The global Machine Tools market is projected to reach US$154 billion by 2018, driven by the growth of the manufacturing industry in developing countries, and technology developments.
With governments in debt ridden developed economies prioritizing investments in local manufacturing to aid economic recovery, demand for machine tools in these regions is poised to benefit. In the United States, the promised renaissance of the long beleaguered manufacturing industry is expected to bring in attractive market opportunities for Machine Tools. The shale gas revolution and the ensuing availability of cheap energy and fuel source is expected to reduce manufacturing costs attracting industrial companies back, boding a possible return to industrialization after decades of consumption led growth. Developed countries are also forecast to witness increased replacement demand. Creaking production infrastructure and aging machine tool bases are creating the need for massive upgrades and modernization, thus promising attractive opportunities in the coming years.
Growth in the market is also forecast to be driven by technology developments and product innovation. With the manufacturing industry focusing on reducing operating costs, manufacturing timelines, improving productivity and competitiveness, demand for next generation, efficient machine tools is poised to benefit. Advent of 3D-printing machines, in this regard, marks the emergence of next generation machine tools. A part of the generative manufacturing revolution currently underway, 3D machining tools based on additive layer technologies is expected to witness robust growth. Demand for 3D printing machines is expected to be especially strong in developed countries. 3D printing technologies in these countries are widely perceived as a means to stimulate growth in the domestic manufacturing sector and is supported and funded by the government.
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