Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "CNC Milling Machines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Structure, X-Axis Working Range, Number of Axis, and Application" report has been added to ResearchAndMarkets.com's offering.
The CNC milling machines market is expected to grow from US$ 8,616.03 million in 2023 to US$ 14,419.53 million by 2028; it is estimated to register a CAGR of 10.8% from 2023 to 2028.
The aerospace & defense sector includes manufacturing aircraft and their components, defense vehicles, and various weapons. Aerospace CNC machining is one of the industry's most critical components. It is utilized for manufacturing seats, shafts, oxygen-generation safety system components, valve components, electrical connectors, housings, bushings, hinges, clamps, and filter bodies, among others.
Safety and precision machining are vital aspects of the aerospace industry, and hence, each component is required to meet the industry's highest safety standards. The capability of CNC milling machines to achieve very tight tolerances for engineered parts from lightweight materials which allows their wide adoption in the industry.
In March 2022, Arrowsmith Engineering received a top-up grant of ~US$ 10,000 from Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub's Coventry and Warwickshire Investment Fund [partly funded through the European Regional Development Fund (ERDF)], for purchasing a DN Solutions CNC milling machine.
The company is a custom-made precision components supplier for the aerospace industry, and it wanted to procure the new machine for specialist work orders from Parker Meggitt, Rolls-Royce, and Wesco Aircraft Holdings Inc. The company received an initial funding of ~US$ 30,000 in March 2019 for procuring a CNC 4-axis machine and a cobot. CNC milling machines are ideal for fabricating missiles and weapons because of their high precision, versatility, and compatibility with various materials.
Raytheon Technologies Corporation, one of the world's largest producers of guided missiles, strongly relies on multi-axis CNC machines to fabricate its 20-foot cruise missiles. These factors are thereby influencing the demand for CNC milling machines from the aerospace & defense industry contributing to the CNC milling machines market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 246 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $8616.03 Million |
| Forecasted Market Value (USD) by 2028 | $14419.53 Million |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Surge in Automotive Production
- Increase in Production of Military Aircraft
Restraints
- Availability of Alternate Manufacturing Methods
Opportunities
- Integration of Smart Manufacturing Technology with CNC milling machines
Future Trends
- Rise in New Product Development by CNC milling machines Market Players
Companies Mentioned
- Okuma Corporation
- Nidec
- NICOLAS CORREA, S.A
- AWEA MECHANTRONIC CO., LTD
- Fives Group
- EMCO GmbH
- TOS Varnsdorf a.s.
- JOBS SPA Societa con Socio Unico
- Gruppo Parpas
- F Zimmermann
- Mighty USA, Inc.
- PIETRO CARNAGHI SPA
- Johnsford
- Trimill
- KRC Machine Tool Solutions
- VISION WIDE TECH CO., LTD.
- Ken Ichi Machine Co Ltd
- Amera-Seiki's
For more information about this report visit https://www.researchandmarkets.com/r/sbu2tb
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