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Industry 4.0, which focuses on the integration of digital technologies into manufacturing processes, has been gradually making its way into the woodworking machinery sector. This trend involves the use of sensors, data analytics, Internet of Things (IoT) devices, and automation to optimize production, enhance quality control, and reduce downtime. In the woodworking machinery market, this may result in smarter and more connected woodworking equipment that can monitor and adjust settings in real-time, leading to increased efficiency, reduced waste, and predictive maintenance capabilities.
Homag Group, SCM Group, Felder Group, Martin Woodworking Machines, Weinig Group, MiniMax, Powermatic, Robland, Biesse Group, Grizzly Industrial, Altendorf Group, JET Tools, Laguna Tools, and Cantek America are some of the major woodworking machinery companies worldwide.
Europe registered over 30% share of the woodworking machinery market in 2022 and is expected to witness significant CAGR from 2023 to 2032, owing to the strong focus on sustainability and environmental regulations in the region.
Woodworking machinery market from the lathe type segment recorded over USD 1.5 billion in 2022 and will witness over 4.5% CAGR through 2032, on account of the growing interest in woodworking as a hobby among consumers.
The market size of woodworking machinery was reached USD 4.9 billion in 2022 and will register over 4.5% CAGR from 2023 to 2032, due to the rapid development of the construction sector worldwide.