Computer Numerical Control Machine Market size is poised to reach USD 197 Billion by the end of 2036, growing at a CAGR of 11% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of computer numerical control machine was USD 67 Billion. The reason behind this growth is impelled by technological advancements as these machines are expected to be more sophisticated along with incorporating features such as multi-axis capabilities and the integration of Artificial Intelligence (AI) and Internet of Things (IoT) technology. According to the Comp TIA IT Industry, about 22% of worldwide firms are aggressively pursuing the integration of Artificial Integration, while more than 33% of the firms are promoting the implementation of AI.
Furthermore, the growing demand for automation is increasing productivity as over 90% of businesses report a surge in automation demand, as it provides cutting expenses and satisfying the growing demand for complicated products, and manufacturers, and it also progressively implements automation technologies. These CNC machines are pretty accurate and do provide dependable production procedures.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~11% |
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Base Year Market Size (2023) |
~ USD 67 Billion |
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Forecast Year Market Size (2036) |
~ USD 197 Billion |
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Regional Scope |
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Machine Type (Lathe, Milling, Laser, Grinding, Welding, Winding)
The lathe segment in the CNC machine market is estimated to gain a robust revenue share of 60% in the coming years owing to the growing oil and gas industry. A significant portion of the energy industry and the world economy are dominated by the oil and natural gas sectors driven by changing energy consumption coupled with an increase in the focus on sustainable practices and investments in non-traditional energy sources. As per IEA's India Energy Outlook 2021, India's oil demand rises by almost 4 million barrels per day [mb/d) to reach 8.7 mb/d in 2040, the largest increase of any country. A CNC lathe is a device that revolves material around a stationary cutting tool and a central spindle, which is typically employed to accomplish or create exact circular forms that have an inner diameter (ID) and an outer diameter (OD). The oil and gas sector depends on a variety of CNC machining equipment such as lathe machines which allow for the precise and effective machining of lengthy workpieces. For the oil sector, CNC lathes are ideal as they can be employed for a variety of jobs involving the machining of plastic and metal, and the manufacture of complex equipment parts such as pumps, valves, and hydraulic cylinders. For this reason, CNC lathes are a necessary tool in the oil business to ensure proper dimensional tolerances, thread pipes, and machine shaft ends, and to assist in the production, maintenance, and repair of the equipment and infrastructure.
Application (Automotive, Industrial, Construction Equipment, General Machine, Precision Engineering, Transport Machine)
The industrial segment in the CNC machine market is set to garner a notable share shortly. To make intricate pieces, companies widely utilize CNC machines to eliminate superfluous metals from raw materials. These days, CNC machining is essential to the manufacturing industry to manage the machine tool's motion and command the operations of sophisticated equipment, such as mills, lathes, grinders, and other cutting instruments.
Our in-depth analysis of the global CNC machine market includes the following segments:
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Machine Type |
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End-Use |
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Application |
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APAC Market Forecast
The CNC machine market in Asia Pacific is predicted to account for the largest share of 43% by 2036 impelled by the growing demand for efficient and precise manufacturing processes across various industries like electronics, aerospace, medical devices, and automotive. The CNC Machines and their significant mass production are due to the ability to automate manufacturing processes, increase productivity, and hence downtime. The demand for CNC Machines is facing propelled expansion in this region due to the demand for medical devices, electric vehicles (EVs), telecom communication equipment, and semiconductor fabrication equipment.
North American Market Statistics
The North American computer numerical control machine market is estimated to be the second largest, during the forecast timeframe led by the rising stipulation for precision machining, it is observed to be a key driver for the growth of CNC Machines in this region. The Market is constantly enhancing its efficiency, accuracy, and flexibility in the manufacturing process with the use of Automation. This expanding market and growth in the CNC Market is also due to the continuous innovations and focus on smart manufacturing solutions. This industry is adopting technologies like Artificial Intelligence (AI) to make indispensable tools that are required. The exponential sales in this CNC machine market are observed, because of the inexpensive raw materials and low operational costs.
Author Credits: Abhishek Verma, Hetal Singh
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