Computer Numerical Control Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Computer Numerical Control Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The computer numerical control market size has grown strongly in recent years. It will grow from $16.27 billion in 2023 to $17.27 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to manufacturing automation, advancements in precision manufacturing, complex component production, reduction in production time, increased customization demands, cost savings in mass production.

The computer numerical control market size is expected to see strong growth in the next few years. It will grow to $22.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to integration with industry, rise of additive manufacturing, increased use in small and medium enterprises (smes), focus on sustainability, enhanced software capabilities, demand in healthcare and biotechnology. Major trends in the forecast period include energy efficient solutions, miniaturization and micro-machining, integration of internet of things (iot), customization for small-batch production, shift towards open-source cnc systems.

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Market Drivers and Trends:

The increase in industrial automation is expected to propel the growth of computer numerical control market going forward. CNC machines, integral to automated systems, enhance efficiency and precision, reduce manual intervention, operate at high speeds continuously, and integrate with advanced technologies like IoT and AI. They contribute to flexible manufacturing systems, minimize downtime through predictive maintenance, enable data-driven decision-making, ensure consistency in quality control, and align with Industry 4.0 standards in smart factories. For instance, in March 2022, according to ABB Ltd., a Switzerland-based automation company, a survey of 250 UK manufacturing companies conducted by ABB Robotics found a change in attitudes towards automation in the country, with 81.2% of companies saying they are considering an investment in robots because of the pandemic. Robots are seen as a potential solution - 48.8% of respondents said they were likely to invest in automation in the next five years, and 50.4% said robots would help them comply with social distancing requirements. Therefore the increase in industrial automation is driving the growth of computer numerical control market.

Major companies operating in the computer numerical control market are developing new machines with up to one nanometre axis resolution to gain a competitive edge in the market. Axis resolution refers to the smallest incremental movement or measurement that can be detected or achieved along an axis, typically in a mechanical or electronic system. For instance, in December 2022, ANCA CNC Machines, an Australia-based machinery manufacturing company launched the MX7 ULTRA, a premium machine designed for manufacturing cutting tools with the highest accuracy and quality. The MX7 ULTRA features nanometre axis resolution, ensuring less than +/- 0.002mm line form accuracy for various profiles, including ballnose and corner radius endmills. With new software, hardware, and design features, the machine delivers significant improvements in surface finish, accuracy, and controlled runout, providing batch consistency from the first ground tool to the thousandth. The machine also includes features like in-process measuring, balancing, runout compensation, and Motor Temperature Control (MTC) for thermal expansion compensation.

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Major Key Players of the Market:

Airbus SAS, Safran SA, Honeywell International Inc., Teledyne Technologies Inc., The Boeing Company, General Electric Company, Rolls-Royce Holdings plc, Flyth Aerospace Solutions Ltd., Raytheon Technologies Corporation, Curtiss-Wright Corporation, RSL Electronics Ltd., Deutsche Lufthansa AG, Acellent Technologies Inc., Societe Internationale de Telecommunications Aeronautiques, Embraer SA, AMETEK Inc., Tech Mahindra Limited, Ventura Aerospace Inc., Meggitt plc, Lufthansa Technik AG, FLYHT Aerospace Solutions Ltd., Esterline Technologies Corporation, Ultra Electronics Holdings plc, Thales Group, BAE Systems plc, Moog Inc., SKF AB, LORD Corporation, Goodrich Corporation, Eaton Corporation

Computer Numerical Control Market 2024 Key Insights:

• The computer numerical control market size is expected to see strong growth in the next few years. It will grow to $22.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Adoption Of Electric Vehicles To Drive Market Growth
• Product Innovations Transforming The Computer Numerical Control Market
• Asia-Pacific was the largest region in the computer numerical control market share in 2023

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This release was published on openPR.