Middle East and Africa (MEA) Machine Tool Market Analysis 2021-2026
Middle East and Africa (MEA) Machine Tool Market is expected to grow from $ 77.7 billion in 2021 to $ 87.3 billion by 2026, at an average annual increase of 3.2% during the forecast period.
Machine tools are used to form metal or other hard materials through grinding, boring, cutting or deformation. These tools can be controlled by conventional methods or automation, depending on the mode of operation.
Recent Developments and Trends
In June 2017, Allied Machine & Engineering acquired Superion Inc. of Xenia, Ohio, a manufacturer of cutting tools. The acquisition was initiated by the company to diversify its portfolio of machine tools.
In August 2018, AMADA Holdings Co. Ltd. acquired an American manufacturer of metal cutting machines called Marvel Manufacturing, Inc. That is why AMADA Holdings Co. Ltd. will be located in the metal cutting sector of the machine market tool.
Doosan Machine Tool developed 'al doo CONTROL', an intelligent artificial intelligence factory platform. The launch of the smart factory platform will accelerate the market share of the machine tool.
Hyundai WIA has a machine tool laboratory in Uiwang, Korea. This laboratory is used for extensive research on high speed and high precision machine tools.
The manufacturing industry and technological advances in machine tools, such as multi-axis and robotic arms, are some of the key drivers that drive the growth of the machine tool industry around the MEA.
Advances in robotics and sudden increases in additive manufacturing will allow rapid market growth. The rapid expansion of the aerospace industry will create favorable growth opportunities for the regional market. In addition, the growing application of 3D printing in various fields, including medical, defense and automotive, will further accelerate the growth of the machine tools market. The propensity of the metal processing sector to smart technologies, including man-machine interaction and unattended work, is growing. This factor will improve machine tool market trends.
Also, the longer uptime and flexibility offered by advanced machines create a demand for machine tools. Manufacturers are focusing on the advanced network functions of machine tools to provide optimized uptime, high efficiency, and transparency. The increase of corporate interest in the industrial revolution known as Industry 4.0 is expected to contribute to the growth of the Middle East and Africa machine tool market. The introduction and updating of products through innovation allows for healthy growth during the forecast period.
Trade in the market is on the rise, and the emerging companies in the market have taken advantage of the growth. However, competition is very dynamic, and the industry is still in the transition phase in terms of automation. Besides, market participants are still in the stage of applying AI to all operations. This means that the manufacture of machine tools even takes a long time. The machine tool business is profitable, but the investment is considerable, and the profits ensure a solid customer base. In the future, industrial development is predicted to expand the machine tool market further, and suppliers will have more customers.
By Product Type:
Based on the product type, the Middle East and Africa machine tools market is divided into Cutting Machines, Drilling Machines, Forming Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, and Others. Among these, the cutting machines segment held the prominent share as they are used in the production of various tools and components that are likely to be subjected to stresses and impacts. The adoption of technologies like artificial intelligence and robotics is predicted to augment the revenue of this segment in the projection period.
Depending on the end-user, the Middle East and Africa Machine Tools Market is divided into Automotive, Industrial Manufacturing, Aerospace and Defence, Fabrication, Precision Machinery, and Others. Of these, the automotive industry was the dominant segment in the MEA market in 2018. Investments in the formulation and change of existing production units for electric and hybrid vehicles has led to the requirement for efficient machine tools in the region's automotive division.
The Middle East and Africa region are expected to contribute positively to the market growth due to increased consumption in countries such as the GCC, South Africa, and North Africa. The area is home to some of the leading manufacturers. GCC is one of the primary consumers of machine tools in the MEA market. There has been significant growth and investment in the automotive industry, the oil and gas and rail sectors in the MEA region, pushing the growth trajectory of machine tools business forward.
The main players in the market include Doosan Machine Tools, Komatsu, Yamazaki Mahjong, Trump, JTEKT, Duke of Amada, Hyundai Wire, MAG IAS GmbH, Makino, Schuler AG, Okuma.
The research done takes place in two phases namely-
Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Machine Tools Market, By Product Type
6.1.1 Cutting Machines
6.1.2 Drilling Machines
6.1.3 Forming Machines
6.1.4 Turning Machines
6.1.5 Grinding Machines
6.1.6 Electrical Discharge Machines
6.1.7 Market Size Estimations & Forecasts (2019-2024)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 Machine Tools Market, By End-User
6.2.2 Industrial Manufacturing
6.2.3 Aerospace and Defence
6.2.5 Precision Machinery
6.2.6 Market Size Estimations & Forecasts (2019-2024)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By End-User
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Product Type
7.3.3 By End-User
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By End-User
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Product Type
7.5.3 By End-User
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Product Type
7.6.3 By End-User
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.8 Flow International
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures