The global milling machine market is set to gain traction from the rising demand for minimizing wastage and lowering the cost from various industries. These machines require very less production time and deliver superior quality products. This information is provided by Fortune Business Insights™ in a recently published report, titled, “Milling machine Market Size, Share & Industry Analysis, By Type (Vertical Mills, Horizontal Mills & Others), By Application (Automotive, General Machinery, Precision Engineering, Transport Machinery & Others) and Regional Forecasts, 2019-2026.” The report further mentions that the milling machine market size stood at USD 13.22 billion in 2018 and is anticipated to be at USD 16.01 billion in 2026, thereby exhibiting a CARG of 2.4% during the forecast period.
Fortune Business Insights™ provides a list of companies operating in the milling machine market. They are as follows:
- Okuma Corporation (Aichi, Japan)
- Haas Automation, Inc. (Oxnard, California)
- EMCO group (Hallein, Austria)
- DATRON Dynamics, Inc. (Milford, New Hampshire)
- Hurco Companies, Inc. (Indianapolis, Indiana)
- FANUC CORPORATION (Yamanashi, Japan)
- KNUTH Werkzeugmaschinen GmbH (Wasbek, Germany)
- YAMAZAKI MAZAK CORPORATION (Aichi, Japan)
- ANDERSON EUROPE GMBH (Detmold, Germany)
- Amera-Seiki (Houston, Texas)
- Other key market players
Upgradation of Hardware & Technology to Propel Growth
Nowadays, owing to technological advancements, the hardware of milling machine is upgraded on a regular basis. It is further increasing their capacity to produce customized products in bulk quantity. These machines are highly demanded from various industries ranging from general manufacturing and automobiles to electronics. Companies across the world are trying to work on improving their manufacturing facilities to upsurge their outputs. These factors are set to augment the milling machine market growth during the forthcoming years.
Asia Pacific to Lead Stoked by Rapid Industrialization
In terms of region, the market is fragmented into the Middle East and Africa, North America, Europe, Latin America, and Asia Pacific. Amongst these, Asia Pacific is anticipated to lead in the coming years in terms of the milling machine market revenue. This growth is attributable to the increasing number of pre-existing manufacturing companies in the emerging nations, such as South Korea, India, Japan, and China. Apart from that, rapid industrialization, rising number of economically developing countries, and increasing awareness programs regarding energy-efficient production processes would contribute to the market growth.
Europe, on the other hand, generated a revenue of USD 4.09 billion in 2018 and is expected to grow significantly on account of the development of technologically advanced product line and energy-efficient milling machines. Besides, rising demand for processing and manufacturing operations are set to fuel growth in this region. North America would grow stagnantly because of the increasing number of mergers and acquisitions by prominent organizations present in this region.