Global Autonomous Construction Equipment Market

Commercial Fan And Air Purification Equipment Market Definition

The commercial fan and air purification equipment market consists of sales of commercial fan and air purification equipment and related services by entities (organizations, sole traders and partnerships) that produce industrial and commercial fan and air purification equipment such as industrial dust and fume collection equipment, electrostatic precipitation equipment, warm air furnace filters, air washers, and other dust collection equipment, attic fans and industrial and commercial fans and blowers, such as commercial exhaust fans and commercial ventilating fans.

Agricultural Implement Market Definition

The agricultural implement market consists of sales of farm machinery and equipment, lawn and garden tractors, and home lawn and garden equipment by entities (organizations, sole traders or partnerships) that produce agricultural implements. The market includes agriculture and farm machines such as tractors, cotton ginning machinery, feed processing equipment, fertilizing machinery (farm-type), haying machines, milking machines, planting machines (farm-type), plowing equipment, combines (harvesting threshers), poultry brooders, feeders and waterers, push lawn mowers, ride-on mowers, snow blowers and throwers (residential-type), and attachments (lawn and garden-type and farm-type), garden tools, and autonomous farm equipment.

The commercial and service industry machinery market consists of sales of commercial and service industry machinery by entities (organizations, sole traders and partnerships) that produce commercial and service industry machinery such as optical instruments, photographic and photocopying equipment, automatic vending machinery, commercial laundry and dry-cleaning machinery, office machinery, automotive maintenance equipment (except mechanics' hand tools), and commercial-type cooking equipment. The commercial and service industry machinery market is segmented into photographic and photocopying equipment; optical instrument and lens; and other commercial and service industry machinery. The global commercial and service industry machinery market is expected to grow from $207.31 billion in 2020 to $214.21 billion in 2021 at a compound annual growth rate (CAGR) of 3.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $285.3 billion in 2025 at a CAGR of 7%. Asia Pacific was the largest region in the global commercial and service industry machinery market, accounting for 49% of the market in 2020. Western Europe was the second largest region accounting for 24% of the global market. Africa was the smallest region in the global commercial and service industry machinery market. The commercial and service industry machinery manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the commercial and service industry machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the commercial and service industry machinery manufacturing will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Optical instrument manufacturers are offering three-dimensional scanning electron microscopes for high resolution imaging. 3D SEM (Scanning Electron Microscope) generates a high spatial resolution 3D model of a microscopic object. It uses a beam of electrons to scan the surface of an object to create an image detailing the topography and composition of the object’s surface. 3D SEM is capable of quantitatively evaluating surface undulations at a height resolution of 10nm. In addition to topographical and compositional information, a 3D SEM can detect and analyze surface fractures, provide information in microstructures, examine surface contaminations, reveal spatial variations in chemical compositions, provide qualitative chemical analyses and identify crystalline structures. 3D SEMs have a variety of applications in aerospace, automotive, medical devices, and semiconductor industry. Major companies manufacturing 3D SEM include CAMECA, Carl Zeiss, FEI Company, Oxford Instruments, and JOEL. Major companies in the market include Canon Inc; Ricoh Company Ltd; Fujifilm Holdings Corporation; Sony Electronics Inc; Nikon Corp. The countries covered in the global commercial and service industry machinery market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global commercial and service industry machinery market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global commercial and service industry machinery market is segmented - 1) By Type: Other Commercial And Service Industry Machinery, Photographic And Photocopying Equipment, Optical Instrument And Lens 2) By Operation: Autonomous, Semi-autonomous, Manual 3) By Capacity: Small, Medium, Large Subsegments Covered: Cameras (Except Television And Video), Projectors, Photocopying Equipment, Other Photographic And Photocopying Equipment, Binoculars, Microscopes (Except Electron, Proton), Telescopes, Other Optical Instrument And Lens

