Global Computer Numerical Controls Market (CNC) is expected to reach US$ XX Bn by 2026 from US$ 14.27 Bn in 2018 at CAGR of XX %.
Global Computer Numerical Controls Market
Computer numerical control (CNC) is a method for automating control of machine tools over the use of software embedded in a microcomputer attached to the tool. It is usually used in manufacturing for machining metal and plastic parts. There is an increasing demand for production efficiency as these computer numerical controls machines streamline numerous operational processes by reducing production time and minimizing human error.
Similarly, highly competitive market has compelled players to focus on efficient manufacturing techniques and are trying to gain competitive driver by redesigning their facilities that include CNC machines.
Moreover, the high costs associated with set up of CNC machines is profoundly retraining the market’s growth.
This is as a result of low costs creating it difficult for a small-scale business with low capital to invest in the equipment. Even after the CNC instruments are purchased, they are quite costly to maintain, as they want to be serviced on a regular basis. The challenge of limiting the widespread adoption of the CNC is high installation and maintenance cost.
Based on the application, industrial machinery is one of the prominent end users of the market, due to its varied applications such as pipe cutting, tube cutting, and welding preparations. In addition, the healthcare sector utilizes CNC machines for various purposes such as machining transplant constituents for medical instruments. Increasing demand for automated manufacturing in the industrial sector has resulted in the rising uptake of CNC machines.
On the basis of type, a mill is leading the global CNC market. Milling is a cutting process that uses a milling cutter to remove material from the surface of a work piece. The milling cutter is a rotary cutting tool, frequently with multiple cutting points. As different to drilling, where the tool is advanced along its rotation axis, the cutter in milling is generally moved perpendicular to its axis so that cutting occurs on the circumference of the cutter. Milling can be done with an inclusive range of machine tools.
In terms of region, Asia Pacific is dominating the global CNC market. Increasing economies, such as China and India have been witnessing rapid growth in terms of industrialization, thereby driving the CNC market. The automotive sector is expected to grow significantly during the forecast period, due to the rising demand for automobiles in the region. Similarly, easy availability of labour and the declining prices of components have resulted in manufacturers shifting their production units in this region which is further promoting the market.
Key players operating in the global computer numerical controls (CNC) market, Amada Co., Ltd., DMTG Corporation, Haas Automation, Okuma Corporation, Yamazaki Mazak Corporation, Amera Seiki, Hurco Companies, Inc., Shenyang Machine Tool Co., Ltd. (SMTCL), Hurco Companies, Inc. and FANUC CORPORATION.