October 04, 2024 06:46 ET | Source: Research and Markets Research and Markets
Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Computer Numerical Control (CNC) Machines - A Global Market Overview" report has been added to ResearchAndMarkets.com's offering. The global market for Computer Numerical Control (CNC) Machines is estimated at US$84.6 billion in 2024 and is likely to maintain a 2024-2030 CAGR of 8.4% in reaching a projected US$137.3 billion by 2030. The demand for CNC Machines is being driven by a range of factors that include advancements in production technologies, increasing demand for highly precise components that can be produced on a large scale and growing adoption of advanced technologies, such as IoT, AI & machine learning into production processes. The integration of these technologies with CNC machines is bound to prove fruitful in escalating market growth over the coming years. With an estimated share of about 39% in 2024, Asia-Pacific represents the leading global market for CNC Machines, which is further likely to be the fastest growing, too. A spurt of growth in various sectors, especially automotive and general industrial machinery, are propelling demand for CNC machines in the region. Owing to relatively cheap labor and availability of abundant resources, major industrial manufacturers, including CNC machine OEMs, have established operations in Asia-Pacific, which has contributed to significant growth in the region. programmable logic controller
In addition, the region's increased demand can be attributed to technological advancements, digitization and connectivity, enabling the implementation of technologies, such as cloud computing, IoT and data analytics into CNC systems for improving equipment efficacy. North America and Europe are other regions where the market for CNC machines has been posting steady growth, since these have always been well-entrenched markets for CNC machines and would continue to be so. Computer Numerical Control (CNC) Market Analysis by Machines Type The major types CNC machines used include Grinding Machines, Laser Machines, Lathe Machines, Milling Machines, Welding Machines and Winding Machines, among others (comprising Drilling, Electrical Discharge & Routing Machines). The global demand for CNC Lathe Machines is estimated to be the largest, the major factors for which comprise availability in various sizes & types, versatility in using materials and provision of high accuracy up to 99.99%.
The use of CNC lathe machines across several industries, such as automotive, aerospace and general machinery for making high-precision parts and components will further add to market momentum. As far as growth is concerned, however, the worldwide market for Milling Machines is anticipated to exhibit the fastest CAGR of about 9.5% during the analysis period. Milling machines are most widely used to fabricate complex parts and automation and technological advancements in these machines have facilitated rapid growth in various sectors. Computer Numerical Control (CNC) Machines Market Analysis by Number of Axes CNC machines are offered according to the type of multiple axis points along which they operate, which include 3 axis, 4 axis and 5 axis. The 3 axis CNC machine is most widely used because of its ability to function in three axes, which move at the same time. This enables the machine, which can also be integrated with an automatic tool changer, in producing components with complex shapes. Moreover, automation of the process ensures that there is no need for manual intervention. On the other hand, the market for 5 axis CNC machines would anticipatedly post the fastest growth over the analysis period. Computer Numerical Control (CNC) Machines Market Analysis by End-Use Sector As regards end-use sector, the global market for CNC Machines is categorized into Aerospace & Defense, Automotive, Construction, Energy & Power, General Industrial Machinery and Healthcare & Medical, among others (comprising Capital Goods, Electrical & Electronic, Metal & Mining, Precision Engineering and Semiconductor).
General Industrial Machinery is the largest end-consumer of CNC Machines, accounting for an estimated share of about 27% of the global demand. In terms of growth, though, the demand for CNC Machines for making parts and components for the Automotive sector will likely post the fastest CAGR of almost 13% during the analysis period. A primary factor for this includes the growing demand for electric vehicles (EVs), which require ultra-precision and customized parts and components. Computer Numerical Control (CNC) Machines Report Scope This global report on Computer Numerical Control (CNC) Machines analyzes the market based on machine type, number of axes and end-use sector, in addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing. Key Metrics
Computer Numerical Control (CNC) Machines Market by Geographic Region
Computer Numerical Control (CNC) Machines Market by Machine Type
Computer Numerical Control (CNC) Machines by Number of Axes
Computer Numerical Control (CNC) Machines Market by End-Use Sector
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