by The Computer Numerical Control (CNC) Machines Market is estimated to be valued at US$ 67.48 Billion in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
CNC machines are a type of computer-controlled machine tool that can automatically control the movement and operations of the machine tools to shape parts or assemblies to precise specifications. They are used in various industrial applications such as lathes, mills, routers, grinders, sheet metal work, fabricating, and others. CNC machines provide high-precision parts by fine-tuning and consistently replicating complex shapes and designs. They help in reducing production time and costs while improving quality.
Market Dynamics:
Increased adoption of CNC machines in various industries such as automotive, aerospace, defense, electronics, medical and others is fueling the growth of the computer numerical control (CNC) machines market. Around 70% of metal cutting in the automotive, aerospace and power generation industries now involves CNC equipment. It helps in producing components with very high precision, productivity and efficiency. Additionally, rising demand for mass customization is also boosting the demand for CNC machines as they allow production of customized components economically. Some customers want unique technical characteristics or aesthetic attributes added to products, while others want product personalization by embedding their names, initials or product numbers. CNC machines easily facilitate such custom requirements through computerized programming of tools.
Segment Analysis
The global computer numerical control (CNC) machines market is dominated by three key segments – metal cutting machines, metal forming machines, and others. Within metal cutting machines, CNC milling machines account for over 45% share as they find widespread use in industries such as automotive, aerospace and machinery manufacturing for producing varied components. CNC milling machines offer precision and flexibility to machine complex shapes with help of subtractive method.
PEST Analysis
Political: Presence of supportive government policies in countries like China and India to promote manufacturing industry is driving investments in advanced CNC machines.
Economic: Robust economic growth in Asia Pacific coupled with industrial automation adoption is fueling demand. Further, cost benefits of CNC over traditional machines encourage SMEs to invest.
Social: Evolving workforce preferences towards operating digital technologies and inclination towards smart factory models is favoring adoption.
Technological: Integration of AI, IoT, augmented/virtual reality and additive manufacturing is augmenting capabilities of CNC machines to enable autonomous and predictive maintenance.
Key Takeaways
The global Computer Numerical Control (CNC) Machines Market Share is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from industries such as automotive, electronics and metal & machinery. Asia Pacific accounts for over 45% share of the global market led by China, owing to presence of large manufacturing industry and supporting government policies.
Regional analysis
Asia Pacific dominates the global CNC machines market led by China. Government initiatives like ‘Made in China 2025’ aim to transform country into a global manufacturing powerhouse and encourage domestic manufacturing of advanced machinery including CNC machines.
Key players operating in the computer numerical control (CNC) machines market includes Hurco Companies Inc., Protomatic Inc., Metal Craft, AMS Micromedical LLC, JTEKT Corporation, Haas Automation, Fanuc Corporation, Siemens AG, DMG Mori Seiki Co. Key players are focusing on enhancing machine capabilities with new technologies and expanding geographical presence in developing markets to
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
