According to Global Industry Analysts Inc.,the milling machines market in the U.S. is estimated at US$253.7 mllion in the year 2021. China, the world's second largest economy, is forecast to reach a projected market size of US$3.7 Billion by the year 2026 trailing a CAGR of 5.5% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR. Growth in these markets will be driven by the growing focus on automation, five-sided machining, and multi-axis machining. Expensive nature of advanced milling machines and shortage of skilled labor are driving manufacturers to invest in R&D to develop automated diagnostic solutions and reduce the overall maintenance cost.
Global milling machines market to reach US$8.5 billion by 2026
Milling machine is one of the most commonly used metal cutting machines. These machines are indispensable for metal cutting applications in a diverse spectrum of industries and commonly employed for drilling, slot cutting, gear cutting, fillet making, turning and chamfering functions. Milling machines are used to remove metal by moving a workpiece through the periphery of a rotating cutting tool such as a drill, tap or mill, across a metal block. These machines can simultaneously perform different cuts using multiple cutters.
Amid the COVID-19 crisis, the global market for milling machines estimated at US$6.4 Billion in the year 2020, is projected to reach a revised size of US$8.5 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Horizontal Milling Machines, one of the segments analyzed in the report, is projected to record 5.3% CAGR and reach US$6.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Vertical Milling Machines segment is readjusted to a revised 3.9% CAGR for the next 7-year period.
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