Woodworking Machinery Market to Show 3.9% CAGR by 2028

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Pune, India, July 19, 2021 (GLOBE NEWSWIRE) – The world woodworking machinery market the size is expected to grow exponentially reaching $ 6.05 billion by 2028 while posting a 3.9% CAGR 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 amounted to USD 4.53 billion in 2020. Factors such as the growing adoption of precision engineering are expected to drive the adoption of advanced woodworking machinery globally. For example, in 2019, the Biesse Group automated its 5-axis heads, a woodworking machine in its production line, to significantly reduce travel times and improve the precision of machines on assembly lines.

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List of profiled companies 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. (United States)
  • KTCC WOOD MACHINES
  • Oliver Machinery Company (United States)
  • RS WOOD SRL (Italy)
  • SOCOMEC SRL (Italy)
  • Solidea Srl (Italy)
  • Nihar Industries (India)
  • Leabon Machinery (China)
  • SOSN (China)
  • AL Dalton Ltd. (UK)

Scope and segmentation of the report –

Cover of the report Details
Forecast period 2021-2028
Forecast period 2021 to 2028 CAGR 3.9%
2028 value projection $ 6.05 billion
Year of reference 2020
Market size in 2020 $ 4.53 billion
Historical data for 2017-2019
Number of pages 120
Covered segments Type; Application; and region
Growth drivers Growing adoption of precision engineering to drive market growth

Pitfalls and challenges

Health Risks in Machine Manufacturing Units Hinder Market Growth

COVID-19 impact: Market will post -0.4% CAGR in 2020

According to a survey by the Wood Component Manufacturers Association (WCMA), the impact of the pandemic is likely to be long-term and manufacturers should be open to exploring new product options. This is attributed to the disrupted supply chain, the shutdown or suspension of manufacturing activities and downsizing due to the lockdown imposed by several government agencies to curb the spread of the disease. As a result, the market is expected to post a CAGR of -0.4% in 2020.

Click here to learn about the short and long term impact of COVID-19 on this market.

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Market segmentation :

We have divided the market based on type, application and region.

On the basis of type, the global woodworking machinery market is segmented into lathe, planer, saw, and others. Moreover, depending on the type, the lathes segment is expected to grow exponentially due to the increasing demand for CNC lathe machines to speed up manufacturing processes. Depending on the application, the market is divided into furniture, construction and others. Finally, based on region, the market is categorized as Europe, Middle East & Africa, Asia Pacific, South America, and North America.

What does the report include?

The global Woodworking Machinery market report included an in-depth analysis of key aspects such as major companies, product / service types, and major end-use industries. In addition to this, the report offers an overview of the market trends and highlights the main developments in the industry. Moreover, the report encompasses several factors which will impact the growth of the market in the coming years.

DRIVING FACTORS

Growing adoption of precision engineering to drive growth

The growing demand for safe, high-quality products is pushing manufacturers to adopt advanced manufacturing processes. Companies are focused on adopting precision engineering to produce quality products in less time. In addition, this type of manufacturing process reduces the risk of human error and furthermore leads to lower overhead costs. For example, major manufacturers such as IMA Schelling Group GmbH effectively adopt advanced woodworking machine processes to offer precision saws and panel saw series. Hence, the increasing adoption of advanced precision engineering is expected to contribute to the growth of the global woodworking machinery market in the coming years.

REGIONAL OVERVIEW

Europe – The region is expected to hold the largest global woodworking machinery market share in terms of revenue during the forecast period. This is due to the presence of established woodworking machinery manufacturers in the region. Europe was worth $ 1.84 billion in 2020.

North America – The region’s market is expected to show exponential growth supported by the increasing use of wood in the construction industry between 2021 and 2028.

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COMPETITIVE LANDSCAPE:

Product innovation by prominent companies to intensify competition in the industry

The global woodworking machinery market is experiencing considerable competition from the players operating in the market. These players are focused on developing advanced digitization tools by adopting technologies such as the Industrial Internet of Things (IIoT). In addition, the adoption of strategies such as merger and acquisition, partnership and expansion of facilities by other companies to maintain their strong position is expected to promote market growth.

Industry development:

  • June 2020 – SCM Group has announced the inclusion of the DMC System Flexible Abrasive Modular Center in its product line for wide belt sanders. The company reports that the modular center includes a hand scraping unit to achieve superior woodworking finish levels.

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Contents

  • introduction
    • Definition, by segment
    • Research approach
    • Sources
  • summary
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of the main players
    • Porter’s Five Forces Analysis
    • Global Market Share Analysis and Matrix, 2020
  • Global Woodworking Machinery Market Value Chain and Sales Channel
  • Key market insight and analysis, by segment
  • Key player profiles (would be provided for 10 players only)
  • 7.1. Overview
      • Key management
      • Headquarters etc
    • Offers / business segments
    • Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
      • Employee size
      • Past and current income
      • Geographic share
      • Share of business segment
    • Recent developments
  • Annex / Appendix
    • Global Woodworking Machinery Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By type (value)
        • Tower
        • Planer
        • Seen
        • Other (slitting saw, etc.)
      • By application (value)
        • Furniture
        • Construction
        • Others (Shipbuilding, etc.)
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • South America

TOC Continued…!

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