Technavio has been monitoring the metal machining market and it is poised to grow by USD 14.76 billion during 2020 - 2024, progressing at a CAGR of 4% during the forecast period.
The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AMADA HOLDINGS Co. Ltd., Atlas Copco AB, Colfax Corp., DMG MORI Global Marketing GmbH, FANUC Corp., Messer Cutting Systems Inc., Okuma Corp., Sandvik AB, Shenyang Machine Tools Co. Ltd., and TRUMPF GmbH + Co. KG are some of the major market participants.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Demand from the oil and gas sector has been instrumental in driving the growth of the market.
Read the article online at: https://www.worldpipelines.com/business-news/12062020/covid-19-impact-on-metal-machining-report-by-technavio/