The machine tool manufacturing industry is facing a transformative decade, and as manufacturers’ needs become more digitally focused, machine tool builders must evolve their products to meet changing market requirements. According to global technology intelligence firm ABI Research, the worldwide machine tool market will grow by a CAGR of 4.3% from 2022 to 2032 and reach US$245.2bn in manufacturing value added.

“This growth is driven by new product design facilitating the need for new machine tools, old equipment reaching the end of its lifecycle and requiring replacement, and new machine tool solutions being provided and incentivising upgrades,” explains James Prestwood, industrial and manufacturing research analyst at ABI Research.
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