Computer Numerical Control Machines Market to Reach $22,904.3 Million by 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 sizewas 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.

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Computer numerical control market vendors are advancing their product offerings to cater to the growing end-user requirements. In addition, rise in trend of Industry 4.0 advancements in the automobile sector boosts the demand for mass production of advanced & high-quality automobile parts across the world, which, in turn, augments the growth of the CNC market.

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

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The 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 restricts market growth. Innovative developments in technologies and machine tool equipment along with increase in a 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.

By machine tool type, the lathes segment held the largest share in 2018, accounting for more than one-third of the global computer numerical control market. This is owing to innovations in product design of CNC lathe machines along with focus on supportive needs such as service provision for the design & fabrication of customization, apparatus, trading, and training. However, the mills segment is expected to register the highest CAGR of 7.1% during the forecast period, as multi-axis mills offer various advantages over common CNC mills, such as reduction of human labor, provision of an enhanced surface finish, and manufacture of complex shapes.

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By industry vertical, the industrial machinery segment held the largest share in 2018, contributing to nearly two-fifths of the global computer numerical control market, owing to surge in demand for accurate high-resolution devices and rise in need to reduce machining trajectory faults. However, the automobile segment is projected to register the highest CAGR of 7.9% during the forecast period.

By region, the market across Asia-Pacific held the largest share in 2018, accounting for more than one-third of the market. Moreover, the region is expected to register the fastest CAGR of 7.6% during the forecast period, owing to rise in need for automation in the manufacturing sector in countries such as India, China, and Japan coupled with rapid growth in industrialization and improvement in the regional economy. However, the global computer numerical control market across North America is expected to register a CAGR of 3.5% during the forecast period.

Major Market Players Profiled in the CNC Market Research Report:

• Bosch Rexroth AG
• Fagor Automation
• Dalian Machine Tool Group Corporation (DMTG)
• HAAS Automation, Inc.
• FANUC Corporation
• Hurco Companies, Inc.
• Heidenhain Corporation
• Okuma Corporation
• Mitsubishi Electric Corporation
• Soft Servo Systems Inc.
• Sandvik AB

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