The engine, turbine, and power transmission equipment market consists of sales of engine, turbine, and power transmission equipment by entities (organizations, sole traders or partnerships) that produce turbines, power transmission equipment, and internal combustion engines (except automotive gasoline and aircraft). The engine, turbine, and power transmission equipment market is segmented into commercial internal combustion engines; turbine and turbine generator set units; mechanical power transmission equipment; and speed changer, industrial high-speed drive, and gear. The global engine, turbine, and power transmission equipment market is expected to grow from $494.46 billion in 2020 to $516.7 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $712.24 billion in 2025 at a CAGR of 8%. Asia Pacific was the largest region in the global engine, turbine, and power transmission equipment market, accounting for 39% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global market. Africa was the smallest region in the global engine, turbine, and power transmission equipment market. The engine, turbine, and power transmission equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the engine, turbine, and power transmission equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the engine, turbine, and power transmission equipment manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy Gas turbine and power generation equipment manufacturers are adopting modular turbine designs to reduce onsite works and offering short installation times. Modular turbine design is a prefabricated electricity generating equipment in a factory, packaged to reduce the timeline to construct a power plant. They are reliable and low-cost equipment to reduce construction, design, installation and delivery times. These modular designs can be prefabricated and delivered not only in gas turbines, but also in other components of power plants such as engine modules, fuel delivery systems, emissions control equipment, heat recovery steam generator (HRSG) modules, generators, pipe racks and other auxiliary systems. Major companies providing modular turbine designs are VESTAS, ENERCON and GE. In 2019, Vestas introduced EnVentus, a modular wind-turbine platform based on advanced modular design. Major companies in the market include General Electric Co; Siemens Corporation; Caterpillar Inc; Cummins Inc; Vestas Wind Systems A/S. The countries covered in the global engine, turbine, and power transmission equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global engine, turbine, and power transmission equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global engine, turbine, and power transmission equipment market is segmented - 1) By Type: Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, And Gear 2) By Capacity: Small, Medium, Large Subsegments Covered: Diesel Powered Internal Combustion Engines, Gasoline Powered Internal Combustion Engines, Natural Gas Powered Internal Combustion Engines, Other Powered Internal Combustion Engines, Steam And Gas Turbine, Wind Turbine, Hydro Turbine, Plain Bearings, Joints, Clutches, Couplings, Pulleys, Chains And Sprockets, Other Mechanical Power Transmission Equipment

The industrial machinery market consists of sales of industrial machinery such as food and beverage manufacturing machinery, semiconductor manufacturing machinery, sawmill and woodworking machinery (except handheld), machinery for making paper and paper products, printing and binding machinery and equipment, textile making machinery, and machinery for making plastics and rubber products by entities (organizations, sole traders or partnerships) that produce industrial machinery. The industrial machinery market is segmented into woodworking and paper machinery; printing machinery and equipment; semiconductor machinery; food product machinery; and other industrial machinery. The global industrial machinery market is expected to grow from $534.89 billion in 2020 to $572.62 billion in 2021 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $793.85 billion in 2025 at a CAGR of 9%. Asia Pacific was the largest region in the global industrial machinery market, accounting for 56% of the market in 2020. Western Europe was the second largest region accounting for 20% of the global market. Africa was the smallest region in the global industrial machinery market. Rapid advances in technology is expected to drive innovation in industrial machinery manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs and higher margins .For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the engine, turbine, and power transmission equipment manufacturing market during the forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the industrial machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the industrial machinery manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. 3D log scanning is being integrated with saw mill manufacturing equipment to produce high grade lumber at mills. 3D log scanner is a scanner that measures the actual shape of the logs by coupling vision sensors with geometric data on the log. This helps to increase resolution quality, scan speeds and laser lighting which is used to measure dark logs leading to a high-grade lumber recovery. This technology is widely used in super mills which are a conglomerate of satellite mills with around two-three log lines. Also, sensors used in 3D log scanning help to capture the knots faster leading to an optimized yield. Major companies offering saw mill equipment with 3D log scanning technology include Raptor Integration Inc., LMI technologies, JoeScan. Major companies in the market include Tetra Laval International SA; Applied Materials Inc; Lam Research Corp; Tokyo Electron Ltd; ASML Holding NV. The countries covered in the global industrial machinery market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global industrial machinery market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global industrial machinery market is segmented - 1) By Type: Woodworking And Paper Machinery, Other Industrial Machinery, Printing Machinery And Equipment, Semiconductor Machinery, Food Product Machinery 2) By Operation: Autonomous, Semi-autonomous, Manual 3) By Capacity: Small, Medium, Large Subsegments Covered: Woodworking Machinery, Paper Industry Machinery, Chemical Processing Machinery And Equipment, Glass Making Machinery, Petroleum Refining Machinery, Plastics Working Machinery, Rubber Working Machinery, Tannery Machinery, Textile Making Machinery, All Other Industrial Machinery, Typesetting Machinery, Offset Printing Machinery, Flexographic Printing Machinery, Gravure Printing Machinery, Printing Trades Binding Machinery And Equipment, Other Printing Machinery And Equipment, Wafer Processing Equipment, Semiconductor Assembly And Packaging Equipment, Other Semiconductor Making Machinery, Dairy Product Plant Machinery And Equipment, Bakery Machinery And Equipment, Meat And Poultry Processing And Preparation Machinery, Other Commercial Food Products Machinery

