SAN FRANCISCO -- A new market study released by Global Industry Analysts predicts significant growth in several wood industry segments worldwide, particularly in woodworking machinery and furniture.
Noting how demand for wood products has risen during the COVID-19 crisis, the report projects the global market for woodworking machinery, which was estimated at $4.2 billion in 2020, will reach a revised size of $4.7 billion by 2026, growing at a compound annual growth rate of 1.7 percent.
Furniture, another segment analyzed in the report, is projected to record a 2percent growth rate and reach $2.7 illion by the end of the analysis period.
The woodworking machinery market in the U.S. alone was estimated at $1.2 billion in 2021, in the report. China, the world`s second largest economy, is forecast to reach a projected woodworking machinery market size of $884.1 million by the year 2026, trailing a growth rate of 3.4 percent over the analysis period. Among the other noteworthy geographic markets mentioned in the report are Japan and Canada, each forecast to grow at 0.2 and 1.2 percent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 0.6 percent compound annual growth rate.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the construction segment is readjusted to a revised 1.4 growth rate for the next 7-year period, the report said.
Analysis was based on an executive pool of 489 and covered 16 major companies, including Andritz AG; Biesse SpA; Durr AG; Gala Gar SL; Hitachi Koki Co., Ltd.; IMA Schelling Group GmbH; Jji Kae Enterprise Co., Ltd.; Makita Corporation; Makor Srl; Metabowerke GmbH; Michael Weinig AG; Minda Industrieanlagen GmbH (MINDA Group); Robert Bosch GmbH; SCM Group S.p.A.; Sorma Group; VOLLMER WERKE Maschinenfabrik GmbH and Others.
Global Industry Analysts Inc., (www.strategyr.com) is a market research publisher that claims to be the “world`s only influencer driven market research company.” The firm serves more than 42,000 clients from 36 countries, and has been recognized for accurate forecasting of markets and industries for over 33 years.
Have something to say? Share your thoughts with us in the comments below.