The global Computer Numerical Control (CNC) Machines Market is estimated to be valued at US$ 67.48 Billion in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Computer numerical control (CNC) machines are programmable machines that perform operations such as drilling, routing, tapping and cutting using computer software. CNC machines allow manufacturers to precisely cut, shape and drill complex designs that would otherwise be very difficult or expensive to produce manually. Some key advantages of CNC machines include increased accuracy and precision of manufacturing, reduced production time, consistency in production and ability to mass produce complex components. With the growing need for mass production lines and precision manufacturing across industries such as automotive, aerospace, medical devices and electronics, the demand for CNC machines is growing at a rapid pace.
Market key trends:
Adoption of Industry 4.0 technologies is a key trend in the CNC machines market. Industry 4.0 refers to automation and data exchange in manufacturing technologies and processes which include cyber-physical systems, IoT, cloud computing and cognitive computing. Integration of Industry 4.0 technologies enables CNC machines to connect to each other and central control systems over the internet to deliver increased efficiency, flexibility and productivity. For example, advanced sensor technology allows CNC machines to closely monitor themselves and be ready for predictive maintenance when needed. Additionally, use of IIoT and integration of machine data enables remote monitoring and management of CNC machines improving uptime, throughput and quality.
Threat of new entrants: The high cost of machinery, tooling and technological expertise required to enter this market poses barriers for new players. Bargaining power of buyers: There are a large number of established players in the market providing competitive products, giving buyers a higher bargaining power. Bargaining power of suppliers: Due to availability of substitute raw materials and components, the suppliers have moderate bargaining power. Threat of new substitutes: Advancements in additive manufacturing pose a threat of substitution to conventional CNC machines. Competitive rivalry: Being a highly competitive market with numerous international and regional players.
The global Computer Numerical Control (CNC) Machines Market Share is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing industrial automation and rising adoption of advanced manufacturing technologies.
North America dominates the global CNC machines market Share accounting for over 35% share. Adoption of advanced manufacturing techniques and presence of major players drives the market in the region. Asia Pacific region is expected to witness the fastest growth during the forecast period with China and India being the major markets. Increasing domestic demand and export activity from manufacturing industries supports market growth.
Key players operating in the Computer Numerical Control (CNC) Machines market are Hurco Companies Inc., Protomatic Inc., Metal Craft, AMS Micromedical LLC, JTEKT Corporation, Haas Automation, Fanuc Corporation, Siemens AG, DMG Mori Seiki Co. Hurco Companies Inc. is one of the major innovators and providers of computerized machine tools. Protomatic Inc. offers CNC milling, turning, grinding and EDM.
1. Source: Coherent Market Insights, Public sources, Desk research
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