The computer numerical control (CNC) machines market is estimated to be valued at US$ 67.48 Billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
CNC machines are automated tools controlled by computers to execute a wide range of manufacturing operations. These machines provide high accuracy, precision, and efficiency, leading to reduced errors and increased productivity. CNC machines find applications in various industries such as automotive, aerospace, electronics, and healthcare, among others. They are utilized for processes such as metal cutting, milling, drilling, and shaping, allowing manufacturers to achieve complex designs and components.
The key drivers contributing to the growth of the CNC machines market include advancements in technology and the increasing demand for automation across industries. The integration of technologies such as artificial intelligence, machine learning, and internet of things (IoT) has enhanced the capabilities of CNC machines, leading to improved productivity and reduced operational costs. Additionally, the growing focus on achieving high precision and accuracy in manufacturing processes is further propelling the demand for CNC machines. Furthermore, the opportunity lies in the adoption of CNC machines in emerging economies, which are witnessing rapid industrialization and increased manufacturing activities.
The computer numerical control (CNC) machines market can be segmented based on machine type, end-user industry, and geography. In terms of machine type, milling machines dominate the market due to their versatility and widespread use in various industries such as automotive, aerospace, and manufacturing. Milling machines allow for precision cutting and shaping of materials, making them the preferred choice for many applications.
Within the milling machine segment, vertical milling machines are dominating. Vertical milling machines offer advantages such as easy setup, efficient operation, and the ability to handle larger workpieces. These machines are widely used in industries that require complex and intricate cutting, such as the aerospace and medical sectors. The dominance of vertical milling machines can be attributed to their ability to provide accurate and efficient machining solutions, driving their demand in the market.
Political: The political stability of a country has a significant impact on the CNC machines market. Stable political environments with favorable trade policies and government support for the manufacturing sector contribute to the growth of the market.
Economic: The economic factors influencing the CNC machines market include GDP growth, disposable income, and investment in industries like automotive, aerospace, and healthcare. Strong economic growth and increasing industrialization drive the demand for CNC machines.
Social: The social factors to consider in the CNC machines market include demographic trends, consumer preferences, and the demand for advanced technology. Changing consumer lifestyles and the need for precision engineering solutions are driving the demand for CNC machines.
Technological: Technological advancements such as automation, integration of IoT, and artificial intelligence are transforming the CNC machines market. These advancements improve the efficiency, accuracy, and productivity of CNC machines, thereby increasing their adoption.
The global Computer Numerical Control Machine Market Share is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period of 2023-2030, due to increasing demand from industries such as automotive, aerospace, and healthcare. The market size for 2023 is projected to reach US$ 67.48 billion.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the CNC machines market. The region is witnessing rapid industrialization, technological advancements, and favorable government initiatives, driving the demand for CNC machines.
Key players operating in the CNC machines market include Hurco Companies Inc., Protomatic Inc., Metal Craft, AMS Micromedical LLC, JTEKT Corporation, Haas Automation, Fanuc Corporation, Siemens AG, DMG Mori Seiki Co. These key players are focusing on product innovation, strategic partnerships, and expanding their market presence to gain a competitive edge in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it