New York, NY, July 16, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new 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 & Defense): Global Industry Perspective, Comprehensive, Analysis, and Forecast, 2018–2025”. According to the report, the global CNC machine market was USD 70 billion in 2018 and is expected to reach USD 100.9 billion by 2025, at a CAGR of 6.8% between 2019 and 2025.
Computer numerical control (CNC) is the automated control of numerous machines, tools, equipment, and 3D printers via computer device implementation. In modern CNC systems, execution of both design and manufacturing of machine components on any other mechanical part is fully automatic. CNC machines have earned unmatched importance due to their cutting-edge benefits, such as precision, timely performance delivery, and significant cost saving. The increasing demand for mass production plants is the major growth driver of the global CNC machine market. Thus, to meet this unprecedented market demand, advanced software like CAD and CAM were designed and are used by various CNC manufacturers.
Browse through 67 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global CNC Machine Market: By Type, Industry Size, Share, Demand, Growth, Applications, Analysis and Forecast, 2018–2025”.
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The second advantage of CNC machines is improved precision, which is of utmost importance in case of products with complicated shapes and fine intricate details. Furthermore, CNC machines curtail time lag between design and production. Saving significant labor costs is a competitive advantage that CNC users gain over their competitors, which also invites an auxiliary advantage of preserved quality due to reduced human intervention. However, significant capital investments and the lack of a skilled workforce to monitor CNC machines may limit the CNC machine market growth.
The global CNC machine market is mainly fragmented based on type and application. By type, the CNC machine market is categorized into CNC lathe, CNC milling, CNC grinding machine, CNC welding, and CNC winding. CNC lathes are the most sought CNC machines, as they are multi-purpose in nature and are used in a wide range of applications. CNC machining centers are the second most employed CNC machine type. Both of them collectively encompass about 50.08% market share of CNC by volume.
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By application, the CNC machine market includes machinery manufacturing, automobiles, electronics, healthcare, and aerospace and defense. The machinery manufacturing segment is dominating the CNC machine market in the present scenario. The growing demand for automated manufacturing in the industrial sector is likely to augment the deployment of a CNC machine. The augmented use of CNC machine in the Asia Pacific market will account for positive initiatives regarding the manufacturing amenities across the region. Additionally, research has found that the automobile sector will register the highest growth rate over the forecast time period.
In 2018, the Asia Pacific region held the largest share, i.e., around 40%, in the CNC machine market globally. China, Japan, and India are expected to dominate this regional market, due to the presence of large industries and manufacturing sectors and an increasing number of government initiatives for supporting the machine tools industry. Additionally, most of the key CNC manufacturers are located in the Asia Pacific region, particularly in China, which has also resulted in the exceptional growth of this regional market. China enjoys dual importance as both a supplier and user of CNC machines, as it accounts for around 10% of the global CNC machine output with a value of about USD 6 billion in 2018.
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The presence of a well-established automotive industry in Europe is expected to provide significant growth opportunities to the CNC machine market in the region. Europe is anticipated to be a runner-up in the CNC machine market globally in terms of growth rate. Improved efficiency, timely operations, and precision provided across metalworking industries, such as automobile and manufacturing, are driving this regional market. Germany a global leader in the manufacturing sector and holds a predominant share in the European CNC productions and utilization.
The North American CNC machine market is majorly run by the U.S., which seems to become stagnant in recent times. Renewable power sources like solar plates, wind turbines, and hybrid power plants have gained major importance in recent times over the concerns of global warming and depletion of conventional natural resources. Furthermore, the dependence on wide-scale automation makes the power generation sector to heavily deploy CNC machines across the region.
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The Middle East and Africa and Latin America occupy bottom spots in the global CNC machine market, owing to the scare financial resources and the lack of a qualified human force.
Some key market players operating in the global CNC machine market are Mondragon Corporation, GSK CNC Equipment, Soft Servo Systems, Heidenhain, Bosch Rexroth, Siemens, Sandvik, Haas Automation, Mitsubishi Electric Corporation, and FANUC Corporation.
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