An insight into the global machine tool market
Currently, the Japanese machine tool market is boasting of numerous orders both from within and outside the country. In March 2018, the total value of machine tool orders was record high with 1.67 billion dollars, an increase of 17.8 % as compared to the previous month, according to the Japan Machine Tool Builders’ Association.
In addition to this, domestic orders rose by 29.8 % over February while foreign orders rose by 10.6 % over the same month. Breaking it further, Asia rose by 16.1 % over February, while Europe witnessed a decline in orders by 6.0 %. However, this was still an increase of 33.6 % over the same month in the previous year. North America’s orders rose by 16.2 % over February.
In Japan, the government has also undertaken the ‘connected industry’ initiative through which it aims at promoting new age concepts such as Industry 4.0 and the IoT (Internet of Things).
In 2017, the Italian machine tool industry along with the robotics and automation industry registered double-digit increases for all main economic indicators, states the Italian machine tool manufacturers’ association Ucimu-Sistemi Per Produrre. Production increased to 6,110 million euro, reporting a 10.1 % increase as compared with the previous year.
In the first ten months of 2017, about 55 % of ‘Made in Italy’ production was exported to countries such as China, Germany, United States, France, Poland, Spain, Mexico, Turkey, Russia and the United Kingdom for a total amount of 3,440 million euro. The country is also looking to focus on other upcoming regions including India, Iran and the ASEAN countries.
Italy imported 1,720 million euro of machine tools, corresponding to 39.2 % of the total consumption of the country in 2017. Germany sold machine tools worth 304 million euro while Belgium and Japan sold it at 106 million euro and Japan 92 million euro respectively.
With an increase in demand for machine tools, industry players are optimistic and forecast the year 2018 to be positive for the machine tool industry.