Computer numerical control (CNC) Machinery Market : Global Demand Analysis & Opportunity Outlook 2024
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Our in-depth analysis segmented the CNC machinery market in the following segments:
Global CNC Machinery Market is further classified on the basis of region as follows:
Computer numerical control (CNC) market is expected to expand at a CAGR of 6.5% over the forecast period i.e. 2017-2024. Moreover, the CNC machinery market stood at USD 52 Billion in 2015 and is further expected to be USD 92 Billion by the end of 2024. The demand for the CNC machines are hiked due to the fact that they are time efficient and refrain by human errors. Rising disposable income in emerging economics and need for mass production in various sectors are the key factors for the growth of CNC market. The use of CNC machine helps the operator to make the changes effectively without wasting time or waste of the resource. CNC can be equipped by lathe machine, grinding machine, welding machine, milling machine and others. In 2015, lathe machine tools accounted for the highest revenue by machine type in the global CNC market.
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Geographically, the global market for computer numerical control is led by Asia-Pacific, with the region accounting for a share of approximately 35% in 2015. Developing economies such as China and India have been witnessing robust growth in terms of industrialization, thereby driving the growth of regional market. The CNC market in the European region is projected to grow at a significant rate, during the forecast period owing to the rise in adoption of technology. Increased efficiency, time effectiveness, and precision & accuracy provided across metal working industries such as automobile and manufacturing industries is expected to drive the CNC market.
Increase in the use of improvised techniques such as Computer Aided Design (CAD) and Computer Aided Manufacturing (CAM), enhanced capabilities of manufacturers to offer high precision parts and components, and increase in use of CNC machines in various applications owing to their reduction in costs, mass production of products, and high performance drive the growth of the CNC market. With the help of CNC Machine shaping of complex diagonal cuts and curves is possible with high accuracy and quality. It reduces the time between design and production efficiently. It brings high accuracy and speed, which is not easily attainable by labors. Increase in demand of mass production for various applications including electronic part manufacturing, automobile part manufacturing, machining graphite have strengthen the adoption of CNC machining. Innovative developments in technologies and machine tool equipment along with increase in number of application areas such as micro drilling, dispensing, and rapid prototyping are expected to provide numerous opportunities for the growth and development of the CNC market.
The challenge limiting the widespread adoption of the Computer Numerical controls is high installation and maintenance cost. These machines also require expensive tools for operation and they also require a well- trained operator. These machines also require high machining software language which hinders the market growth.
The key players of CNC Machinery market are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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