CNC Machine Market size to register a 5% CAGR | Market

2022-09-24 03:43:17 By : Ms. GREAT SAFETY

February 09, 2021 02:10 ET | Source: Market Research Future Market Research Future

Pune, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Industry 4.0 Revolution Drives the CNC Machine Market Growth

The CNC machine market outlook looks extremely promising; mainly due to rapidly growing tool making sectors worldwide. The CNC machine industry has always been subject to technological upgrades, and more automation is expected to come in to meet customer demands for efficiency gains. 

As manufacturing sectors continue to move towards increased automation, improvements in software and automation solutions are being leveraged to meet customers' machining needs. Moreover, shortage of skilled labor, limits on working hours, and increasing labor costs, alongside the higher demand for quality control and tolerances, encourage manufacturing companies around the globe to add automation beyond in-machine moving towards automating their factories.

Therefore, the CNC machine market share is projected to escalate further during the forecast period. Market Research Future (MRFR), in its recent CNC machine market analysis, asserts that the market valuation would reach approximately USD 90 billion by 2026, growing at a 5% CAGR during the assessment period (2020 to 2026). Even during the COVID-19 crises, CNC machine market revenues remained reassuringly robust. 

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The CNC machine market is quite dynamic and constantly changing, more quickly than pre-pandemic era. Agility to respond to market changes would become more important than ever in post-pandemic periods. Industry 4.0 isn't the latest idea, but the pandemic-driven lockdown challenges fostered many CNC machine market trends, including production trends such as robotics, networked machines, and analytics. 

Tools for cutting and grinding aren't but some current trends show we're entering a new, particularly exciting age. There is a vast demand for bringing new technology into a heritage industry, which would support the CNC machine market to grow steadily over the next six years.

CNC machines integrated with computer-aided manufacturing (CAM) enabling hassle-free production of components, reducing the time required for manufacturing workpieces. Several large manufacturing facilities are increasingly adopting CNC lathes for cutting, drilling, knurling, deformation, facing, and turning operations. 

The rising commercial demand for advanced compact size machines with automatic tool changers and multi-axis machining technology increases the CNC machine market size. Besides, rapid advancements in production technology and emerging needs for smaller factory footprints driven by the lack of space boost CNC machine market revenues. 

The demand for modern machine variants that are compact and do not require operators/ supervisors to monitor the machine operations constantly is on the rise. Moreover, the rising demand for reduced time, manual labor, operational costs needed for component manufacturing and the ability to produce components with a better surface finish increase the CNC machine market value.

Despite the promising prospects, the CNC machine market still witnesses several challenges related to CNC machining services and various strategies. Some of the CNC machining issues restraining the market growth include difficulties in data processing and programming errors due to complex structure, high purchase and repairing cost, complexities of material selection, overheating & inappropriate settings of machines, and communication failure.

Browse In-depth Market Research Report (100 pages) on CNC Machine Market

There is a huge market for complex and advanced cutting tools geometries. Industry players are responding to this with their technical expertise and industry experience. Features such as tool simulation using 3D and CAD-CAM technologies and the ability to produce small batch sizes are giving increased flexibility, particularly relevant to the die and mold industry.

Almost all industries require tailored CNC machining for accurate CNC parts that sometimes are complex to produce using traditional methods. Increasing demand for CNC machining from industries such as aerospace & defense, agriculture, automotive, construction, firearms, and electronics fosters market growth. 

The CNC machine market analysis is segmented into type, end user, and region.

The type segment is sub-segmented into lathe machines, milling machines, laser machines, grinding machines, welding machines, winding machines, and others. Among these, CNC lathe machines type is the fast-moving segment in the market. In 2019, the segment accounted for the largest market share, witnessing rapid sales due to the increasing availability of multi-axis machine variants. The CNC lathe machines segment is anticipated to maintain its dominance in the coming years.

The end user segment is sub-segmented into automotive, aerospace & defense, construction equipment, power & energy, industrial, and others. Among these, the automotive, power & energy, and industrial sectors account for major end-users of CNC machines. The increasing demand for mass production of low-cost workpieces consuming minimal time from automobile manufacturers is anticipated to accelerate the CNC machine market value in the years to come. 

The regional segmentation is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, the Americas (US, Canada, Mexico, Rest-of-North America) and South America, and Europe (the UK, Germany, France, Italy, and Rest-of-Europe). 

It is observed that the Asia Pacific has been consistently dominating the global CNC machine market and is estimated to maintain its market position in the coming years as well. Raw material advantage and the availability of cost-competitive workforces in the region are the major factors impacting the CNC machine market growth. 

Besides, factors such as the growing adoption of CNC machines led by the rising automation in manufacturing sectors and the rapid industrialization in the region drive the market growth. The strong presence of several major manufacturers, such as Okuma Corporation, Yamazaki Mazak Corporation, and DMG Mori Co., Ltd., in countries such as India, China, and Japan, increases the region's CNC machine market share. 

North America holds the second-best position in terms of the CNC machine market value. Market growth attributes to vast technological advances and automation in the manufacturing sectors in the region. Additionally, the high product demand from flourishing manufacturing sectors in the region substantiates the CNC machine market size. Also, the increasing application areas and integration of CNC machines with the current manufacturing environment propel the regional market growth.

Europe also demonstrates a positive growth rate towards the adoption of CNC machines. The digital revolution is gaining momentum across the region. Rapid automation of control systems and the growing automotive and power generation industries fuel CNC machine market growth in the region. Besides, the proliferation of fuel-efficient vehicles and lightweight automotive components create significant growth opportunities for the CNC machine markets in the region. 

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The CNC machine market is experiencing several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.

For instance, recently, on Feb. 4, 2021, Fathom Manufacturing announced the acquisition of a leading precision tooling and injection molding services provider - Summit Tooling and Plastics, specializing in small-to-medium prototype injection molds for the domestic market. The acquisition would greatly expand Fathom's domestic injection molding capabilities.

List of the Key Companies Profiled in the CNC machine market research report are:

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