Global Woodworking Machines Market 2018-2022| Adoption of loT to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Dec 28, 2018--Technavio’s global woodworking machines market research report forecasts the market to grow at a CAGR of around 3% during the forecast period.
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Technavio predicts the global woodworking machines market to grow at a CAGR of around 3% by 2022. (Graphic: Business Wire)
The adoption of loT in woodworking machines will be one of the major trends in the during 2018-2022. loT is an ever-growing network of physical objects, which feature an IP address, thereby allowing it to connect to the internet and permit communication between these objects and other internet-enabled devices. The integration of automation control systems, industrial machinery, and big data analytics offer the ability to predict future risks and can take the required steps for risk mitigation.
According to Technavio analysts, one of the key drivers for the global woodworking machines market is the increasing adoption of automated woodworking machines:
Global woodworking machines market: Increasing adoption of automated woodworking machines
Automation is one of the key driving factors for the global woodworking machinery market. The rising focus toward ensuring flexibility and highly personalized product in the woodworking industry has led to an increased need for highly specialized woodworking machinery in the production process. This has resulted in the integration of automation technologies into traditional woodworking machinery.
According to a senior research analyst at Technavio, “The automated stand-alone machines are flexible. Hence, they are easy to integrate with other machinery and monitoring systems in the wood industry with the help of software. This allows the large industrial plants to partially shift toward automated production process, thereby ensuring high performance and flexibility of the production process with low human resource.”
Global woodworking machines market: Segmentation analysis
This global woodworking machines market analysis report provides market segmentation by application (furniture, construction, and others) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the furniture segment held the largest woodworking machines market share in 2017, contributing to over 79% of the market. This application segment will dominate the global market throughout the forecast period.
The EMEA region held the largest share of the market in 2017, accounting for more than 50% share. It was followed by APAC and the Americas respectively. The EMEA region is expected to dominate the market throughout the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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