Computer Numerical Control Market Worth USD 22,904.3 Billion by 2026 | FANUC CORPORATION, FAGOR AUTOMATION

According to the report, the global computer numerical control market was pegged at $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.

Computer Numerical Control (CNC) machines, fully automated solutions for metalworking tools controlled by computers, are crucial assets in the machine tools industry. These machines offer significant advantages across various sectors, including automotive and manufacturing. The growing adoption of automated manufacturing, particularly in the industrial and automotive sectors, is a key driver of the global CNC market. Additionally, the rapid development of manufacturing facilities in the Asia-Pacific region is fueling the demand for CNC machines, contributing to market growth.

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The demand for CNC machines has increased in mass production plants for applications such as electronic parts manufacturing, machining plastics, engraving steel, thermoforming, and machining graphite. CNC adoption is also driven by the need for improved production efficiency, precision, and accuracy in sectors like aerospace, automotive, healthcare, electronics, and industrial machinery. However, the high cost of CNC machines and advanced software limits market growth. Nonetheless, innovations in technology and machine tools, along with expanding applications like micro drilling, dispensing, dental work, and rapid prototyping, offer growth opportunities for the CNC market.

In 2018, the lathe segment led the CNC market, but the mills segment is expected to grow at the highest rate of 7.1% from 2019 to 2026. CNC milling machines are increasingly used in 3D printing and computer-aided design (CAD). The rise of advanced multi-axis CNC mills, which reduce human labor, enhance surface finishes, and enable the creation of complex shapes, is anticipated to drive the growth of the CNC milling market in the coming years.

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 boost the demand for mass production of advanced & high-quality automobile parts across the world, which, in turn, augments the growth of the CNC market.

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Increase in demand in mass production plants, presence of favorable government initiatives, especially in the Asian region, and rise in need for precision and time effectiveness drive the growth of the global computer numerical control market. However, high cost of CNC machines and implementation of stringent government regulations hamper the market growth. On the contrary, surge in applications areas is expected to create lucrative opportunities for the market players in the coming years.

Impact of COVID-19 Pandemic on Computer Numerical Control Market:

1. The advent of COVID-19 has significantly impacted the global computer numerical control industry.

2. The cancellation of the Mobile World Congress has hugely affected the market revenue as products and solutions get the biggest exposure and companies get a chance to meet new clients and seal new partnerships at such international shows.

3. During this pandemic, organizations are reluctant to invest big capital on new business models, hiring workforce, and additional expenses apart from essentials.

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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 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.

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.

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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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