The sheet metal processing equipment market will register a CAGR of almost 7% by 2022
LONDON, Jan. 16, 2019 /PRNewswire/ -- About this market
Governments across countries, especially in APAC, have taken many initiatives to enhance the growth of the global machine tools market. This is expected to drive the global sheet metal processing equipment market during the forecast period. The government of India also offers small-scale industries an impetus by giving them incentives to manufacture specific products. These benefits have opened up growth opportunities for the domestic sector, making the investment environment amenable for foreign players. Technavio's analysts have predicted that the sheet metal processing equipment market will register a CAGR of almost 7% by 2022.
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Market Overview
Growing demand for CNC incorporated machine tools
The growing use of automation in the machine tool industry will lead to minimal human intervention while making machine tools more productive. With the growing demand for automated machinery, the demand for sheet metal processing equipment is also expected to rise during the forecast period.
Increased use of plastic and fiber
Plastic and carbon fiber gears incur low cost and enhance fuel efficiency and speed of vehicles. All these advantages are resulting in the replacement of metal gears, which, in turn, will restrict the market growth during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the sheet metal processing equipment market during the 2018-2022, view our report.
Competitive Landscape
The sheet metal processing equipment market is moderately fragmented owing to the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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