According to IMARC Group latest report titled” India Machine Tools Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The India Machine Tools Market size to exhibit moderate growth during the next five years. Machine tools are power-driven devices utilized for cutting, forming, drilling, grinding, and abrading metals and manufactured components in identical shapes. These tools use various modes of operations to perform industrial projects, such as numerical control (NC), computer numerical control (CNC) and direct numerical control (DNC). Machine tools function through automated, repeatable cutting operations, which improve product uniformity and reduce the overall human interaction required in the production process. These tools also provide higher production value, reduced manual efforts, improved manufacturing efficiency, and greater agility.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Rising industrial automation represents the key factor driving the machine tools market growth in India. The emergence of various small- and medium-sized (SMEs) enterprises and the introduction of stringent product evaluation criteria in the country are further propelling the market growth. Moreover, the establishment of numerous manufacturing plants in India by international companies is contributing to the market growth. Furthermore, low costs of labor and raw materials and the increasing demand for energy have led to a rise in oil and gas exploration activities across the country, which is creating a positive outlook for the market.
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India Machine Tools Market Segmentation:
Our report has categorized the market based on region, tool type, technology type and end use industry.
Breakup by Tool Type:
- Metal Cutting
- Metal Forming
Breakup by Technology Type:
- CNC (Computerized Numerical Control)
Breakup by End Use Industry:
- Aerospace and Defense
- Electrical and Electronics
- Consumer Goods
- Precision Engineering
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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