The Computer Numerical Control (CNC) Market is expected to garner $18,293 million by 2022, registering a CAGR of 5.5% during the period 2016 - 2022.
The industrial machinery sector is expected to dominate the global CNC market during the forecast period. Europe is expected to be the leading contributor to the global revenue during the forecast period.
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In 2015, the industrial machinery sector accounted for the maximum revenue share in the global CNC market, owing to growth in demand for accurate high-resolution devices and the need to reduce machining trajectory faults. Further, the integration of CNC technology with high-speed CNC hardware highlighting accurate detection and ultra-smooth rotation provide huge growth opportunities to the market in industrial machinery sector.
In addition, the automobile segment is projected to grow at the highest CAGR of 6.1% during the forecast period. This growth is attributed to the need to produce identical and bulk automotive parts..
Prominent players in the market such as MONDRAGON Corporation, GSK CNC Equipment, Soft Servo Systems, Bosch Rexroth AG, Sandvik AB, and Siemens AG focus on product launch, acquisition, and partnership for expansion in the market. For instance, in February 2016, Sandvik AB acquired Prometec GmbH through its Sandvik Coromant division.
This acquisition enabled Sandvik to transform the digital manufacturing business and expand by setting up a new manufacturing center in Sweden.
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