The growing demand for production efficiency is aiding the uptake of Computer Numerical Controls Market as these machines streamline various operational processes by reducing production time and minimizing human error. The highly competitive environment has compelled players to focus on efficient manufacturing techniques. They are also trying to gain competitive advantage by redesigning their manufacturing facilities to include CNC machines. The integration of 3D printing with CNC machines is one such addition to some of the new production units, which is expected to offer better product design with little to no resource wastage.
Fueled by these factors, the global market for computer numerical controls is projected to grow from a value of US$52.6 bn in 2015 to US$93.4 bn by 2024. If these values hold true, the CNC market is expected to register a CAGR of 6.3% during the forecast period.
Automated Manufacturing Drives Demand for Computer Numerical Controls Market in Industrial and Automotive Sectors
Based on type, the global Computer Numerical Controls Market is led by lathe machines and the segment is poised to dominate the market throughout the forecast period. The demand for lathe machines can be attributed to a wide application area. On the other hand, milling machines are anticipated to register a strong growth rate during the forecast period. Milling machines are compatible with a wide range of materials and surfaces and help improve overall efficiency. Furthermore, technological innovation has led to the development of advanced milling machines that can provide a more consistent finish to the products.
In terms of application, the industrial segment held the dominant share and is likely to retain its lead through 2024. The growing demand for automated manufacturing in the industrial sector resulted in the increasing uptake of CNC machines. The establishment of manufacturing facilities in developing regions such as Asia Pacific has also spurred the usage of computer numerical controls in this sector. The automotive sector, on the other hand, is set to be the most rapidly developing segment in the coming years thanks to the soaring rate of automated automobile manufacturing.
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From a geographical viewpoint, the global market for computer numerical controls is led by Asia Pacific, with the region accounting for a share of approximately 35.0% in 2015. Developing economies such as China and India have been witnessing robust growth in terms of industrialization, thereby propelling the regional market. The automotive sector has been estimated to be register rapid growth in the Asia Pacific CNC market during the forecast period owing to the rising demand for automobiles in the region. In addition, the easy availability of labor and the declining prices of components have resulted in manufacturers shifting their production units in this region. This is further propelling the APAC computer numerical controls market.
Considering that the U.S is the one of the earliest adapters of new technologies, the North America market for CNC machines is relatively saturated. Be that as it may, rising concerns over global warming and depleting energy reserves have led to the production of alternative sources of power such as solar, water, and wind, and this has significantly upped the demand for computer numerical controls in the region. CNC machines are actively used in power generation as the process requires wide-scale automation.