The global computer numerical controls market is majorly driven by increasing disposable income in emerging economies and high need for mass production. Rising number of small manufacturing units with need for automated machines and lack of labors also fuels the growth of the market. However, non-availability of skilled programmers and high maintenance cost of machines may hamper the growth of the CNC market.
Global Computer Numerical Controls (CNC) Market was valued at $51 billion in 2016 and expected to reach $87 billion by 2024; growing at a CAGR of 6.9% from 2016 to 2024. In geographic segment, North America and Europe are expected to grow at a CAGR of 7.6% and 7.1%, respectively, over the forecast period 2016 – 2024.
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The global computer numerical controls market is majorly driven by high need for mass production efficiency and better accuracy, growing demand for machine tools and expanding small manufacturing units with need for automated machines in various sectors such as healthcare, automobile, electronics, industrial machinery and others. However, high maintenance and implementation cost of machines may hamper the growth of the market.Technological advancements and product innovations would provide growth opportunities for the market during the forecast period 2016 - 2024.
The global CNC market has been categorized into type and applications. Type segment includes lathe machines, milling machines, lasers, grinding units, welding machines, winding machines and others.
Application segment comprises automotive, industrial, power & energy, defense & aerospace, and others. Lathe machines held the largest market share accounting for 19.2% in 2016.
Automotive is anticipated to grow at a highest CAGR during 2016 - 2024, driven by the need for automotive parts in bulk quantity along with accuracy.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. In 2016, Asia Pacific accounted for the largest market share, driven by the expanding industrialization and developing lifestyle specifically in China and Japan.
North America is expected to dominate the market growing at the fastest CAGR during the forecast period, driven by the growing investments on automations and need for high resolution devices to decrease human errors.
The major key players operating in the CNC market are Siemens AG, Haas Automation, Mitsubishi Electric Corp., Dr. Johannes Heidenhain GmbH, GSK CNC EQUIPMENT Co. Ltd., Fagor Automation, Soft Servo Systems, Bosch Rexroth AG, Fanuc Corporation, and Sieb & Meyer AG, among others.
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Scope of Computer Numerical Controls Market
- Milling Machines
- Lathe Machines
- Grinding Units
- Winding Machines
- Welding Machines
- Defense & Aerospace
- Power & Energy
- North America
- South Korea
- South America
- Middle East
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