Introduction of 3D Printing Technology Opens Up New Avenues for Growth of Multi-Tasking Machine Tools Market
The Report Global Multi-Tasking Machine Tools Market 2017-2021 provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. - MarketResearchReports.biz
Albany, NY -- (SBWire) -- 03/14/2017 --The global market for multi-tasking machine tools is fueled by the rising demand for computer numeric control (CNC) machines and products of superior quality. A report added to MarketResearchReports.biz states that this market will register a CAGR of almost 3.0% from 2017 to 2021 driven by the high potential presented by CNC machines. Titled "Global Multi-Tasking Machine Tools Market 2017-2021", the report talks about the trending factors impacting the market and the opportunities and threats faced by leading vendors.
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The ability of multi-tasking machine tools to perform several operations at a time on a single machine and several government initiatives to promote the use of these machines will also drive the global market. In contrast, the lack of skilled labor to operate multi-tasking machine tools and financial constraints faced by certain players hold the market back.
Perhaps the most significant trend that has influenced the multi-tasking machine tools market is the emergence of 3D printing. Industry experts have noted a major shift from conventional techniques of manufacturing to three-dimensional printing and this is because of the several benefits this technology offers, including lower cost of raw materials and reduction in capital costs. Apart from this, the surge in automation and the introduction of hybrid machines will present players several growth opportunities.
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Geographically, the market for multi-tasking machine tools is segmented into Europe, the Middle East, and Africa, Asia Pacific, and the Americas. Accounting for the dominant share in 2016, the Americas emerged as the leading regional segment and will continue this trend throughout the forecast period. Considering that multi-tasking machine tools are used extensively in the medical devices sector, the slow but steady growth in various product categories in the Americas, such as wound care, coronary stents, and orthopedic devices drives the market in the region.
Based on end use, the multi-tasking machine tools market is bifurcated into medical devices and aerospace. The latter accounted for the largest share in the global market in 2016 owing the rising use of these tools in cutting alloys and other materials that are otherwise too hard to cut through.
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The vendor landscape of the multi-tasking machine tools market is characterized by intense competition and by nature, it is increasingly fragmented owing to the presence of many international as well as regional players. Hoping to gain an edge over the rest, companies are investing in the development of innovative products and tools. The most prominent players operating in the multi-tasking machine tools market include Doosan Machine Tools, Tsugami, Nakamura-Tome Precision Industry, Mazak, and Okuma. Other key companies vying for a larger share in the market include Hwacheon Machine Tools, Tongtai Machine & Tool Company, Brother, Toyoda, Accuway Machinery, Trevisan Machine Tool, DMG Mori, Takisawa Machine Tool Company, Hyundai WIA, and Breton.
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