Machine Tools Market Projected to Reach $154 Billion by 2018
July 22, 2013
Global Industry Analysts Reports Manufacturing in Developing Countries and Technology Developments to be Key Drivers
The growth of manufacturing in developing countries, as well as technology developments, are said to be the key drivers of the World Machine Tools market over the next several years. The market is projected to reach $154 billion by 2018, according to a report from Global Industry Analysts (GIA).
Asia-Pacific countries represent the largest and fastest growing global market. Countries such as China, Taiwan, South Korea, Thailand, Malaysia and India display the most healthy economic growth and infrastructure development. China has a growing appetite for new machine tools demonstrated by increasing developments in its industrial sector. Metal cutting tools represent the largest product market with growth led by powder metallurgical HSS cutting tools, according to GIA.
The industrial revolution has been heavily influenced by capital goods installed in factory floors, specifically machine tools designed to mold, cut, shape and fabricate in a range of industries including automotive, aerospace and medical. Manufacturing has not only opened up employment opportunities to keep up with economic competition, but it has become a vital resource for a country's economic survival.
Developing countires use manufacturing as a means of generating employment in order to increase income levels and living standards, while developed countries use manufacturing to remain competitive and innovative, and for research and design.
Developed countries are now learning how to prioritize investments in local manufacturing as a means of helping recover a debt-ridden economy. Machine tools are one solution, especially for the U.S. who plans to create a manufacturing renaissance that would bring new market opportunities to machine tools.
Less costly energy and fuel sources is predicted to reduce manufacturing costs, attracting industrial companies to come back and help the U.S. return to an industrialization period. Other developed companies are expected to see demand increases as old, worn infrastructure require upgrades.
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