Machine Tools of the Future

Machine tools are useful to the construction industry, and they are changing at a rapid pace. The machine tools market in the U.S. will grow and evolve through 2021.

A major driver for the market is an increased demand for fabricated metal products. The fabricated metal products market has been witnessing steady growth in the U.S. since 2003. The growth is mainly attributed to the increasing demand for metals from the construction and machinery industries.

A trend gaining momentum in the market is cloud-based machine tools. The industry 4.0 revolution together with the industrial Internet of Things (IoT) has led to the demand for cloud-based computing to manage the data in a cost-effective manner.

One factor hindering the growth of the market is the high capital-intensive market. The market is capital-intensive, and the profitability of the market has a high correlation with the prices of raw materials such as iron, steel, aluminum, brass, and copper. It is estimated that raw material costs account for 48% of the overall manufacturing cost.

The IoT is changing how machine tools are used in the construction industry. Contractors need to be aware of the market, especially the changing technologies.

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