Computer Numerical Control (CNC) Market Value to Exceed USD 22.9 Billion by 2026

The global market for computer numerical control was assessed to be worth $14.59 billion in 2018 and is projected to reach $22.90 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026, according to a report by Allied Market Research. The major investment pockets, top winning strategies, drivers and opportunities, market size and estimations, the competitive environment, and fluctuating market trends are all in-depthly analysed in the report.

The global computer numerical control market is expanding as a result of rising need for mass production facilities, the existence of supportive government initiatives, particularly in the Asian area, and rising demand for precision in the working sector. However, a portion of the expansion is hampered by the expensive price of CNC machines and the application of strict regulatory rules. Nonetheless, the expansion of application areas is anticipated to open up attractive business prospects in the sector.

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The global computer numerical control market is analyzed across machine tool type, industry vertical, and region. Based on machine tool type, the lathes segment held the major share in 2018, contributing to more than one-third of the global market. The mills segment, on the other hand, is projected to exhibit the fastest CAGR of 7.1% throughout the forecast period.

Based on industry vertical, the industrial machinery segment accounted for nearly two-fifths of the total market share in 2018, and is anticipated to dominate by 2026. Simultaneously, the automobile segment would showcase the fastest CAGR of 7.9% during the forecast period.

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The Computer Numerical Control (CNC) industry is a critical part of modern manufacturing, and it is constantly evolving to keep up with the demands of the market. Here are some of the key trends in the CNC industry:

• Automation: Automation is a significant trend in the CNC industry, with manufacturers increasingly relying on robotics and other automated systems to perform repetitive tasks. This includes everything from loading and unloading materials to performing complex machining operations. Automation not only improves efficiency but also reduces the risk of human error, making it an essential trend in the CNC industry.
• Advanced Machining Capabilities: With advancements in technology, CNC machines are now capable of performing a wider range of machining operations. This includes multi-axis machining, which allows for more complex shapes and geometries, as well as high-speed machining, which allows for faster material removal rates.
• Integration with Other Technologies: CNC machines are being integrated with other technologies, such as 3D printing and additive manufacturing. This allows manufacturers to create complex parts and products that were previously impossible to produce using traditional CNC techniques.
• Smart Manufacturing: Smart manufacturing is becoming increasingly popular in the CNC industry, with manufacturers using sensors and data analytics to monitor and optimize their operations. This includes everything from tracking machine performance to predicting maintenance needs, allowing manufacturers to improve efficiency and reduce downtime.
• Cloud-Based Solutions: Cloud-based solutions are becoming more common in the CNC industry, enabling manufacturers to store and access their data remotely. This provides greater flexibility and scalability, as well as improving collaboration between teams and reducing the need for on-site IT infrastructure.

Overall, the CNC industry is rapidly evolving, driven by advancements in technology and the need for greater efficiency and flexibility in manufacturing operations. As CNC machines become more capable and integrated with other technologies, they are expected to play an increasingly critical role in modern manufacturing.

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According to region, the Asia-Pacific market generated the largest share of the global market in 2018, accounting for more than one-third of it. North America's market would see the fastest CAGR of 3.5% between 2019 and 2026. Europe and LAMEA are the other two regions covered in the study.

The leading market players analyzed in the computer numerical control market report include Bosch Rexroth AG, Dalian Machine Tool Group Corporation (DMTG), Fagor Automation, FANUC Corporation, HAAS Automation, Inc., Heidenhain Corporation, Hurco Companies, Inc., Mitsubishi Electric Corporation, Okuma Corporation, Sandvik AB, and Soft Servo Systems Inc. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their stand in the industry.

Key Findings of the Study:

• Depending on machine tool type, the lathes segment led the CNC market, in terms of revenue in 2018.
• On the basis of industry vertical, the automobile segment is anticipated to exhibit substantial growth during the forecast period.
• Region wise, Asia-Pacific generated the highest revenue in 2018; and is expected to continue this trend during the forecast period.

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