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Global lathe machine market growing at US$12 billion
Date Published：1/9/2017 02:01:42 PM
The global lathe machine market to grow steadily during the forecast period and post an impressive revenue of more than US$12 billion by 2020.
According to the lathe machine market report, the growing demand for superior-quality products has propelled companies to undertake automation in manufacturing. Investment in global process automation is continuing to grow at 6% and is projected to reach $120 billion by 2019. This growth is focused on areas such as technology, hardware, software, services, and the communication protocol used for automation.
Metal additive manufacturing is an upcoming trend in the global lathe machine market. Additive manufacturing is used for creating three-dimensional objects from digital files. The technique can be used to produce complex shapes that may not be feasible with traditional casting and machining methods, or subtractive techniques.
The integration of Internet of Things (IoT) in manufacturing will be one of the major trends that will gain traction in lathe machine market in the coming years. The adoption of IoT improves visibility in the manufacturing process so that the companies can monitor every unit of production at each step in the production process. This increased visibility will help companies manufacture higher-quality, more reliable, and durable products.