In 2021, a value of US$ 91 Billion was reached by the global machine tools market. By 2027, it is expected that the market will reach US$ 123 Billion. Machine tools perform a variety of operations, including cutting, forming, drilling, and grinding. These operations improve uniformity among products and reduce the amount of human interaction that is required in various steps during the process. Such tools are used in several industries, including automotive, aerospace, electronics, and engineering. Many companies are now beginning to incorporate automation into their manufacturing processes which aids in increasing productivity and helps meet quality standards. This results in increased profit margins and a positive impact on the regulation of resources.
- The total value that the global machine tools market reached at the end of 2021 was 91 billion dollars.
- The global machine tools market is expected to get as high as 123 billion dollars by 2027 with an annual increase of nearly 5%.
- Machine tools are used in many different industries such as automotive, electronics and precision engineering.
“There is a wide variety of machine tools available in the market ranging from small workbench mounted instruments to large devices which are used in modern industries.”
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