The global woodworking machine market size was worth around USD 4.61 Billion in 2022 and is predicted to grow to around USD 7.22 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.91% between 2023 and 2030.
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➤ The increasing demand for wood-based products to serve as a growth catalyst
The global woodworking machine market is anticipated to expand as a result of the increasing demand for wood products in the swiftly expanding construction industry. In contrast to plastic or fiber-based products, end-consumers are increasingly favoring furniture, flooring, and construction materials that are manufactured from wood. One of the primary factors contributing to the trend change is the increasing awareness of sustainable growth. Wood is a renewable energy source that has minimal environmental impact, in contrast to plastic, which is non-biodegradable and a primary source of environmental pollution.
➤ The market’s development is restricted by the high initial cost.
Woodworking machinery necessitate a substantial initial investment due to their high cost. This aspect is particularly pertinent to small-scale participants or hobbyists, as they may encounter challenges in investing in a diverse array of products from the woodworking machine industry. The high cost of woodworking machines is primarily due to the high level of complexity associated with their operation. For example, the majority of these machines utilize advanced sensors and computer numerical control (CNC). The total cost of the products is further inflated by the necessity of maintaining their quality and durability.
➤ Increasing integration with cutting-edge technologies to generate growth prospects
As a result of the increasing interest and activities related to the integration of woodworking machines with advanced or industry 4.0 technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), the global industry participants can anticipate increased growth. These two segments can be combined to enhance the overall performance of the devices and their automata. This, in turn, may result in increased efficiency, accuracy, and productivity in the woodworking machine industry.
➤ Market growth to be impeded by economic uncertainty
The woodworking machine industry may be significantly impacted by the increasing anxiety surrounding future economic uncertainty, which is presently affecting the global economy and is expected to result in an impending recession. Hobbyists may be unwilling to invest in devices that they consider superfluous due to the high cost of investment. Additionally, the recession and economic downturn may result in the suspension of numerous infrastructure and construction projects. In anticipation of the company’s subsequent survival and the unpredictable future, market participants must remain vigilant.
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The Global Woodworking Machine Market is segmented based on product, application and region
Global Woodworking Machine Market: Product Segment Analysis
● Grinding Machines
● Thickness Planer
● Routers
● Wood Lathes
● Chain Or Chisel Mortise
● Others
Global Woodworking Machine Market: Application Segment Analysis
● Construction Industry
● Furniture Industry
● Others
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The global Woodworking Machine market profiles key players such as:
● Paolino Bacci s.r.l.
● Biesse Group S.p.A.
● Michael Weinig AG
● Homag Group AG
● Griggio S.r.l.
● Gannomat GmbH
● SCM Group S.p.A.
● Robland NV.
● IMA Schelling Group
● Holz-Her USA Inc.
● Martin Woodworking Machines Corp.
● Weinig Group
● Busellato S.p.A.
● Altendorf GmbH
● Powermatic
● Felder Group
???? Recent Developments:
• CNC Router Machine, a prominent industry participant, announced the introduction of a new line of CNC Router machines in April 2023. These machines are engineered to deliver unparalleled precision and efficiency to woodworkers in a variety of industries. The new devices achieve the required result by employing advanced technology and user-friendly interfaces. They are applicable in both minor and large-scale environments.
• NuernbergMesse India announced in January 2023 that it will host a four-day mega event known as DELHIWOOD 2023. This event will feature discussions regarding emerging trends and products. Over 500 manufacturers from 35 countries participated in the 2019 edition. The trade is considered an essential platform for networking, establishing partnerships, and pursuing business opportunities.
➤ Europe is expected to experience the most significant growth.
The global woodworking machine market is anticipated to experience the most significant growth in Europe during the forecast period. This is primarily due to the exponentially increasing consumption of wood and derived products, as well as the presence of key industry participants. For example, the Food and Agriculture Organization (FAO) recently asserted that the average wood consumption rate in Europe may increase by nearly 104% by the end of the decade.
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