Computer Numerical Controls Market - Rising demand for automobiles in the region

The growing demand for production efficiency is aiding the uptake of computer numerical controls (CNC) as these machines streamline various operational processes by reducing production time and minimizing human error.

The highly competitive environment has compelled players to focus on efficient manufacturing techniques. They are also trying to gain competitive advantage by redesigning their manufacturing facilities to include CNC machines.

The integration of 3D printing with CNC machines is one such addition to some of the new production units, which is expected to offer better product design with little to no resource wastage.

Fueled by these factors, the global market for computer numerical controls is projected to grow from a value of US$52.6 bn in 2015 to US$93.4 bn by 2024. If these values hold true, the CNC market is expected to register a CAGR of 6.3% during the forecast period.

Request A Sample Of This Report-
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2031

Automated Manufacturing Drives Demand for CNC in Industrial and Automotive Sectors
Based on type, the global computer numerical controls (CNC) market is led by lathe machines and the segment is poised to dominate the market throughout the forecast period. The demand for lathe machines can be attributed to a wide application area.

On the other hand, milling machines are anticipated to register a strong growth rate during the forecast period. Milling machines are compatible with a wide range of materials and surfaces and help improve overall efficiency.

Furthermore, technological innovation has led to the development of advanced milling machines that can provide a more consistent finish to the products.

In terms of application, the industrial segment held the dominant share and is likely to retain its lead through 2024. The growing demand for automated manufacturing in the industrial sector resulted in the increasing uptake of CNC machines.

The establishment of manufacturing facilities in developing regions such as Asia Pacific has also spurred the usage of computer numerical controls in this sector.

The automotive sector, on the other hand, is set to be the most rapidly developing segment in the coming years thanks to the soaring rate of automated automobile manufacturing.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Contact TMR

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email:sales@transparencymarketresearch.com
Website:http://www.transparencymarketresearch.com

This release was published on openPR.