CHICAGO, Oct. 18, 2023 /PRNewswire/ -- The global CNC market size is projected to grow from USD 67.5 billion in 2023 to USD 80.4 billion by 2028, at a CAGR of 3.5% during the forecast period according to a new report by MarketsandMarkets. Increasing automation in manufacturing industries globally and rising mass production of high-precision components for high-growth industries are driving the market.
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CNC Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 67.5 billion |
Estimated Value by 2028 | $ 80.4 billion |
Growth Rate | Poised to grow at a CAGR of 3.5% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Product Type, End-User Industry & Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Lack of expert technicians to operate CNC machines |
Key Market Opportunities | Increasing demand for artificial intelligence-based systems in manufacturing |
Key Market Drivers | Increasing automation in manufacturing industries globally |
Machines segment to hold the largest size of the CNC market during the forecast period.
The machines segment is expected to account for the largest size of the CNC market throughout the forecast period. Machines are integral in manufacturing and machining processes and are indispensable in achieving precision and consistency in producing essential components in various industries. Additionally, various manufacturing operations rely intemperately on CNC machines as their primary production processes. Therefore, machines offering are a significant component and account for a major share of the overall market.
Machining Centers are expected to lead the CNC market during the forecast period.
The machining centers segment is expected to lead the market during the forecast period. Machining centers cover various operations and machines-from small individual parts to large, heavy-duty gang milling operations. CNC machining is one of the most commonly used processes in the manufacturing industry, and machine shops machine parts to accurate sizes and shapes. These machining centers include exceptional versatility, precision, and automation capabilities, which cater to diverse industries. Additionally, there is the need for cost-effective and efficient production methods, especially in industries with stringent quality requirements.
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Asia Pacific is expected to dominate the CNC market during the forecast period.
The Asia Pacific region will dominate the CNC industry throughout the forecast period. It is expected to grow at the highest CAGR from 2023 to 2028. The region has witnessed a significant expansion in its manufacturing sector, attributed to industrialization, urbanization, and population surge. This growth necessitates advanced manufacturing technologies, such as CNC machines, to meet production demands efficiently. In addition, the automotive industry, a primary user of CNC machines, has seen significant growth in Asia-Pacific. Countries such as China and India have become major automotive manufacturing hubs, driving the demand for CNC equipment for machining engine components, body parts, and more. Furthermore, the infrastructure development and investments in industrial parks and zones in Asia-Pacific countries have created conducive manufacturing environments, attracting domestic and foreign investments in CNC machinery.
The key players operating in the CNC companies include DMG MORI (Japan), Okuma Corporation (Japan), Makino Milling Machine Co., Ltd. (Japan), Haas Automation, Inc (US), JTEKT Corporation (Japan), DN SOLUTIONS (South Korea), TRUMPF (Germany), Hurco Companies, Inc. (US), Yamazaki Mazak Corporation (Japan), GF Machining Solutions Management SA (Switzerland), CHIRON Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany), EMAG GmbH & Co. KG (Germany), among others.
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