New York, NY, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “CNC Machine Market By Type (CNC Lathe, CNC Milling, CNC Grinding Machine, CNC Welding and CNC Winding) and By Application (Machinery Manufacturing, Automobiles, Electronics, Healthcare and Aerospace, and Defense): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”.
According to the research study, the global CNC Machine Market was estimated at USD 80 billion in 2019 and is expected to reach USD 115 billion by 2026. The global CNC Machine Market is expected to grow at a compound annual growth rate (CAGR) of 6% from 2020 to 2027.
Global CNC Machine Market Growing Massively owing to the Growth of CNC Automation Paired with Ongoing Technological Advancements Is Expected to Propel the growth of the global CNC Machine Market in years to come.
Computer numerical control (CNC) is a numerical control system in which the control is combined with a dedicated computer to perform simple and advanced NC functions. Numerical control (NC) refers to computer or process control employing symbolic codes consisting of characters and numerals. CNC machines can be used constantly and, for occasional maintenance, only need to be turned off. Different manual lathes or milling machines etc., these machines need less skilled individuals to work. By refining the software that is used to drive the machines, Computer numerical control machines can be progressed.
Browse through 47 Tables & 115 Figures spread over 185+ Pages and in-depth TOC on “Global CNC Machine Market: By Type, Industry Size, Share, Demand, Growth, Applications, Analysis and Forecast, 2019–2026”.
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Over the past few years, interest in solid carbide tools and PCD tools has increased. The need for more longevity, temperature tolerance, and fewer vibrations/clatter is due to this transition. A shift towards smaller size machines, but also with more competences, is also present. This is in need for less use of floor space and the development of factories and stores with varied needs. There is an increase in commercial demand for compact CNC machines through multi-axis technology and automated tool changers. That is because CNC machines are increasingly being used by various large producers to perform cutting, drilling, deformation, turning operations, knurling, and facing. Besides, there will be plenty of new systems with new features and offerings are coming to the market.
In coming years, constantly rising productivity, time effectiveness, and demand for precision & accuracy provided across metal related working industries such as manufacturing industries as well as automotive is expected to fuel the growth of the global computer numerical control market. Furthermore, encouraging government initiatives such as “Made in China 2025” and “Make in India” “in the Asia Pacific region is shaping the growth of the CNC machine market size. On a contrary, the high cost of CNC Machine may adversely impact the growth of the global CNC machine market in the analysis period.
Top Market Players
Some of the leading and top CNC Machine companies in the global CNC Machine market include Bosch Rexroth AG, Dalian Machine Tool Group Corporation (DMTG), Fagor Automation, FANUC Corporation, HAAS Automation, Inc., Heidenhain Corporation, Hurco Companies, Inc., Mitsubishi Electric Corporation, Okuma Corporation, Sandvik AB and Soft Servo Systems Inc. amongst others.
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CNC is a computer ordered machining process which brings precision to the machined components and saves time for manufacturing component manually. It increases the overall efficiency and productivity of manufacturing the products. Products are manufactured by providing G-Code and M-codes to the machine along with the axis coordinate.
Constant technological advancements in the machines and machine components are estimated to propel the CNC machine market. Also, the CNC with automatic tool change is projected to have a momentous opportunity in the forecasted time. However, CNC machines are expensive than conventional machines.
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These market players are continuously involved in various mergers and acquisitions, collaborations, and partnerships for expanding their product portfolio. For instance, in the year 2016, a player named Fanuc Corporation had collaborated with a player in the digitization market named Cisco, Preferred Netwoks, and Rockwell Automation to develop Field System.
Based on type, the global CNC machine market is categorized into CNC Lathe, CNC Milling, CNC Grinding Machine, CNC Welding, and CNC Winding. CNC Lathe dominated the type segment of the CNC machine market and accounted for over 30% of revenue market share in 2019 owing to the rising use of multi-axis machines. The most recent variants of lathe include 5 and 6 axis lathes which can perform the operations from the 2 ends and helps in producing fine cuts and also give a better finishing.
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In terms of applications, the global CNC Machine market can be segmented into machinery manufacturing, automobiles, electronics, healthcare, aerospace, and defense. Machinery manufacturing and automobiles held the majority of revenue market share in last year. This is because there is huge demand from the automobile industries for the production of workpieces at a very short time and cost due to which the manufacturers demand computer numerical control machines which can produce a high volume of products. Based on geography, in 2019, Asia Pacific accounted for the highest share in the global CNC machines market. Increasing demand from China, Japan, India, and Southeast Asian countries is expected to support the growth of the CNC machine market in near future. Europe is projected to grow noticeably over the analysis period.
According to an application, it is expected that the machinery manufacturing category is expected to have significant growth in the forecasted period. The rise in demand for machined products from the Machinery Manufacturing and Automobiles industries is projected to propel the market.
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Also Read, CNC Machine Market Press Release
This report segments the CNC Machine market as follows:
Global CNC Machine Market: By Type Segment Analysis
- CNC Lathe
- CNC Milling
- CNC Grinding Machine
- CNC Welding
- CNC Winding
Global CNC Machine Market: By Application Segment Analysis
- Machinery Manufacturing
- Automobiles
- Electronics
- Healthcare
- Aerospace and Defense
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