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| The need for precision machined products is driving the global machine tool market to grow (Image source: Messe Duesseldorf) |
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Analysts from TechNavio, the research platform of Infiniti Research, forecast the global machine tool market to grow at a Compound Annual Growth Rate (CAGR) of 4% over the period 2011-2015.
This forecast is based on an in-depth study with results available in TechNavio's report titled "Global Machine Tool Market 2011-2015". The report aims to aid decision makers' understanding of the key trends impacting this market.
According to TechNavio, one of the key factors contributing to this market growth is the need for precision machined products. The global machine tool market has also been witnessing increased competition forcing reduction in product cost. However, higher costs of machine tools decrease the adoption rate which could pose a challenge to the growth of this market.
Commenting on the report, an analyst from TechNavio's Engineering Services team said, "There has been a rapid increase in competition among the machine tool vendors in the past few years. This increase in competition leads to a decrease in the overall price of machine tools. Consequently, there is an increase in the price wars among the players in the market. Moreover, with the advancement of technology, the cost of development of machine tools is going down. This is also because of the large variety of vendors and their varying pricing strategies aimed at capturing significant shares in the market. Further, the vendors are focusing on the development of economically priced products in an attempt to tap the MSME sector."
The Global Machine Tool Market 2011-2015 report covers the Americas, and the EMEA and APAC regions, as well as the global machine tool market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market, including Gildemeister AG, Dalian Machine Tool Group Corp, Shenyang Machine Tools Co Ltd, and Mag Machine & Tool LLC.
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