According to IMARC Group latest report titled United States Machine Tools Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, offers a comprehensive analysis of the industry, which comprises insights onUnited States machine tools market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The United States machine tools market size reached US$ 10.8 Billion in 2022. Looking forward, IMARC Group expects themarket to reach US$ 14.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
What are Machine Tools?
Machine tools are power-driven metal forming and cutting devices that are widely utilized to shape and work with metals and hard materials. They come in various sizes and types, from small workbench-mounted instruments to larger, industrial-scale devices. They can perform various operations, such as forming, grinding, cutting, drilling, and abrasive processes, which can help improve product uniformity while reducing the amount of human labor needed. In more recent times, they have begun to take advantage of direct numerical control (DNC) and computer numerical control (CNC) systems in place of numerical control (NC) in order to achieve greater productivity. Some of the common machine tools include metalworking parts and accessories, as well as machines for repair, installation, and maintenance.
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What are the growth prospects and trends in the United States machine tools industry?
The increasing demand for machine tools from the industrial sector is a major factor driving the market in the United States. Moreover, the rising product adoption for fabrication and industrial machinery manufacturing and precision engineering is leading to market growth. Along with this, milling machines are becoming sought after due to the advantages they offer, such as greater accuracy and improved productivity, while simultaneously reducing human errors and providing precise cuts, this is propelling the market. In addition, the rising demand for electric vehicles (EVs), autonomous cars, self-driving cars, and trucks, all of which utilize fabricated metals, is also providing a significant boost to the demand. Moreover, rapid advancement in hardware and software components and the emergence of multi-axis and robotic arms are creating a positive market outlook. Some of the other factors driving the market include rapid industrialization and extensive research and development (RD) activities.
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United States Machine Tools Market Segmentation:
Our report has categorized the market based on region, tool type, technology type and end use industry.
Breakup by Tool Type:
- Metal Cutting
- Metal Forming
- Accessories
Breakup by Technology Type:
- Conventional
- CNC (Computerized Numerical Control)
Breakup by End Use Industry:
- Automotive
- Aerospace and Defense
- Electrical and Electronics
- Consumer Goods
- Precision Engineering
- Others
Breakup by Region:
- Northeast
- Midwest
- South
- West
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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