Milling is the machining process of using rotary cutters to remove material from a work piece, advancing in a direction at an angle with the axis of the tool. It covers a wide variety of different operations and machines, on scales from small individual parts to large, heavy-duty gang milling operations. It is one of the most commonly used processes in industry and machine shops today for machining parts to precise sizes and shapes. Milling can be done with a wide range of machine tools. The original class of machine tools for milling was the milling machine. After the advent of computer numerical control (CNC), milling machines evolved into machining centers (milling machines with automatic tool changers, tool magazines or carousels, CNC control, coolant systems, and enclosures), generally classified as vertical machining centers (VMCs) and horizontal machining centers (HMCs). The integration of milling into turning environments and vice versa, begun with live tooling for lathes and the occasional use of mills for turning operations, led to a new class of machine tools, multitasking machines (MTMs), which are purpose-built to provide for a default machining strategy of using any combination of milling and turning within the same work envelope.
Milling operations are essential in the oil and gas industry to protect equipment damage, injury or death of any employee and loss of natural resources. Therefore, the market for milling equipment is driven mainly due to the growth of the oil & gas industry to provide a safer environment to work. Additionally, governmental organizations such as occupational safety and health administration (OSHA) of the United States Department of Labor have imposed some regulations in the oil & gas industry in order to reduce the number of fatal accidents. Thus, such factors are spurring the oil milling equipment market. However, installation of this equipment requires high amount of capital which may act as a restraint in some areas. Further, the market is coming up with new technologically advanced products, amid growing research investments in this market. Moreover, technically expert professionals are required to survey and provide tangible evidence of the well pressure and extraction methods in order to ascertain the requirement for the appropriate milling tools.
There are various components used to conduct milling operations, thus the milling equipment market can be segmented on the basis of type such as end mill, roughing end mill, slab mill, thread mill, hollow mill, shell mill, cement mills, taper mills and pilot mills. Milling equipment market is solely dependent on the growth of the oil & gas industry. Growth trends of the oil & gas industry can be seen in the milling equipment market. New explorations in the offshore field create the demand for these equipments as a safety measure. Thus, the North America and Europe have dominated the market of these equipments whereas Asia Pacific and RoW are expected to grow at healthy growth rates. This is mainly attributed to the growing offshore exploration activities in Asia Pacific and RoW.
The market has been dominated by some big players; however, there is a presence of small players across the globe. Strategic alliances can be seen in this market in order to share the technology and to provide business development representative in various regions. Some of the key players in milling tools market include: ISCAR Ltd., Schlumberger Limited, SECO Tools India (P) Ltd., BIG KAISER Precision Tooling Inc. and Sandvik Coromant.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.