According to a recent report published by Allied Market Research, titled, “Computer Numerical Control Market by Machine Tool Type, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2019-2026,”the global computer numerical control market sizewas valued at $14.5 billion in 2018, and is projected to reach $22.90 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026.
Computer numerical control (CNC) machine is a fully automated solution for metal working tools controlled by computers. This machine serves as a key asset in the machine tools industry, owing to its advantages offered by it across various end-user industry verticals such as automobile and manufacturing. Rise in adoption of automated manufacturing, especially in industrial and automobiles sector is a key factor expected to boost the growth of the global computer numerical control (CNC) market. Furthermore, rapid development of manufacturing facilities in Asia-Pacific region fuels the demand for CNC machines, which significantly contributes toward the growth of the global computer numerical control market.
Increase in demand in mass production plants for various applications including electronic parts manufacturing, machining plastics, engraving steel, thermoforming, and machining graphite have fostered the adoption of CNC. In addition, the increase in production efficiency and better accuracy and precision of equipment in various sectors such as aerospace, automobile, healthcare, electronics, and industrial machinery are expected to drive the market growth. However, high cost of CNC machines with highly advanced software languages restrict the market growth. Innovative developments in technologies and machine tool equipment along with increase in number of application areas such as micro drilling, dispensing, dental, and rapid prototyping are expected to provide numerous opportunities for the growth and development of the CNC market.
The lathe segment dominated the computer numerical control market share in 2018, however, mills segment is projected to exhibit highest growth rate of 7.1% during the forecast period of 2019 to 2026. CNC milling machines are majorly applicable in in 3D printing and computer-aided designing (CAD). Rise in penetration of advanced CNC mills known as multi-axis machines, which offer several benefits including reduction of human labor, provision of an enhanced surface finish, and manufacture of complex shapes are anticipated to drive the growth of CNC market for mills segment in upcoming years.
By industry vertical, the industry machinery segment accounted for the highest market share in 2018, owing to increase in demand for accurate high-resolution devices and rise in need to reduce machining trajectory that enable error-proof surface finishes in the industrial sector. Moreover, the integration of CNC technology with high-speed CNC hardware highlighting accurate detection and ultra-smooth rotation boosts the growth of this market.
Region wise, the global computer numerical control industry was dominated by Asia-Pacific in 2018 and is expected to maintain this trend during the forecast period of 2019-2026. Presence of large number of CNC market vendors, continuous adoption of advanced technology for bringing preciseness in manufacturing of various machine parts, and government initiatives encouraging developments in manufacturing sector in the developing countries of Asia such as India, China are some of the factors propelling the computer numerical control market growth in this region.
Key Findings Of The Study
Depending on machine tool type, the lathes segment led the CNC market, in terms of revenue in 2018.
On the basis of industry vertical, the automobile segment is anticipated to exhibit substantial growth during the forecast period.
Region wise, Asia-Pacific generated the highest revenue in 2018; and is expected to continue this trend during the forecast period.
The global computer numerical control market analysis includes some of the key market players such as Bosch Rexroth AG, Dalian Machine Tool Group Corporation (DMTG), Fagor Automation, FANUC Corporation, HAAS Automation, Inc., Heidenhain Corporation, Hurco Companies, Inc., Mitsubishi Electric Corporation, Okuma Corporation, Sandvik AB, and Soft Servo Systems Inc.