A recent Future Market Insights (FMI) analysis projects that the worldwide milling machine market will reach US$ 110,203.8 million in value by 2033. The market’s estimated value is predicted to be US$ 68,303.3 million in 2023. The market is anticipated to see a consistent CAGR of 4.9% roughly between 2023 and 2033.
Due to the pandemic’s effects on the world economy, the milling machine market underwent numerous changes from 2017 to 2022. FMI’s findings show that the market’s CAGR decreased to 4.5%. However, FMI anticipates that the market will perform better as economies recover from the pandemic.
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Milling machines are used for creating work components across a diverse array of industries ranging from automobile to food and beverage to aerospace. Typically, they are used for crafting metal parts, but they can be used to make parts out of plastics and composite materials as well. Based on shape, milling machines can be either horizontal or vertical. Both types are commonly used, but FMI expects vertical machines to register more sales during the forecast period owing to the fact that they can be used for numerous purposes such as milling, drilling, boring, and slotting.
Based on the mode of operation, milling machines can be categorized into manual and computerized numerical control (CNC). Sales of CNC milling machines are anticipated to skyrocket during the forecast period owing to their ease of use, accuracy, and efficiency. However, purchases of manual milling machines are also set to continue as they offer more affordability.
Key Takeaways from the Milling Machine Market Study:
- Sales of milling machines are predicted to grow at a rate of 2.7% in 2033 in Australia.
- Demand for milling machines is anticipated to surge at a rate of 32.7% by 2023 in the United States
- India milling machine market is expected to grow at a healthy CAGR of 6.3%.
- The United Kingdom milling machine market is estimated to expand at a steady 5.3% CAGR.
- Demand for milling machines across North America is projected to surge at a CAGR of 38% during the 2023 to 2033 forecast period.
Competition Landscape: Milling Machine Market
- Datron Dynamics Inc.
- Yamazaki Mazak Corporation
- Amera-Seiki
- Hass Automation, Inc.
- Anderson Europe GMBH
- Hurco Companies
- EMCO Group
- Okuma Corporation
- Buhler Group
- CPM Roskamp Champion
- ANDRITZ Group
- Sprout Waldron & Company
FMI expects both top and emerging players to invest heavily in research and development for delivering innovative features through their products. Collaborations between international and local players are likely as well.
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Get Valuable Insights into Milling Machine Market
FMI, in its new offering, provides an unbiased analysis of the milling machine equipment market presenting historical demand data (2017 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for milling machine equipment based on as below:
By Product:
- Vertical Mills
- Horizontal Mills
By Application:
- Automotive
- General Machinery
- Precision Engineering
- Transport Machinery
- Others
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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