Pune, India, Oct. 20, 2021 (GLOBE NEWSWIRE) — The global woodworking machinery market size is expected to experience exponential growth by reaching USD 6.05 billion by 2028 while exhibiting a CAGR of 3.9% between 2021 and 2028.This information is published by Fortune Business Insights in its latest report, titled, “Woodworking Machinery Market, 2021-2028.” The report further mentions that the market stood at USD 4.53 billion in 2020. Factors such as the increasing adoption of precision engineering is expected to boost the adoption of advanced woodworking machinery globally. For instance, in 2019, Biesse Group automated its 5-axis heads, a woodworking machine in its production line, to significantly reduce travel time and improve the machine precision on assembly lines.
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List of the Companies Profiled in the Global Market:
- Biesse Group (Italy)
- HOLYTEK INDUSTRIAL CORP. (Taiwan)
- SCM Group (Italy)
- Dürr Group (Germany)
- Gongyou Group Co., Ltd. (China)
- IMA Schelling Group GmbH (Germany)
- Michael Weinig AG (Germany)
- CKM (Taiwan)
- Cantek America Inc. (U.S.)
- KTCC WOODWORKING MACHINERY
- Oliver Machinery Company (U.S.)
- RS WOOD S.R.L. (Italy)
- SOCOMEC S.R.L. (Italy)
- Solidea Srl (Italy)
- Nihar Industries (India)
- Leabon Machinery (China)
- SOSN (China)
- A L Dalton Ltd. (U.K.)
Report Scope & Segmentation –
|Forecast Period 2021 to 2028 CAGR||3.9 %|
|2028 Value Projection||USD 6.05 Billion|
|Market Size in 2020||USD 4.53 Billion|
|Historical Data for||2017-2019|
|No. of Pages||120|
|Segments covered|| Type; Application; and Region
|Growth Drivers||Increasing Adoption of Precise Engineering to Aid Market Growth|
Pitfalls & Challenges
|Health Hazards in Machinery Manufacturing Units is Hampering the Market Growth|
COVID-19 Impact: Market to Exhibit -0.4% CAGR in 2020
According to a survey conducted by the Wood Component Manufacturers Association (WCMA), the impact of the pandemic is likely to be long-term and the manufacturers should be open to explore new product options. This is attributed to the disrupted supply chain, halted or suspended manufacturing activities, and reduced workforce due to the lockdown imposed by several government agencies to curb the spread of the disease. Owing to this, the market is expected to exhibit a CAGR of -0.4% in 2020.
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We have divided the market based on type, application, and region.
On the basis of type, the global market for woodworking machinery is segmented into lathe, planer, saw, and others. Moreover, based on type, the lathe segment is expected to experience exponential growth owing to the increasing demand for CNC lathe machines to speed up manufacturing processes. Based on application, the market is bifurcated into furniture, construction, and others. Lastly based on region, the market is categorized into Europe, the Middle East and Africa, Asia-Pacific, South America, and North America.
What does the Report Include?
The global market for woodworking machinery report included in-depth analysis of the key aspects such as leading companies, product/service types, and leading end-use industries. Besides this, the report offers insights into the market trends and highlights the key industry developments. Additionally, the report encompasses several factors that will impact the market growth in the forthcoming years.
Increasing Adoption of Precision Engineering to Favor Growth
The growing demand for high quality and safe products is propelling the manufacturers to adopt advanced manufacturing processes. The companies are focusing on adopting precision engineering to produce quality products in less time. Moreover, this type of manufacturing process reduces human error risk and further leads to reduced overhead costs. For instance, major manufacturers such as IMA Schelling Group GmbHefficiently adopt advanced woodworking machinery processes to offer precision saws and panel saw series. Therefore, the growing adoption of advanced precision engineering is expected to contribute to the global woodworking machinery market growth in the forthcoming years.
Europe – The region is expected to hold the largest global woodworking machinery market share in terms of revenue during the forecast period. This is attributable to the presence of established woodworking machinery manufacturers in the region. Europe stood at USD 1.84 billion in 2020.
North America – The market in the region is expected to showcase exponential growth backed by the increasing utilization of timber in the construction industry between 2021 and 2028.
Product Innovation by Eminent Companies to Intensify Industry Competition
The global market for woodworking machineryis experiencing considerable competition from the players operating in the market. These players are focusing on developing advanced digitization tools by adopting technologies such as the industrial internet of things (IIoT). Moreover, adoption of strategies such as merger and acquisition, partnership, and facility expansion by other companies to maintain their stronghold is expected to favor the market growth.
- June 2020 – SCM Group announced the inclusion of dmc system flexible abrasives modular center in its product range for wide belt sanders. The company reports that the modular center includes a hand scraping unit to achieve superior wood manufacturing finishing levels.
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