CNC machine market will reach $ 128.41 billion by 2028;
Pune, India, June 04, 2021 (GLOBE NEWSWIRE) – The world CNC machinery market the size is expected to grow to reach $ 128.41 billion by 2028 while posting a 6.3% CAGR between 2021 and 2028. Fortune Business Insights in its report titled âCNC Machines Market, 2021-2028. Â», Observes that the market was $ 81.95 billion in 2020. Factors such as the increasing deployment of modern technologies such as artificial intelligence and the Internet of Things (IoT) will propel the adoption of the product across the world.
The catastrophic effect of the COVID-19 pandemic has been felt in several economies facing unprecedented losses. The lockdown imposed by government agencies has led several industries to face shutdown industrial operations. However, a collective effort by government and industry is likely to get the economy back on track and help the resumption of industrial activities.
Click here to learn about the short and long term impact of COVID-19 on this market.
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Market segmentation :
Based on the type, the market is divided into Metal Cutting and Forming. Based on the application, the market is divided into automobiles, general machinery, precision machinery, transportation machinery, and others.
- On the basis of applications, the precision machinery segment held a global CNC machines market share of approximately 16.0% in 2020. The segment is expected to experience considerable growth supported by the increasing focus on precision machines in several industrial applications.
Finally, depending on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
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What does the report include?
The market report includes qualitative and quantitative analysis of several factors such as the major drivers and restraints that will impact the growth. Further, the report provides information on regional analysis which covers different regions, contributing to the growth of the market. It understands the competitive landscape that involves leading companies and adopting strategies to announce partnerships, introduce new products, and collaborate to further contribute to market growth between 2021 and 2028. Further, the research analyst adopted several research methodologies to extract information on current trends and industry developments that will drive the market growth during the forecast period.
Growing adoption of IoT to drive growth
In April 2020, Zyfra announced the launch of a Remote Internet of Things (IoT) solution on the cloud-based version of its MDCplus machine monitoring system. The company reports that the solution facilitates remote monitoring of CNC (computer numerical control) machines. The increasing adoption of modern technologies such as the Internet of Things (IoT) to access accurate real-time information by businesses is expected to drive demand for the product globally. Moreover, the growing investment in IoT in the manufacturing sector is expected to contribute to the growth of the global CNC machine market in the coming years.
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Asia Pacific – The region is expected to remain dominant during the forecast period. This dominance is due to the growing demand for advanced precision products for industrial applications such as automotive, manufacturing, medical and aerospace, etc. The region was worth $ 44.38 billion in 2020.
North America – The region’s market is expected to grow in the coming years. This is due to the growing demand for advanced CNC machines at several metallurgy factories in countries such as the United States in the region between 2021 and 2028.
Leading companies focus on expanding facilities to strengthen their market positions
The market includes small, medium and large enterprises that strive to maintain their stronghold by expanding their production facilities to meet the growing demand for CNC machines around the world due to their high efficiency and productivity. Furthermore, the adoption of strategies such as partnership, collaboration and merger and acquisition by other key players is expected to bode well for the growth of the market.
- June 2019 – INGENERIC, leading subsidiary of TRUMPF, announces the acquisition of Aix tooling GmbH. The company is taking proactive measures with the aim of expanding its production of micro-optics in precision casting processes equipped with laser technology. The company is also focused on strengthening its footprint in the global market.
List of companies operating in the market:
- Yamazaki Mazak Corporation (Aichi, Japan)
- Doosan Machine Tools Co., Ltd. (Seoul, Korea)
- Trumpf (Ditzingen, Germany)
- Amada Machine Tools Co., Ltd (Kanagawa, Japan)
- JTEKT Corporation (Nagoya, Japan)
- MAG IAS GmbH (WÃ¼rttemberg, Germany)
- Schuler AG (Goppingen, Germany)
- Makino (Tokyo, Japan)
- Hyundai WIA (Gyeongsangnam-do, Korea)
- Komatsu Ltd. (Tokyo, Japan)
- Okuma Corporation (Aichi, Japan)
- FANUC Corporation (Yamanashi Prefecture, Japan)
- XYZ Machine Tools (Devon, UK)
- Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Tokyo, Japan)
- General Technology Group Dalian Machine Tool Corporation (Dalian, Liaoning Province)
- ANCA Group (Melbourne, Australia)
Main Table of Contents:
- Definition, by segment
- Research methodology / approach
- Information source
- Key points to remember
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition landscape
- Key market insights and strategic recommendations
- Key player profiles (would be provided for 10 players only)
- Key management
- Headquarters etc
- Offers / business segments
- Key details (key details are subject to data availability in the public domain and / or on chargeable databases)
- Employee size
- Key financial data
- Past and current income
- Gross margin
- Geographic share
- Share of business segment
- Recent developments
- Answers to the main interview
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