Computer Numerical Control Market Updates : Asia-Pacific Region is Predicted to Grow at the Highest CAGR During 2026

According to a recent report published by Allied Market Research, titled, "Computer Numerical Control Market by Machine Tool Type, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2019-2026," the global computer numerical control market size was valued at $14.5 billion in 2018, and is projected to reach $22.90 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026.

Computer numerical control (CNC) machine is a fully automated solution for metal working tools controlled by computers. This machine serves as a key asset in the machine tools industry, owing to its advantages offered by it across various end-user industry verticals such as automobile and manufacturing. Rise in adoption of automated manufacturing, especially in industrial and automobile sectors is a key factor expected to boost the growth of the global computer numerical control (CNC) market. Furthermore, rapid development of manufacturing facilities in Asia-Pacific region fuels the demand for CNC machines, which significantly contributes toward the growth of the global computer numerical control market.

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Increase in demand in mass production plants for various applications including electronic parts manufacturing, machining plastics, engraving steel, thermoforming, and machining graphite have fostered the adoption of CNC. In addition, the increase in production efficiency and better accuracy and precision of equipment in various sectors such as aerospace, automobile, healthcare, electronics, and industrial machinery are expected to drive the market growth. However, high cost of CNC machines with highly advanced software languages restrict market growth. Innovative developments in technologies and machine tool equipment along with increase in number of application areas such as micro drilling, dispensing, dental, and rapid prototyping are expected to provide numerous opportunities for the growth and development of the CNC market.

The lathe segment dominated the computer numerical control market share in 2018, however, mills segment is projected to exhibit highest growth rate of 7.1% during the forecast period of 2019 to 2026. CNC milling machines are majorly applicable in in 3D printing and computer-aided designing (CAD). Rise in penetration of advanced CNC mills known as multi-axis machines, which offer several benefits including reduction of human labor, provision of an enhanced surface finish, and manufacture of complex shapes are anticipated to drive the growth of CNC market for mills segment in upcoming years.

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By industry vertical, the industry machinery segment accounted for the highest market share in 2018, owing to increase in demand for accurate high-resolution devices and rise in need to reduce machining trajectory that enables error-proof surface finishes in the industrial sector. Moreover, the integration of CNC technology with high-speed CNC hardware highlighting accurate detection and ultra-smooth rotation boosts the growth of this market.

Region-wise, the global computer numerical control industry was dominated by Asia-Pacific in 2018 and is expected to maintain this trend during the forecast period of 2019-2026. Presence of large number of CNC market vendors, continuous adoption of advanced technology for bringing preciseness in manufacturing of various machine parts, and government initiatives encouraging developments in the manufacturing sector in the developing countries of Asia such as India, China are some of the factors propelling the computer numerical control market growth in this region.

Key Benefits For Stakeholders:

• This study includes the analytical depiction of the global computer numerical control market forecast and trends to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities.

• The current computer numerical control market size is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.

• Porter's five forces analysis illustrates the potency of buyers & suppliers in the computer numerical control industry.

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Impact of Covid-19 on Computer Numerical Control Market:

• The outbreak of COVID-19 led to decreased demand for manufacturing equipment from the industrial and automobile sectors, thereby impacting the global computer numerical control market negatively.

• Simultaneously, the fact that CNC machines give way to automated manufacturing has increased the importance of computer numerical control technology, as it reinforces the idea of involving less workforce at work.

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.

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