Industrial automation drives market
The machine tool market in India is poised to grow by US$1.9 billion during 2020-2024, progressing at a CAGR of nearly 13%, according to Technavio.
The market is driven by the rising industrial automation in India, it said in the report “Machine Tool Market in India” on 16 Mar 2020.
In addition, the adoption of 3D printing technology is anticipated to boost the growth of the machine tools market in India.
Industrial automation is becoming a norm in various industries because it provides higher reliability and productivity.
Computer numerical control (CNC) machine tools are automated tools, which are replacing conventional machine tools as they provide additional computational and flexibility features.
It ensures fewer defects in final products, eliminates extra labor costs, and boosts the production process. The penetration of CNC milling tools is increasing in the automotive industry for the manufacture of automotive components such as flywheels, wheels, gearbox cases, pistons, transmissions, and engine cylinder heads. The use of such automated machines lowers the cycle time and increases throughput for manufacturers.
Thus, the rising industrial automation in India is expected to drive market growth during the forecast period.
Major Five Machine Tool Market Companies in India:
Bharat Fritz Werner Ltd operates the business under the Products & Services segment. The company offers varied kinds of machine tools such as vertical machine centers, special purpose machines, Five Axis Machining Solutions, vertical lathes, and others. The company also provides horizontal turning services, horizontal machining centers, and other machineries.
DMG MORI Co Ltd offers products through the following business units: Machine Tools and Industrial Services. The company offers high-efficiency and high-performance machine tools. They provide machine tools in India under the brand name, CLX.
HMT Ltd operates under various business segments, namely Food processing unit, Machine tools, Projects, and Other. The company provides CNC trainer lathes, CNC flatbed lathes, CNC bar turning center, CNC slant bed lathes, and other products.
ITL Industries Ltd offers products through the following business segments: Machine Manufacturing and Trading Activities. The company offers plate saw with longitudinal sliding type, large pipe bed sector cutting machines, tube bundle of heat exchanger and condenser cutting machine, and other machine tools.
Jyoti CNC Automation Ltd offers products through the following business segments: Products and Solutions. The company offers CNC horizontal machining centers, CNC vertical machining centers, CNC turning centers, CNC multi-tasking machines, and CNC 5-axis machining centers. The company also provides machine tools under various brands such as TMC Series and others. fiinews.com
