The global machining center market size is projected to reach USD 43.73 billion by 2026, thereby exhibiting a CAGR of 5.1% during the forecast period. However, the market was valued at USD 29.17 billion in 2018.
Fortune Business Insights published this information in an upcoming report, titled, “Machining Centers Market Size, Share & Industry Analysis, By Product (Vertical Machining Center, Horizontal Machining Center, Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026.” The report further states that manufacturers, nowadays, are focusing more on the elimination of changeover time with less space, reduced material handling, quality improvement, and decreased cycle time to produce a specific product. These factors are expected to contribute to the machine centers market growth during the forecast period.
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some of the most prominent companies operating in the machining center market. They are as follows:
- Okuma Corporation
- JTEKT Corporation
- Hyundai WIA
- Matsuura Machinery Corporation
- Komatsu Ltd.
- Yamazaki Mazak Corporation
- Doosan Machine Tools Co., Ltd.
- DMG MORI CO., LTD.
- MAG IAS GmbH
Rising Focus on the Development of Multifaceted Machining Centers to Propel Market
Several manufacturers are aiming to develop the multifaceted tools owing to their rising demand from various industries for addressing multiple operations. The latest 5-axis technology is also resulting in an ever-increasing demand for hassle-free procedures during the production of complex parts. Multifaceted machining centers are multifunctional. They include high precision, custom finishing, improved processing type, and efficiency. The designers, at present, are focusing on developing the multifaceted machining centers. All these factors are likely to increase the machining center market revenue across the globe during the forecast period.
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Asia Pacific to Grow Rapidly: Rising Demand for Construction Equipment Will Favor Growth
Asia Pacific had generated USD 14.91 billion machine centers market share and is expected to acquire the highest CAGR throughout the forecast period. This growth is likely to occur on account of the rapidly expanding aerospace and automotive market in the emerging nations, namely, Thailand, Vietnam, and India. Moreover, increasing construction activities is causing a high demand for several types of equipment required for this purpose. As per our sources, in China, the construction industry was valued at USD 893.58 billion and is anticipated to grow at a CAGR of 5% in the coming years.
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