Machine Tools Market Size, Share, Growth Analysis, By Product Type(Turning Machines (Type {Swiss-type, Multi-spindle}, Universal Turning Machines), Milling Machines (Axis Type {4-axis), By Automation(Computer Numerical Control (CNC), Conventional Machine Tools), By Sales Channel(Direct Sales, Events and Exhibitions, Dealers and Distributors), By End User Industry(Aerospace, Medical, Semiconductor, Automotive and Transportation), By Region - Industry Forecast 2024-2031

Global Machine Tools Market size was valued at USD 84.00 billion in 2022 and is poised to grow from USD 88.70 billion in 2023 to USD 137.17 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

Leading manufacturers such as the DMG MORI, Mazak, FANUC, Siemens dominate the market offering a wide range of CNC machines, lathes, milling machines, and other advanced technological solutions These companies invest heavily in R&D with products new ones that meet the specific needs of businesses come. In addition, they form strategic partnerships and collaborations to exploit each other’s strengths and expand their markets. A notable example of strategic partnership in the machine tool market is the collaboration between DMG MORI and Microsoft. For 2021, DMG MORI, a leading manufacturer of machine tools, partnered with Microsoft to enhance the digital capabilities of its machine solutions. The purpose of this partnership was to integrate Microsoft’s cloud computing services, specifically Azure IoT, with DMG MORI’s device tools.  'IBM (United States)  ', 'AWS (Amazon Web Services) (United States)  ', 'Oracle (United States)  ', 'Coinbase (United States)  ', 'Fujitsu (Japan)  ', 'Huawei Cloud (China)  ', 'NTT Docomo (Japan)  ', 'Chainalysis (United States)  ', 'Ripple Labs (United States)  ', 'Consensys (United States)  ', 'Gemini (United States)  ', 'Binance (China)  ', 'Ocean Protocol Foundation (Singapore)  ', 'Helium Foundation (United States)  ', 'Kusama (United States)  ', 'Crypto.com (Hong Kong)  ', 'Biconomy (India)  ', 'MakerDAO (United States)  ', 'Chainlink (United States)  ', 'Web3 Foundation (Switzerland)  ', 'Highstreet (United States)  ', 'Parfin (Brazil)  ', 'Ava Labs (United States)  ', 'Pinata (United States)  ', 'Covalent (Canada)  ', 'Polygon Technology (India)  ', 'Alchemy Insights (United States)  ', 'Decentraland (Argentina)  ', 'Daostack (United States)  ', 'Kadena LLC (United States)  ', 'Sapien (United States)  ', 'Storj (United States)  ', 'Brave (United States) '

The demand for manufacturing unit automation is driving the growing use of wise manufacturing technologies in production and processing. This is due to advantages along with increased productiveness, productivity and a strong personnel that is easy to manage. Manufacturing and gadget operations will see a paradigm evolve from traditional strategies to flexible machine systems. 

One of the most crucial traits inside the device market is the integration of the IoT era. The adoption of IoT permits real time monitoring and manipulation of tools, enhancing the overall performance and decreasing downtime. By connecting device gear to an essential community, producers can acquire and examine gadget overall performance, strength consumption, and maintenance facts. This facts-pushed approach allows for predictive renovation, which incorporates figuring out and addressing capability issues earlier than gadget failure, thereby lowering unplanned downtime and optimizing production. 

The machine tools market in North America is expected to grow at a significant CAGR due to various factors such as well-established automotive manufacturers such as General Motors, Nissan, Tesla, Ford, suitable infrastructure for electric vehicles. It is likely to boost the growth of the market, which in turn is likely to boost the growth of the machine tools equipment market during the forecast period. The machine tools market in the U.S. is expected to grow slightly and witness a CAGR of 4.2% during the forecast period. The aerospace industry is a hub for innovative machine tool technology and manufacturing. Thus, the growing aerospace industry will drive the need for automation in the aviation industry. For example, Air India purchased 220 aircraft from Boeing in January 2023. The transaction was completed at a list price of $34.00 billion. Additionally, Mazak sees a general trend of increasing demand for machines with 5-axis capabilities for space cutting.