Product ID: SQMIG20I2151
Report ID:
SQMIG20I2151 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
66 |
Figures:
75
Machine Tools Market size was valued at USD 83.16 billion in 2019 and is poised to grow from USD 87.94 billion in 2023 to USD 137.43 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).
Machine tools are used for drilling, shearing, cutting, grinding, and other types of deformation during manufacturing or molding metal and other hard materials. A variety of tools that perform cutting and other deformation processes are combined with machine tools. All machine tools have some method of limiting the workpiece in addition to the guided movement for the parts.
Machine tools are currently driven by electric or hydraulics rather than by human beings. Manufacturers of machine tools concentrate on creating items that require less maintenance. There are essentially two types of machine tools: CNC and conventional. Due to their great efficiency, productivity, and precision, CNC machine tools are now favored by consumers or end-users more than other types of tools.
Many sectors, including those in the automobile, aerospace, electronics, precision engineering, etc., use machine tools. The main forces behind market growth are the ongoing expansion of these businesses and the search for new energy resources.
US Machine Tools Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONMachine Tools Market size was valued at USD 83.16 billion in 2019 and is poised to grow from USD 87.94 billion in 2023 to USD 137.43 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).
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Product ID: SQMIG20I2151