The machine tool manufacturing industry is facing a transformative decade, and as manufacturers’ needs are more digitally focused, machine tool builders must evolve their products to meet changing market requirements.
ABI Research forecasts the machine tool market to grow by a CAGR of 4.3% from 2022 to 2032 and reach US$245.2 billion in manufacturing value added.
“This is driven by new product design facilitating the need for new machine tools, old equipment reaching the end of its lifecycle and requiring replacement, and new machine tool solutions being provided and incentivizing upgrades,” explains James Prestwood, industrial and manufacturing research analyst at ABI Research.
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