Increase in disposable income and surge in need for automated machines shall pace the Global Computer Numerical Controls (CNC) Market

Global Computer Numerical Controls (CNC) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $87 billion by 2024 from $51 billion in 2016; growing at a CAGR of 6.9% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 7.6% and 7.1%, respectively, during the forecast period.
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Increasing disposable income in emerging economies and high need for mass production are the major factors driving the global computer numerical controls market. Rising number of small manufacturing units with need for automated machines and lack of labors also fuels the market growth. However, non-availability of skilled programmers and high maintenance cost of machines would restrain the market growth in the coming years. Furthermore, technological advancements and rising R&D on new applications would provide several growth opportunities for the market in the near future.
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The global computer numerical controls market has been segmented into type and application. By type, the global CNC market is further bifurcated into lathe machines, milling machines, grinding units, lasers, winding machines welding machines, and others. Lathe machines accounted for the largest market share of 19.2% in 2016, followed by welding machine holding which accounted15.6%. Furthermore, by application, the market is categorized into defense & aerospace, industrial, automotive, power & energy and others. Automotive is expected to grow at the highest CAGR during 2016 - 2024, owing to the need for automotive parts in bulk quantity along with precision and accuracy.
Geographically, the computer numerical controls market is segmented into North America, Europe, Asia-Pacific and RoW. Asia Pacific accounted for the largest market share of 35% in 2016, owing to the rising industrialization and rising standards of living especially in China and Japan. North America is expected to dominate the market growing at the fastest CAGR during the forecast period. The market is majorly driven by the need for high resolution devices to reduce human errors and increasing investments on automations.
The major market players have used various strategies to upturn their market share and global presence. For instance, on September 2016, FANUC introduced advances in its series 0i-MODEL F CNC platform. New advances in the series 0i-F have brought it closer to the series 30i-B in terms of capabilities and features. The key players in the CNC market include Haas Automation, Siemens AG, Mitsubishi Electric Corp., Dr. Johannes Heidenhain GmbH, Bosch Rexroth AG, Fagor Automation, Fanuc Corporation, GSK CNC EQUIPMENT Co. Ltd., Soft Servo Systems and Sieb & Meyer AG, among others.

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This release was published on openPR.