NEWARK, DE / ACCESSWIRE / March 1, 2023 / According to Future Market Insights (FMI), the global vertical mill market is poised to be valued at US$ 1,367.2 Million by 2023. A modest growth at a 5.3% CAGR is predicted during the forecast period (2023 to 2033) and the sales are likely to reach US$ 2,291.5 Million by the end of 2033.
Vertical milling machines are commonly used in industries such as automotive, aerospace, aviation, construction, and food & beverage. Through their use, manufacturers are able to create intricate geometrical parts. A variety of materials is compatible with vertical milling machines such as metal, plastic, and others. Traditionally, milling machines were horizontal. However, emergence of vertical machines has resulted in greater suitability for a wide range of applications.
These machines are suitable not only for milling purposes, but also for applications involving boring/drilling and slotting/keyways. They are broadly categorized into manual and computer numerical control (CNC) machines. There are several variants that offer a combination of manual and CNC functionality. In recent years, the demand for vertical CNC mills has been steadily rising owing to their advantages over manual machines.
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Vertical CNC mills are much more efficient and accurate compared to manual mills. As a result, they make for the better choice when it comes to improving productivity and production quality. The only downside of vertical CNC mills is their high price tags. Manual mills may not perform as well as CNC mills, but they are significantly cheaper, making them ideal in scenarios with budget restraints.
FMI predicts a steady and consistent surge of the vertical mill market during the forecast period (2023 to 2033). Vertical mill manufacturers are anticipated to boost sales owing to multiple factors such as increasing use of vertical mills in various industries for their benefits and growing penetration of online sales channels. North America, Europe, and Asia Pacific are poised to be the most dominant regional markets from 2023 to 2033.
Key Takeaways from the Vertical Mill Market
- In 2023, a valuation of US$ 1,367.2 Million is expected for the global vertical mill market.
- During the assessment period, FMI predicts a modest 5.3% CAGR to expand the market.
- In terms of sales channel, online segment is expected to generate maximum profit for vertical mill machine manufacturers over the forecast period.
- The United States is expected to account for more than 1/3rd of revenue in the global vertical mills market.
- Germany is expected to account for more than 1 out of 4 sales in the Europe vertical mills market.
- Sales of vertical mills in the United States are slated to increase at 6.1% CAGR during the forthcoming decade.
Who is winning?
The vertical mill market is fragmented on a global scale, opines FMI. Doosan Heavy Industries & Machinery Ltd., GEBR. Pfeiffer SE, Mitsubishi Heavy Industries Ltd., FLSmidth & Co. A/S, and CITIC Heavy Industries Co. Ltd. are few of the leading participants in the market.
It is anticipated that these businesses will engage in stiff competition to increase their market share. These businesses are concentrating on product innovations through research and development for prospering in this cutthroat climate. Additionally, they are enlarging their geographic reach to take advantage of emerging markets.
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Get Valuable Insights into Vertical Mill Market
FMI, in its new offering, provides an unbiased analysis of the vertical mill equipment market presenting historical demand data (2018 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for vertical mill market based on type (bed milling, turret milling, mill drills), by material (plastic, wood, others), by application (food & beverage, drilling/boring, milling, slotting/keyways), by sales channel (online, offline), and by region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Vertical Mill Market Segmentation by Category
By Type:
- Bed Milling
- Turret Milling
- Mill Drills
By Material:
- Plastic
- Wood
- Others
By Application:
- Food & Beverage
- Drilling/Boring
- Milling
- Slotting/Keyways
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Table of Content
1. Executive Summary | Vertical Mill Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
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