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Computer Numerical Control (CNC) Machinery Global Market Set For Rapid Growth, To Reap Bulk Revenues, Application And Forecast to 2033
Computer Numerical Control (CNC) Machinery Global Market
According to The Business Research Company's, The computer numerical control (cnc) machinery market size has grown steadily in recent years. It will grow from $86.7 billion in 2023 to $88.47 billion in 2024 at a compound annual growth rate (CAGR) of 2.0%. The growth in the historic period can be attributed to increased demand in aerospace and automotive industries, globalization of manufacturing, shorter product development cycles, cost efficiency and labor savings, customization and complexity in product designs.
The computer numerical control (cnc) machinery market size is expected to see strong growth in the next few years. It will grow to $118.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growing adoption of 5-axis and multi-tasking machines, sustainable and eco-friendly manufacturing practices, rise in additive manufacturing, increased demand in medical device manufacturing, global reshoring initiatives. Major trends in the forecast period include digital twin technology, advancements in cutting-edge technologies, integration of industry 40 technologies, enhanced precision and accuracy, human-machine collaboration.
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Market Drivers and Trends:
The increasing demand for semiconductor production equipment is expected to propel the growth of the computer numerical control (CNC) machinery market going forward. Semiconductor production equipment refers to the equipment or devices that are responsible for the manufacturing of semiconductors by manipulating atoms. Computer numerical control (CNC) machines play an important part in semiconductor production equipment by allowing it to achieve a minimum surface tolerance. These CNC machines also enable the manufacturing of cylindrical semiconductor components in semiconductor production equipment. For instance, in December 2022, according to Semiconductor Equipment and Materials International (SEMI), a US-based international industry association, the sales of semiconductor manufacturing equipment accounted for $102.5 billion in 2021 to $108.5 billion in 2022, which increased by 5.69% in the year 2022 as compared to 2021. Therefore, the increasing demand for semiconductor production equipment is driving the growth of the computer numerical control (CNC) machinery market.
Technological advancements are a key trend gaining popularity in the computer numerical control (CNC) machinery market. Companies operating in the computer numerical control (CNC) machinery market are adopting innovative technologies to sustain their position in the market. For instance, in June 2022, Robotiq Inc, a Canada-based robotic applications provider company, launched a 'Machine Tending Application Solution' for CNC machines. This new application solution is integrated with automated technology that imitates the machine operator and helps to reduce up to 50% implementation costs.
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Major Key Players of the Market:
Haas Automation Inc.; Dalian Machine Tool Group (DMTG) Corporation; FANUC CORPORATION; DMG Mori Seiki Co. Ltd.; Hurco Companies Inc.; Amada Machinery Co. Ltd.; MAG IAS GmbH; Sandvik AB; Hyundai WIA Corporation; Amera-Seiki Corporation; Yamazaki Mazak Corporation; Makino Milling Machine Co. Ltd.; JTEKT Corporation; Ellison Technologies Inc.; Okuma Corporation; DN SOLUTIONS; GF Machining Solutions Management SA; CHIRON Group SE; GROB-WERKE GmbH & Co. KG; EMAG GmbH & Co. KG; Hermle Inc.; DAES Group; Simplex Industrial Solutions and Software; Doosan Machine Tools Co. Ltd.; Sodi*ck Co. Ltd.; Citizen Machinery Co. Ltd.; INDEX-Werke GmbH & Co. KG Hahn & Tessky; Mazak Corporation; Siemens AG; Dr. Johannes Heidenhain GmbH
Computer Numerical Control (CNC) Machinery Market 2024 Key Insights:
• The computer numerical control (cnc) machinery market will grow to $118.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Surge In Demand For Cnc Machinery Fueled By Growing Semiconductor Production Equipment Needs
• Technological Advancements In Cnc Machinery Market
• Asia-Pacific was the largest region in the computer numerical control (CNC) machinery market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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