SINGAPORE, Jan. 26, 2018 /CNW/ -- The machine tools market in Asia-Pacific (APAC) has evolved from producing traditional metal cutting and forming tools to developing highly specialized and smart machining systems that incorporate several processes in a single machine. The advancement in technology has been accompanied by end users demanding high-productivity machines that can produce precision and superior quality at a minimum overall production cost. Addressing this need has become a challenge for every participant in the APAC machine tool market.
Frost & Sullivan's research, "APAC Machine Tools Market, Forecast to 2021," finds that the market will be worth an estimated US$16.15 billion by the end of 2021. The study analyzes key factors such as drivers, restraints, challenges, trends and revenue forecasts. Market share and competitive analysis are included for key players such as Amada Group, Yamazaki Mazak Corporation, Okuma Corporation, DMG Mori, Makino, Sandvik Coromant, and TRUMPF.
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"Ramped up infrastructure development projects in developing nations, localization of production across industrial sectors, and the escalating demand for industrial goods and consumer products are key drivers of market growth in the region," said Frost & Sullivan Industrial Automation & Process Control Consulting Analyst Tarun Roy.
"However, the growth potential is impeded by the entrance of low-cost suppliers from outside the region, challenges faced by local machine tool suppliers in selling high-end machines, and shortage of a technically sound workforce due to the lack of educational transformation initiatives in some of the developing and emerging economies, particularly Vietnam, Philippines, and Myanmar," he said.
Growth opportunities exist for providers who focus on developing strategies to:
- Reduce manufacturing and material usage costs by adopting 3D printing technology;
- Build smart factory-enabled, intelligent decision-making capabilities;
- Harness applications for monitoring machine condition;
- Achieve high-mix, low-volume production while maintaining production efficiency; and
- Evaluate risks arising from the deployment of Industrial Internet of Things to mitigate cyber attacks, and develop secure and robust connectivity solutions.
"In a highly competitive market, vendors should focus on offering the best value for price as purchase decisions are significantly influenced by the cost breakup for product installation and inclusion of value-added services," noted Roy.
APAC Machine Tools Market, Forecast to 2021 is part of Frost & Sullivan's Industrial Automation & Process Control Growth Partnership Service program.
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APAC Machine Tools Market, Forecast to 2021
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SOURCE Frost & Sullivan