The Global Machine Tools Market Size is projected to grow at a CAGR of 5.30% from 2024 to 2031, according to a new report published by Verified Market Research. The report reveals that the market was valued at $91.06 billion in 2023 and is expected to reach $137.64 billion by the end of the forecast period.
U.S. machine shops and other manufacturers increased their orders for new capital equipment in June, up to $402.3 million, or 4.3% more than the May order level. But the new total lags the June 2023 order volume by -1.6%, and while it brings the year-to-date order volume to $2.2 billion, that figure trails the comparable January-June 2023 total by -10.7%.
In a great many ways modern industry relies on machine tools. They’re the backbone of most of the efficiency and productivity gains that the world has experienced since the industrial revolution. So perhaps it should be no surprise that presently the market for machine tools is booming, with companies across vertical industries searching for innovative ways to automate or upgrade their production processes and turning to tool manufacturers for help do that.
U.S. machine shops and other manufacturers increased their orders for new capital equipment in June, up to $402.3 million, or 4.3% more than the May order level. But the new total lags the June 2023 order volume by -1.6%, and while it brings the year-to-date order volume to $2.2 billion, that figure trails the comparable January-June 2023 total by -10.7%.
