Impact of COVID-19 pandemic on machine tool market
Coronavirus pandemic has played havoc with industries across nations. Manufacturing sector has been severely affected by the coronavirus pandemic. According to market research report, post-covid, the global machine tool market size is expected to reach USD 68.9 billion by 2021 from an estimated USD 65.6 billion in 2020, at a CAGR of 5.0%. The projections were based on the ongoing automotive industry production drop, which is the biggest consumer of machine tools and, along with the supply chain disruptions caused by the pandemic in the manufacturing industry.
Nonetheless, companies can adopt latest technologies such as the Internet of Things (IoT) and robotics to focus on automation of machine tools with a minimum requirement of human labour. Advanced technologies such as Artificial intelligence, connected technologies, and 3D printing will help companies to achieve the highest level of efficiency at a lower cost. The use of modern technologies will further reduce the dependency of companies on man power in these challenging times.
Zyfra, a Finnish-Russian digital solutions provider, has launched an Internet of Things (IoT) innovation in the form of a cloud-based version of its ”MDCplus” machine monitoring system, which allows remote monitoring of CNC machines.
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