Machine Tools Market To Witness A Significant Growth Of USD 137.43 Billion By 2030
San Francisco, 23 Aug 2024: The Report Machine Tools Market Size, Share & Trends Analysis Report By Type (Metal Cutting, Metal Forming), By End-use (Automotive, Mechanical Engineering), By Technology, By Region, And Segment Forecasts, 2024 - 2030 The global machine tools market size is expected to reach USD 137.43 billion by 2030, registering to grow at a CAGR of 5.8% from 2024 to 2030 according to a new report by Grand View Research, Inc. The increased need for higher efficiency and precision in complex machining tools, as well as lower operating costs in industries, such as aerospace, automotive, and defense, have led to an increased usage of machine tools. The machining time is more expensive than the setup fees, material expenses, and fees for custom finishing a job or workpiece. Owing to all these advantages, manufacturers are gradually shifting toward the automation of machines to reduce time by rolling out connectivity networks and deploying the latest software. Such te