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A revised outlook pegs the global market for machine tools at US$87.4 billion by 2027.
The worst affected industry in this pandemic driven crisis is manufacturing with its complex supply chains, labor intensive processes, and interdependencies. Division of labor, modular manufacturing strategies, outsourcing to reduce costs and increase the efficiency, consistency, and quality of each operations, have made the manufacturing sector most vulnerable amid the lockdown restrictions.
An indication of the grim state of affairs is the fact that global manufacturing PMI is already declining and will fall to an estimated all-time low of 35.4 points in 2020 as compared to 53.8 in 2019. This indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers' inventories, commodity prices, order backlog, new export orders, and imports. Business investment confidence is tumbling amidst poor demand, falling profits, liquidity crunch and a reeling global economy.
The great lockdown of 2020 has crushed the global economy and with it the manufacturing sector. The COVID-19 pandemic will have lasting long-term economic, social and political impact. As death tolls continue to rise worldwide with the infections showing no signs of slowing down, a major change in priorities is underway as governments struggle amid the crisis to strengthen their healthcare systems.
The loss in consumer confidence and erosion of household wealth and discretionary spending will impact virtually every industry and business worldwide. Global merchandize trade is expected to plummet by15% to 30% in the year 2020highlighting the magnitude of disruption.
Against this backdrop, it requires very little speculation to measure the impact on manufacturing. In the United States alone over 80% of manufacturers are bracing for losses. The impact will mean crunch on capital resources; workforce layoffs/reduction and loss in productivity; supply chain disruptions; difficulties with funding; and increase in cyber security risks and fraud.
Unlike IT services where work is being carried out remotely via internet and cloud platforms, for the manufacturing industry, plant activities and production cannot be carried remotely and therefore remains worst affected. The slower economic activity means reduced demand for industrial and consumer goods and lower manufacturing orders.
Select Competitors (Total 412 Featured):
Ace Micromatic Group
Allied Machine & Engineering Corporation
Amada Co, Ltd.
Amada Machine Tools America, Inc.
Chiron Group SE
Dalian Machine Tool Group Corporation
DMG Mori Co., Ltd.
Doosan Machine Tools Co. Ltd.
Electronica Hitech Engineering Pvt. Ltd.
FANUC Corporation
FANUC America Corporation
GF Machining Solutions Management SA
Gleason Corporation
GROB-WERKE GmbH & Co. KG
Hardinge, Inc.
Jones & Shipman Hardinge Ltd.
Haas Automation, Inc.
Hyundai WIA Co. Ltd.
JTEKT Corporation
Kennametal Inc.
Komatsu Ltd.
Makino Milling Machine Co. Ltd.
Okuma Corporation
Otto Bihler Maschinenfabrik GmbH & Co. KG
Sandvik AB
Sandvik Coromant
Schuler AG
Shanghai Machine Tool Works Ltd.
Shape Technologies Group
Sodick
Spinner Machine Tools GmbH
TAJMAC-ZPS, a.s.
Trumpf Group
Walter AG
Yamazaki Mazak Corporation
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
COVID-19 Outbreak Poised to Dent Market Prospects in the Immediate Term
