PORTLAND, Ore., Nov. 11, 2020
Increase in demand in mass production plants, presence of favorable government initiatives, especially in the Asian region, and rise in need for precision and time effectiveness drive the growth of the global computer numerical control market
PORTLAND, Ore., Nov. 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Computer Numerical Control (CNC) Market by Machine Tool Type (Lathe, Mills, Routers, Grinders, and Others) and Industry Vertical (Aerospace & Defense, Automobile, Consumer Electronics, Healthcare, Industrial Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026".According to the report, the global computer numerical control market was pegged at $14.59 billion in 2018, and is projected to reach $22.90 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026.
Major determinates of the market growth
Increase in demand in mass production plants, presence of favorable government initiatives, especially in the Asian region, and rise in need for precision and time effectiveness drive the growth of the global computer numerical control market. However, high cost of CNC machines and implementation of stringent government regulations hamper the market growth. On the contrary, surge in applications areas is expected to create lucrative opportunities for the market players in the coming years.
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Impact of COVID-19 Pandemic on Computer Numerical Control Market:
The advent of COVID-19 has significantly impacted the global computer numerical control industry.
Lathes segment held the largest share
By machine tool type, the lathes segment held the largest share in 2018, accounting for more than one-third of the global computer numerical control market. This is owing to innovations in product design of CNC lathe machines along with focus on supportive needs such as service provision for the design & fabrication of customization, apparatus, trading, and training. However, the mills segment is expected to register the highest CAGR of 7.1% during the forecast period, as multi-axis mills offer various advantages over common CNC mills, such as reduction of human labor, provision of an enhanced surface finish, and manufacture of complex shapes.
Industrial machinery segment dominated the market
By industry vertical, the industrial machinery segment held the largest share in 2018, contributing to nearly two-fifths of the global computer numerical control market, owing to surge in demand for accurate high-resolution devices and rise in need to reduce machining trajectory faults. However, the automobile segment is projected to register the highest CAGR of 7.9% during the forecast period.
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Asia-Pacific, followed by Europe and North America, held the largest share
By region, the market across Asia-Pacific held the largest share in 2018, accounting for more than one-third of the market. Moreover, the region is expected to register the fastest CAGR of 7.6% during the forecast period, owing to rise in need for automation in the manufacturing sector in countries such as India, China, and Japan coupled with rapid growth in industrialization and improvement in the regional economy. However, the global computer numerical control market across North America is expected to register a CAGR of 3.5% during the forecast period.
Major Market Players Profiled in the CNC Market Research Report:
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