The metal working machinery market consists of sales of metal working machinery by entities (organizations, sole traders and partnerships) that produce machines such as cutting tools, metal cutting and metal forming machine tools, metalworking machinery accessories, rolling mill machinery, assembly machinery, fabricating machines, industrial molds, conversion or straightening equipment, special dies, tools, jigs, and fixtures. The metal working machinery market is segmented into special die and tool, die set, jig, and fixture; machine tool; industrial mold; rolling mill and other metalworking machinery; and cutting tool and machine tool accessory. The global metalworking machinery market is expected to grow from $245.99 billion in 2020 to $262.77 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $357.27 billion in 2025 at a CAGR of 8%. Asia Pacific was the largest region in the global metalworking machinery market, accounting for 40% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global market. Africa was the smallest region in the global metalworking machinery market. The metalworking machinery manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the metalworking machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the metalworking machinery manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Machinery manufacturers are offering advanced 6-axis CNC milling machines to efficiently fabricate complex components. CNC milling is a specific type of computer numerical controlled (CNC) machining. This involves the use of computers to control machine tools like lathes, mills, routers and grinders. The 6-axis CNC machine converts a raw metal bar into the final product by turning from both the ends of the fixture. This offers high quality products while minimizing errors. CNC milling helps in short-run production of complex parts and fabrication of unique precision components. Major companies manufacturing 6-axis CNC milling are Yamazaki Mazak, DMG MORI, ERLO, Giben International, Haas Automation, Knuth Machine Tools, IMSA. Major companies in the market include TRUMPF Group; Amada Co Ltd; Kennametal Inc; Komatsu Ltd; Okuma Corporation. The countries covered in the global metalworking machinery market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global metalworking machinery market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global metalworking machinery market is segmented - 1) By Type: Special Die And Tool, Die Set, Jig, And Fixture, Machine Tool, Industrial Mold, Rolling Mill And Other Metalworking Machinery, Cutting Tool And Machine Tool Accessory 2) By Application: Automotive, Manufacturing, Others 3) By Capacity: Small, Medium, Large Subsegments Covered: Dies, Stamping and Other Tools, Jigs and fixtures, Metal Cutting Tools, Metal Forming Tools, Metal Molds, Other Material Molds, Wire Drawing and Fabricating Machinery, Coil Winding and Cutting Machinery, Rolling Mill Machines, Other Rolling Mill And Other Metalworking Machinery, Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies

