Pune, India, October 20, 2021 (GLOBE NEWSWIRE) - The global woodworking machinery market is expected to grow exponentially, reaching US$6.05 billion by 2028, with a compound annual growth rate from 2021 to 2028. 3.9%. This information has been published by Fortune Business Insights in its latest report entitled "Woodworking Machinery Market 2021-2028". The report further mentions that the market size in 2020 will be USD 4.53 billion. Factors such as the increasing adoption of precision engineering are expected to drive the adoption of advanced woodworking machinery worldwide. For example, in 2019, Biesse Group automated the 5-axis heads of woodworking machinery on its production line to significantly reduce travel time and improve machine accuracy on the assembly line.
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List of companies introduced in the global market:
COVID-19 Impact: The compound annual growth rate of the market in 2020 is -0.4%
According to a survey conducted by the Wood Components Manufacturers Association (WCMA), the impact of the pandemic may be long-term, and manufacturers should open up to explore new product options. This is due to supply chain disruptions, cessation or suspension of manufacturing activities, and reductions in labor due to lockdowns imposed by several government agencies to curb the spread of diseases. Therefore, the compound annual growth rate of the market is expected to be -0.4% in 2020.
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We have divided the market based on type, application and region.
According to the type, the global market for woodworking machinery is divided into lathes, planers, saws, etc. In addition, depending on the type, due to the increasing demand for CNC lathes to speed up the manufacturing process, the lathe segment is expected to grow exponentially. According to the application, the market is divided into furniture, construction, etc. Finally, according to the region, the market is divided into Europe, Middle East and Africa, Asia Pacific, South America and North America.
What does the report include?
The global woodworking machinery market report includes in-depth analysis of key aspects such as leading companies, product/service types, and leading end-use industries. In addition, the report also provides insights into market trends and highlights key industry developments. In addition, the report also contains several factors that will affect the market growth in the next few years.
Increasing adoption of precision engineering to promote growth
The growing demand for high-quality and safe products is driving manufacturers to adopt advanced manufacturing processes. These companies focus on using precision engineering to produce high-quality products in a shorter time. In addition, this type of manufacturing process reduces the risk of human error and further reduces management costs. For example, major manufacturers such as IMA Schelling Group GmbH effectively use advanced woodworking machinery processes to provide precision saws and panel saws. Therefore, the increasing use of advanced precision engineering is expected to promote the growth of the global woodworking machinery market in the next few years.
Europe-During the forecast period, in terms of revenue, this region is expected to occupy the world's largest market share of woodworking machinery. This is due to the existence of mature woodworking machinery manufacturers in the region. In 2020, it will be 1.84 billion U.S. dollars in Europe.
North America-The market in this region is expected to grow exponentially between 2021 and 2028, supported by the increased use of wood in the construction industry.
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Product innovation of well-known companies intensifies industry competition
The global woodworking machinery market is experiencing fierce competition from market participants. These participants focus on developing advanced digital tools by adopting technologies such as the Industrial Internet of Things (IIoT). In addition, other companies adopt strategies such as mergers and acquisitions, partnerships, and facility expansion to maintain their footholds, which are expected to benefit market growth.
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