5 Winning Strategies to Gain the Market Share
8 Consumer Trends Outlook
8.1 Introduction
8.2 Expected Trends in Industry Segments Owing to Covid-19 Impact
8.3 Expected Trends in Sales Channel Owing to Covid-19 Impact
Companies Mentioned
- Amada
- Chiron Group
- DMG Mori
- Doosan
- GF Machining Solutions
- Hyundai WIA
- JTEKT
- Komatsu
- Makino
- OKUMA
- Schuler
For more information about this report visit https://www.researchandmarkets.com/r/kjf0kw
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