Computer Numerical Control (CNC) machines are computer-controlled machine tools used in manufacturing processes such as drilling, cutting, milling and grinding. They are an integral part of industrial automation as they help automate the machining process for making components with high precision and complexity.
The global Computer Numerical Control Machine Market is estimated to be valued at US$ 73.24 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand from industrial automation is one of the key trends propelling the computer numerical control machine market. With industries aiming to optimize production processes through automation, the demand for CNC machines has increased significantly over the years. Automation helps improve productivity and efficiency while reducing production costs for manufacturers. Moreover, it allows mass production of parts and components with consistency and precision, which is difficult to achieve through manual machining. The industrial automation trend is expected to drive consistent demand for CNC machines during the forecast period.
SWOT Analysis
Strength: Computer Numerical Control (CNC) machines offer high precision and accuracy in machining processes. They provide repeatability and consistency that is difficult to achieve through manual machining.
Weakness: CNC machines require high initial investments and have high maintenance costs. Training workers to operate complex CNC machines requires significant resources and time.
Opportunity: Growing demand from automotive, industrial machinery, aerospace and defense industries is driving the adoption of CNC machines. Emerging technologies such as 3D printing are increasing opportunities for customized and flexible manufacturing.
Threats: High R&D costs associated with developing advanced CNC technologies poses significant challenges. Economic slowdowns can reduce demand from end-use industries thereby threatening market growth.
Key Takeaways
The global Computer Numerical Control Machine market is expected to witness high growth. The global Computer Numerical Control Machine Market is estimated to be valued at US$ 73.24 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030.
Asia Pacific region currently dominates the CNC machine market with the largest market share. China, Japan and India are major markets in the region with strong manufacturing sectors. Rapid industrialization and growing automation in industries such as automotive, electronics and industrial machinery is boosting demand for CNC machines in Asia Pacific.
Key players operating in the Computer Numerical Control Machine market are Hurco Companies Inc., Protomatic Inc., Metal Craft, AMS Micromedical LLC, JTEKT Corporation, Haas Automation, Fanuc Corporation, Siemens AG, DMG Mori Seiki Co. The market is moving towards consolidation as large players are acquiring smaller technology companies to gain access to new applications of CNC technologies. Companies are also focusing on developing advanced CNC machines integrated with robotics, AI and IoT to offer customized manufacturing solutions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
