The growing demand for production efficiency is aiding the uptake of computer numerical controls (CNC) as these machines streamline various operational processes by reducing production time and minimizing human error. The highly competitive environment has compelled players to focus on efficient manufacturing techniques. They are also trying to gain competitive advantage by redesigning their manufacturing facilities to include CNC machines.
Fueled by these factors, the global market for computer numerical controls is projected to grow from a value of US$52.6 bn in 2015 to US$93.4 bn by 2024. If these values hold true, the CNC market is expected to register a CAGR of 6.3% during the forecast period.
Automated Manufacturing Drives Demand for CNC in Industrial and Automotive Sectors
Based on type, the global computer numerical controls (CNC) market is led by lathe machines and the segment is poised to dominate the market throughout the forecast period. The demand for lathe machines can be attributed to a wide application area.
Request Sample to Know Emergence of Advanced Technologies and Global Industry Analysis @
In terms of application, the industrial segment held the dominant share and is likely to retain its lead through 2024. The growing demand for automated manufacturing in the industrial sector resulted in the increasing uptake of CNC machines.
North America Continues to Present Immense Scope despite Market Saturation
From a geographical viewpoint, the global market for computer numerical controls is led by Asia Pacific, with the region accounting for a share of approximately 35.0% in 2015. Developing economies such as China and India have been witnessing robust growth in terms of industrialization, thereby propelling the regional market.
Considering that the U.S is the one of the earliest adapters of new technologies, the North America market for CNC machines is relatively saturated. Be that as it may, rising concerns over global warming and depleting energy reserves have led to the production of alternative sources of power such as solar, water, and wind, and this has significantly upped the demand for computer numerical controls in the region. CNC machines are actively used in power generation as the process requires wide-scale automation.
Get TOC of This Report @
The prominent players operating in the CNC market include Fanuc Corporation, Haas Automation, Dr. Johannes Heidenhain GmbH, OKUMA Corporation, Siemens AG, JTEKT Corporation, GSK CNC Equipment Co. Ltd., DMG Mori Co. Ltd., Takisawa Machine Tool Co. Ltd., and Yamazaki Mazak Corporation.