The global lathe machine market to grow steadily during the forecast period and post an impressive revenue of more than USD 12 billion by 2020. The analysts forecast global lathe machine market to grow at a CAGR of 1.97% during the period 2016-2020.
According to the lathe machine market report, the growing demand for superior-quality products has propelled companies to undertake automation in manufacturing. Investment in global process automation is continuing to grow at 6% and is projected to reach $120 billion by 2019. This growth is focused on areas such as technology, hardware, software, services, and the communication protocol used for automation.