DUBLIN–(BUSINESS WIRE)–The “Cutting Tool and Machine Tool Accessory Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global cutting tool and machine tool accessory market as it emerges from the COVID-19 shut down.
The global cutting tool and machine tool accessory market is expected to grow from $69. 47 billion in 2020 to $74. 95 billion in 2021 at a compound annual growth rate (CAGR) of 7. 9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $101. 09 billion in 2025 at a CAGR of 8%.
Companies Mentioned
- Doosan Machine Tools
- Allied Machine & Engineering
- Sandvik
- Amada Co Ltd
- Kennametal Inc
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
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- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
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Asia Pacific was the largest region in the global cutting tool and machine tool accessory market, accounting for 41% of the market in 2020. Western Europe was the second largest region accounting for 40% of the global cutting tool and machine tool accessory market. Africa was the smallest region in the global cutting tool and machine tool accessory market.
Rapid advances in technology is expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity.
Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the cutting tool and machine tool accessory manufacturing market during the forecast period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Cutting Tool and Machine Tool Accessory Market Characteristics
4. Cutting Tool and Machine Tool Accessory Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Cutting Tool and Machine Tool Accessory Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Cutting Tool and Machine Tool Accessory Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Cutting Tool and Machine Tool Accessory Market Trends and Strategies
8. Impact of COVID-19 on Cutting Tool and Machine Tool Accessory
9. Cutting Tool and Machine Tool Accessory Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.3. Forecast Market Growth, Value ($ Billion)
10. Cutting Tool and Machine Tool Accessory Market Regional Analysis
10.1. Global Cutting Tool and Machine Tool Accessory Market, 2020, by Region, Value ($ Billion)
10.2. Global Cutting Tool and Machine Tool Accessory Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Cutting Tool and Machine Tool Accessory Market, Growth and Market Share Comparison, by Region
11. Cutting Tool and Machine Tool Accessory Market Segmentation
11.1. Global Cutting Tool and Machine Tool Accessory Market, Segmentation by Type
11.2. Global Cutting Tool and Machine Tool Accessory Market, Segmentation by Application
12. Cutting Tool and Machine Tool Accessory Market Metrics
12.1. Cutting Tool and Machine Tool Accessory Market Size, Percentage of GDP, 2015-2025, Global
12.2. Per Capita Average Cutting Tool and Machine Tool Accessory Market Expenditure, 2015-2025, Global
For more information about this report visit https://www.researchandmarkets.com/r/l4ck27
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