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/EIN News/ -- Pune, India, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The global CNC (Computer Numerical Control) machine market size was valued at USD 83.99 billion in 2021. The market is expected to grow from USD 86.83 billion in 2022 to USD 140.78 billion by 2029, exhibiting a CAGR of 7.1% during the forecast period. Strong demand for efficiency in complex machining products and rising demand for mass customization are expected to foster market growth. Fortune Business Insights™ provides this information in its report titled “CNC (Computer Numerical Control) Machine Market, 2022-2029.”
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Robust Demand for CNC from the Healthcare Sector to Foster Industry Growth
The market is expected to be positively impacted during the COVID-19 pandemic due to robust demand for CNC (Computer Numerical Control) machines from the healthcare sector. The sudden spike in COVID-19 infection led to automation in several industries. This factor enhanced the demand for technology in the healthcare sector. Furthermore, the pharmacy sector also facilitated this industry due to the strong demand for efficient technologies to produce healthcare products and services. Moreover, rapid digitalization leads to the adoption of CNC machines. These factors facilitated industry growth during the pandemic.
Metal Cutting Segment to Dominate Attributable to High Accuracy
By type, the market is segmented into metal cutting and metal forming.
The metal cutting segment is expected to lead due to its high accuracy, focus on energy efficiency, and time. Further, strong demand for excellent performance and precision control may bolster segmental growth.
Precision Engineering Segment to Dominate Attributable to Strong Demand Across the Industrial Sector
Based on application, the market is classified into transport machinery, precision engineering, general machinery, automotive, and others.
The automotive segment is expected to dominate, attributable to the rising demand for CNC machines across the industrial sector. Furthermore, the strong demand for highly efficient parts in the automotive sector is expected to enhance the CNC machine industry’s growth.
Regionally, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Browse Summary of this Research Report: https://www.fortunebusinessinsights.com/industry-reports/computer-numerical-controls-cnc-machine-tools-market-101707
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Strong Adoption of Internet-of-Things (IoT) to Propel Market Progress
CNC (Computer Numerical Control) machine is responsible for controlling machine tools using a computerized system. Robust adoption of the Internet of Things is likely to enhance the product demand. Further, the incorporation of advanced digital technologies is expected to enhance CNC adoption in several industries. Rapid digitalization and the shift to automated production techniques in industries may elevate the product adoption. Moreover, rising investments in IoT in the manufacturing sector are expected to surge the adoption of the technology across several industries. For example, as per sources, an investment of nearly USD 267 billion was made by the manufacturing sector for the development of IoT services by 2020. These factors may drive the CNC (Computer Numerical Control) machine market growth.
However, lack of training and high maintenance costs may hamper the market’s progress.
CNC (Computer Numerical Control) Machine Market: Report Scope & Segmentation:
Strong Demand for Precision Products to Foster Growth in Asia Pacific
Asia Pacific is expected to dominate the CNC (Computer Numerical Control) machine market share due to the rising demand for precision products in lesser time. The market in Asia Pacific stood at USD 45.73 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Further, the mass production of semiconductors, aerospace, medical, and automotive applications may bolster the CNC machine industry’s growth.
In North America, the rising adoption of machine tools for use in metalworking plants is expected to boost CNC machine adoption. Furthermore, strong demand from the aerospace, construction, food & beverage, and automotive sectors is expected to enhance the industry’s growth.
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List of Key Players Profiled in the Report
Major Players Enter into Collaborations to Expand Market Reach
The prominent companies operating in the market enter into collaborations to expand their market reach. For example, Fanuc Corporation collaborated with Preferred Networks, Inc. to develop the AI Servo Monitor. The software collects and controls feed axis and spindle axis machines with high-speed sampling and enhances the overall performance. This strategy may allow the company to tap into a wider audience and expand its market reach. Furthermore, major companies devise research and development, mergers, expansions, product launches, and automation to achieve organizational goals and boost market position.
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