The printing machinery and equipment market consists of sales of printing machinery and equipment by entities (organizations, sole traders or partnerships) that produce printing and bookbinding machinery and equipment, such as printing presses, typesetting machinery, and bindery machinery. The printing machinery and equipment market is segmented into typesetting machinery; offset printing machinery; flexographic printing machinery; gravure printing machinery; printing trades binding machinery and equipment; and other printing machinery and equipment. The global printing machinery and equipment market is expected to grow from $42.04 billion in 2020 to $43.83 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $56.16 billion in 2025 at a CAGR of 6%. Western Europe was the largest region in the global printing machinery and equipment market, accounting for 41% of the market in 2020. Asia Pacific was the second largest region accounting for 37% of the global market. Africa was the smallest region in the global printing machinery and equipment market. Rapid advances in technology is expected to drive innovation in printing machinery and equipment machinery manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the printing machinery and equipment machinery manufacturing market during the forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the printing machinery and equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Manufacturers depend heavily on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that printing machinery and equipment manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Instant and on-the-go printing is one among the latest innovations in printing machinery and equipment manufacturing market. On-the-go printing refers to the wireless connectivity in printers that enable the user to commence printing hassle free by using smartphone app. This technology in printers encourages next generation of young users to be more creative and accustomed to the printer usage with technology. For instance, HP printers can be accessed through HP Smart app without any computer or wired connections. The major players covered in the global printing machinery and equipment market are Goss International; Heidelberg Printing Machinery Co; Komori; Manroland; KBA. The countries covered in the global printing machinery and equipment market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The regions covered in the global printing machinery and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global printing machinery and equipment market is segmented - 1) By Type: Typesetting Machinery, Offset Printing Machinery, Flexographic Printing Machinery, Gravure Printing Machinery, Printing Trades Binding Machinery And Equipment, Other Printing Machinery And Equipment 2) By End Use: Packaging, Publication, Others 3) By Capacity: Small, Medium, Large 4) By Operation: Autonomous, Semi-autonomous, Manual

The cutting tool and machine tool accessory market consists of sales of cutting tool and machine tool accessory by entities (organizations, sole traders or partnerships) that produce accessories and attachments for metal cutting and metal forming machine tools including knives and bits for metalworking lathes, planers, and shapers, measuring attachments (e.g., sine bars) for machine tools, metalworking drill bits and taps and dies (i.e., machine tool accessories). The cutting tool and machine tool accessory market is segmented into metalworking knives and bits; measuring attachments; metalworking drill bits; and machine tool taps and dies. The global cutting tool and machine tool accessory market is expected to grow from $69.47 billion in 2020 to $74.95 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $101.09 billion in 2025 at a CAGR of 8%. Asia Pacific was the largest region in the global cutting tool and machine tool accessory market, accounting for 41% of the market in 2020. Western Europe was the second largest region accounting for 40% of the global market. Africa was the smallest region in the global cutting tool and machine tool accessory market. Rapid advances in technology is expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the cutting tool and machine tool accessory manufacturing market during the forecast period. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the cutting tool and machine tool accessory manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the cutting tool and machine tool accessory manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Machine tool manufacturers are producing 3D laser processing machines to reduce processing time for laser cutting and welding applications. 3D laser is a 5-axle laser machine which cuts sheet-metal components in three dimensions. Metals including mild steel, stainless less and aluminum can be cut using lasers. Laser cutting significantly reduces the processing time required for cutting applications and thus reduces costs. Other benefits include localized laser energy input, high feed rate and minimal heat input. 3D lasers are typically used in automotive and aerospace industry for cutting or welding of aluminum parts, drilling of engine parts, and laser surfacing of used parts. According to an article published by engineering.com, laser cutting machines account for the largest segment of metal cutting machinery market thus indicating a significant rise in the use of this technology. Major companies producing 3D laser cutting machines include Mitsubishi electric, Trumpf, LST GmbH, Mazak. The countries covered in the global cutting tool and machine tool accessory market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The regions covered in the global cutting tool and machine tool accessory market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The major players covered in the global cutting tool and machine tool accessory market are Doosan Machine Tools, Allied Machine & Engineering, Sandvik, Amada Co Ltd, Kennametal Inc. The global cutting tool and machine tool accessory market is segmented - 1) By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies 2) By Application: Automotive, Manufacturing, Others