The global machine tool industry is predicted to exceed USD120 billion by 2020, according to a report by Technavio. Experts are optimistic about the market but the emergence of certain disruptive technologies may change the future of this sector. Some of the core trends that are altering the dimensions of the current machine tool industry include process automation, additive manufacturing and the rise of electric vehicles.
High quality products with better precision in a shorter period of time can be achieved by automating one’s production processes. The investment in global process automation is expected to reach 120 billion dollars by 2019, according to a report by market analyst, Research and Markets. The surge in this segment is owing to the rise of Computer Numerical Control (CNC) in developed as well as developing economies.
“Computer numerical control (CNC) is the latest trend in the sector. By automating the processes, utilisation of the machines will become better,” explains P. Ramadas, President of the Indian Machine Tool Manufacturers’ Association (IMTMA). Process automation enables employees to monitor the production process and also carry out timely repairs thus reducing down times and costs.