Experts are optimistic about the global machine tools market, which is expected to grow from USD 77.0 billion in 2019 to USD 98.3 billion in 2027, with a compound annual growth rate of around 3.2% during the forecasted period, according to ResearchAndMarkets.com (Global Machine Tools market by product type; global forecast to 2027).
The growth in industries such as process automation, vehicle production, and high precision fabricated components and products being the primary drivers for the global machine tools market going forward.
The nature of the industry is changing fast, with three core trends influencing the scope of the current machine tool industry, namely: process automation, additive manufacturing and the rise of electric vehicles. Process automation can deliver high quality products with better precision, and increased throughput and productivity. Machines can be maintained with simple quality checks, enabling timely repairs therefore reducing down-times and costs.
Additive manufacturing, or 3D printing as it is also known, has altered the landscape of the machine tool industry and is widely used in the automotive, defense and medical sectors. It offers a resource efficient and cost effective solution for concept validation, bringing design and innovation to the forefront.
Growing support for electric vehicles has seen countries around the globe trialing innovative ways to get this technology into the marketplace. It’s likely that initially there will be a high proportion of hybrid vehicles with a combination of combustion engines and electric motors, which could offer the machine tool sector opportunities for growth.
These core trends all strongly indicate a need for the machine tool market to integrate the latest technologies in order to come up with smart solutions for the changing market scenario.
Machine Tools Africa (MTA) will take place from 12 to 15 May 2020 at the Expo Centre in Johannesburg, South Africa. The show is the biggest trade exhibition of its kind in Africa and is the perfect opportunity for local industry players to brainstorm and think of innovative new ways to seize the future market. The show will showcase all the latest developments and technologies in the industry and provide a platform for business expansion as the local market grows.
Enjoying strong industry support, the expo will remain a standalone show as it was in 2017 when 5900 visitors attended the show to source new products and services and find out about latest industry trends and technologies. The MTA exhibition is a Machine Tools Merchants’ Association of South Africa (MTMA) event in partnership with the organisers, Specialised Exhibitions Montgomery. “High performance machine tools touch every aspect of our lives,” says MD of Specialised Exhibitions Montgomery Gary Corin. “Machine Tools Africa 2020 will showcase everything that twists, turns, rotates, cuts, forms, bends or shapes,” concludes Corin.
For more information about Machine Tools Africa 2020, visit the website www.machinetoolsafrica.co.za