According to our latest study on " Metal Processing Machines Market to 2030 – COVID-19 Impact and Global Analysis – by Press Brake, Laser Cutting, Bending Machine, and Geography," the market was valued at US$ 24.3 billion in 2022 and is expected to reach US$ 35.2 billion by 2030; it is anticipated to register a CAGR of 4.8% from 2023 to 2030.
Military organizations heavily invest in defense equipment, weapons systems, and vehicles to strengthen their capabilities. Metal processing machine are crucial in fabricating armor plates, munitions, and other critical systems required in defense operations. The need to modernize defense forces, enhance national security, and respond to evolving threats compels governments to increase their military expenditures every year. In 2023, the Biden-Harris Administration submitted a request to allocate US$ 842 billion for the Department of Defense (DoD) in the FY 2024 Budget, an increase of US$ 26 billion over FY 2023 levels. Such massive financial aid for military reinforcement would encourage defense-related component manufacturers to invest more in their operations, triggering the demand for metal processing machines. The war between Ukraine and Russia has catalyzed investments in defense activities. Consequently, many countries across the world have raised their defense budgets.
Metal Processing Machine market Breakdown, by Region, 2023 & 2030 (%)
Metal Processing Machines Market Forecast to 2030 - Global Analysis by Press Brake (Type, Bending Method, and Application), Laser Cutting Machine (Technology, Process, and Industry), and Bending Machine (Type, Application, and Product)
Metal Processing Machines Market Size Report and Growth Analysis 2030
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Source: The Insight Partners Analysis
The need for improved vehicle armor and military infrastructure upgrades further drives the demand for metal processing machines market. These machines are used for processing specialized materials and manufacturing critical components in armored vehicles, tanks, and military aircraft. In 2022, Collins Aerospace, a US-based Raytheon Technologies, invested US$ 200 million in India and inaugurated its new global engineering and technology center (GETC) and Collins India operation center in Bengaluru. With this move, Collins Aerospace intends to expand its manufacturing operations with the acquisition of digital technology and engineering capabilities. Such initiatives by companies would help domestic metal processing machines market manufacturers extend their clientele. Further, the surge in defense expenditure is not limited to established defense powers; many emerging economies have been exhibiting the rise in their defense budgets.
Metal processing machine market manufacturers need to understand the unique requirements of the defense industry and develop solutions that comply with domestic and international quality standards and regulations. This can be achieved through close collaborations with defense organizations and the ability to provide customized solutions with continuous innovation efforts. Thus, a surge in defense expenditure worldwide provides a significant boost to the metal processing machines market growth.
The COVID-19 pandemic has significantly impacted the metal processing machines market growth in Europe. Europe experienced a halt in manufacturing activities due to lockdown measures. Industries heavily reliant on metal processing machines market, such as automotive, aerospace, and machinery, faced temporary closures and reduced production capacities. Supply chain disruptions and reduced consumer demand further worsen the situation faced by the metal processing sector. Investments and capital expenditures were reduced, negatively impacting the demand for new machinery.
Metal Processing Machines Market Share — by Region, 2023
The metal processing machines market has been segmented into the 5 major regions: North America, Europe, APAC, the Middle East & Africa, South America (SAM) as shown in the figure below:
Trumpf SE + Co KG, Amanda Pvt Ltd, Bystronic AG, Prima Industry SpA, and LVD Company NV are among the key market players profiled during this study. In addition, several other important players were studied and analyzed during this market study to get a holistic view of the metal processing machines market and its ecosystem.
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