High Need for Mass Production and Lack of Skilled Labors 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.
High need for mass production and rising disposable income in emerging economies, are the factors supporting growth of the global computer numerical controls market. Moreover, lack of skilled labors and rising number of small manufacturing units with need for automated machines are boosting the market. However, high maintenance cost of machines and non-availability of skilled programmers would restraint the growth of the CNC market. Additionally, technological advancement and rising R&D on new applications would provide market opportunities in the upcoming years.

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The global CNC market has been segregated into type and applications. By type, the market is sub segmented into milling machines, lasers, lathe machines, welding machines, winding machines, grinding units, and other machines. In 2016, lathe machines accounted for the largest market share accounting for 19.2%, followed by welding machine holding 15.6%. Moreover, the application segment is bifurcated into industrial, automotive, power & energy, defense & aerospace, and others. Automotive is anticipated to grow at the fastest CAGR during 2016 - 2024, driven by the need for automotive parts in bulk quantity along with precision and accuracy.

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Geographically, the computer numerical controls market is segregated into North America, Europe, Asia-Pacific, and RoW. Asia-Pacific accounted for the largest market share of 35%, driven by growing industrialization and increasing standards of living especially in developing regions such as India. In 2016, North America dominated the market growing at the fastest CAGR during the forecast period 2016 – 2022, driven by the need for high resolution devices to reduce human errors and growing investments on automations.

Major key players operating in the CNC market are Siemens AG, Haas Automation Inc., Dr. Johannes Heidenhain GmbH, Mitsubishi Electric Corp., Bosch Rexroth AG, Fanuc Corporation, Fagor Automation, Soft Servo Systems, GSK CNC EQUIPMENT Co. Ltd., and Sieb & Meyer AG, among others.

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