Pune, India , Feb. 14, 2023 (GLOBE NEWSWIRE) --
The global Computer Numerical Control (CNC) Machine market size was USD 83.99 billion in 2021. The market is projected to grow from USD 86.83 billion in 2022 to USD 140.78 billion in 2029 at a CAGR of 7.1% in the 2021-2028 period. This growth can be attributed to the rising need for efficiency in complex machining products and increasing demand for mass customization. The market report titled "CNC Market, 2022-2029" by Fortune Business Insights™ The increasing investment in IoT in manufacturing is driving the global market growth.
Key Industry Development:
MES Inc. announced the acquisition of Versatech, LLC, which operates as a prominent manufacturer of CNC machine solutions. This acquisition will augment intentions of MES Inc. to increase its prominence in the last mile manufacturing industry.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.1% |
| 2029 Value Projection | USD 140.78 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 83.99 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application and By Region |
| Growth Drivers | Evolution of the Internet of Things (IoT) to Drive Market Growth |
| High Maintenance Costs and Lack of Training to Hinder Market Growth |
Key Takeaways:
- Incorporation of Digital Technologies in Products and Processes to Aid Growth
- Adoption of CNC Machines in the Healthcare Sector Amid COVID-19 to Propel Market Growth
- Digital Transformation Across Machine Tools Domain to Accelerate Demand for CNC Metal Cutting
- Precision Engineering Application to Experience Profound Growth Owing to its Demand Across Industrial Sector
- Leading Players to Focus on Enhancing R&D Capacities to Expand their Horizon
COVID-19 Impact:
Robust Demand for CNC from the Healthcare Sector to Foster Industry Growth
The market is expected to be positively impacted during the COVID-19 pandemic due to robust demand for CNC (Computer Numerical Control) machines from the healthcare sector. The sudden spike in COVID-19 infection led to automation in several industries. This factor enhanced the demand for technology in the healthcare sector. Furthermore, the pharmacy sector also facilitated this industry due to the strong demand for efficient technologies to produce healthcare products and services. Moreover, rapid digitalization leads to the adoption of CNC machines. These factors facilitated industry growth during the pandemic.
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Computer Numerical Control (CNC) Machine market Drivers & Restraints:
- Strong Adoption of Internet-of-Things (IoT) to Propel Market Progress
- CNC machine is responsible for controlling machine tools using a computerized system.
- Robust adoption of the Internet of Things is likely to enhance the product demand. Further, the incorporation of advanced digital technologies is expected to enhance CNC adoption in several industries.
- Rapid digitalization and the shift to automated production techniques in industries may elevate the product adoption.
- Moreover, rising investments in IoT in the manufacturing sector are expected to surge the adoption of the technology across several industries.
- For example, as per sources, an investment of nearly USD 267 billion was made by the manufacturing sector for the development of IoT services by 2020. These factors may drive the CNC machine market growth.
- However, lack of training and high maintenance costs may hamper the market’s progress.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Companies Operating in Computer Numerical Control (CNC) Machine Market Analysis Report:
- Yamazaki Mazak Corporation (Japan)
- Doosan Machine Tools Co., Ltd. (Korea)
- Trumpf (Germany)
- Amada Machine Tools Co., Ltd (Japan)
- JTEKT Corporation (Japan)
- MAG IAS GmbH (Germany)
- Schuler AG (Germany)
- Makino (Japan)
- Hyundai WIA (Korea)
- Komatsu Ltd. (Japan)
- Okuma Corporation (Japan)
- FANUC Corporation (Japan)
- XYZ Machine Tools (U.K.)
- Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan)
- General Technology Group Dalian Machine Tool Corporation (Liaoning Province)
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Segments
Metal Cutting Segment to Dominate Attributable to High Accuracy
By type, the market is segmented into metal cutting and metal forming.
The metal cutting segment is expected to lead due to its high accuracy, focus on energy efficiency, and time. Further, strong demand for excellent performance and precision control may bolster segmental growth.
Precision Engineering Segment to Dominate Attributable to Strong Demand Across the Industrial Sector
Based on application, the market is classified into transport machinery, precision engineering, general machinery, automotive, and others.
The automotive segment is expected to dominate, attributable to the rising demand for CNC machines across the industrial sector. Furthermore, the strong demand for highly efficient parts in the automotive sector is expected to enhance the CNC machine industry’s growth.
Regionally, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights
Strong Demand for Precision Products to Foster Growth in Asia Pacific
Asia Pacific is expected to dominate the CNC machine market share due to the rising demand for precision products in lesser time. The market in Asia Pacific stood at USD 45.73 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Further, the mass production of semiconductors, aerospace, medical, and automotive applications may bolster the CNC machine industry’s growth.
In North America, the rising adoption of machine tools for use in metalworking plants is expected to boost CNC machine adoption. Furthermore, strong demand from the aerospace, construction, food & beverage, and automotive sectors is expected to enhance the industry’s growth.
Competitive Landscape
Major Players Enter into Collaborations to Expand Market Reach
The prominent companies operating in the market enter into collaborations to expand their market reach. For example, Fanuc Corporation collaborated with Preferred Networks, Inc. to develop the AI Servo Monitor. The software collects and controls feed axis and spindle axis machines with high-speed sampling and enhances the overall performance. This strategy may allow the company to tap into a wider audience and expand its market reach. Furthermore, major companies devise research and development, mergers, expansions, product launches, and automation to achieve organizational goals and boost market position.
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Major Table of Contents:
- Global Computer Numerical Control (CNC) Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Metal Cutting
- Metal Forming
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Computer Numerical Control (CNC) Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Metal Cutting
- Metal Forming
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (USD)
- United States
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Application (USD)
- Canada
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Application (USD)
- United States
- Latin America Computer Numerical Control (CNC) Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Metal Cutting
- Metal Forming
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (USD)
- Brazil
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Application (USD)
- Mexico
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Application (USD)
- Rest of Latin America
- Brazil
- Europe Computer Numerical Control (CNC) Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Metal Cutting
- Metal Forming
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (USD)
- Germany
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Application (USD)
- Germany
Continued…
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FAQ’s
How big is the Computer Numerical Control (CNC) Machine market?
The global CNC machines market size was estimated at USD 83.99 billion in 2021 and is expected to reach USD 86.83 billion in 2022
What is the Computer Numerical Control (CNC) Machine market growth?
The global CNC machines market is expected to grow at a compound annual growth rate of 7.1% from 2022 to 2029 to reach USD 140.78 billion by 2029
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CNC [Computer Numerical Control] Machine Market Size, 2029 (fortunebusinessinsights.com)
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