According to the study, the total value of vertical mill sales is anticipated to reach US$ 1,367.2 by the end of 2023. According to this, the market will have increased slightly from its US$ 1,298.4 Million in 2022. A moderate growth at 5.3% CAGR is anticipated for the market during the forecast (2023 to 2033) period, which would yield a valuation of US$ 2,291.5 Million by 2033. The market is projected to grow annually (Y-o-Y) by 4.7% in 2023.
Precision tools called vertical milling machines are used to create and shape work pieces. They are typically employed to fabricate and shape metal. Nevertheless, depending on the materials and tooling, they may also be compatible with plastic and other materials. They may be operated manually, using computer numerical control (CNC), or both manually and CNC.
They can be used for boring, drilling, and slotting in addition to milling. Vertical milling machines are significantly less complicated than horizontal ones because they have one-piece tool heads. The heads remove the need for intricate gearing inside the vertical column. Over the past few years, this reality has been the market’s main driver.
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Key Takeaways:
- Vertical mill machines are increasingly being used for various applications in several industries such as aerospace, aviation, construction, automotive, and more due to their versatile functionality.
- Increasing focus on automation in diverse industries is expected to fuel the sales of CNC vertical mills over the forecast period.
- Growing need to improve efficiency in automotive, food & beverage, and other industries is anticipated to propel the demand for vertical mills.
- Demand for manual vertical mills is likely to be hampered owing to the convenience and efficiency offered by vertical CNC mills.
- In low-and middle-income economies, demand for vertical CNC mills is expected to fall due to their high costs.
- Vertical mill manufacturers are focusing on creating products that provide more accuracy in terms of shaping and fabrication.
- Increasing penetration of online sales channels is likely to be exploited by both leading and emerging players.
- Potential setbacks faced by industries where vertical mill use is prevalent owing to political or economic developments may affect market expansion adversely.
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Competitive Landscape
As per FMI, the global market for vertical mills is expected to be fragmented over the upcoming decade. Leading key players in the market include Doosan Heavy Industries & Machinery Ltd., GEBR. Pfeiffer SE, Mitsubishi Heavy Industries Ltd., FLSmidth & Co. A/S, and CITIC Heavy Industries Co. Ltd.
These businesses are concentrating on product innovation and development in order to endure and prosper in this cutthroat environment. Additionally, they are enlarging their geographic reach to take advantage of emerging markets.
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