Broaching Machines Market Size

Broaching Machines Market Analysis

The broaching machines market is expected to register moderate growth during the forecast period (2019-24). The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, aerospace and others, across the world. Broaching remains one of the fastest methods of cutting production parts, which is primarily intended for high-volume production runs. The rising demand for high speed and accurate finishing process in the end-use sector is putting pressures on broaching machine manufacturers. To meet this demand, manufacturers are increasingly adopting advanced technology and automation. The automation of the production and related fabrication process help companies in gaining a competitive edge in the market and reduce their operational costs. CNC, servo, and software technology continue to improve and provide additional impact on power savings, high efficiencies, and high precision mechanical systems. The CNC broaching machines offer benefits such as energy savings and high precision during metal cutting, key formation, and gear making. There has been an improvement in the production of broach tools, which play a key role in the quality of the finished product.
According to industrial sources, in term of the overall equipment effectiveness, especially with the achievable qualities and profile areas of energy efficiency, electro-mechanical actuators are increasingly replacing the hydraulic drives. In recent times, CNC controls have paved the way to the elimination of hydraulics and replacing them with servo drives and ball screws for many applications. About half of the customer base considers an electro-mechanical machine for small to-mid-range applications. Furthermore, the market is also driven by the growing demand for the fabricated metal products, development of heavy industrial equipment, and advancement in the manufacturing processes. The metal fabrication market may be less prone to wild fluctuations than other industries, which will allow these conventional machining processes to grow moderately. For instance, in India, the annual growth rate of fabricated metal products production followed negative trend during the period 2013-15. Whereas, after 2015, the production rate witnessed positive trend with lesser growth rates. Worldwide, the machine tool cutting sector represented a major share in terms of production volume when compared to forming technology. The machine tool cutting sector comprises of lathes, drilling machines, broaching machines, boring machines, milling machines, etc.