Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Global CNC Markets to 2028" report has been added to ResearchAndMarkets.com's offering.
The global CNC market is projected to experience substantial growth, with an expected increase from USD 67.5 billion in 2023 to USD 80.4 billion by 2028, at a steady Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period. This growth is being primarily driven by the increasing trend of automation within the global manufacturing industries and the growing demand for mass production of high-precision components across various high-growth sectors. Lathe Turning
The services segment is anticipated to achieve the highest CAGR during the forecast period. This growth can be attributed to CNC machine service providers offering installation, assembly, and setup services at clients' facilities. As CNC machines become increasingly integral to modern manufacturing, the need for expertise in operating and maintaining these machines has risen. Businesses are seeking to maximize their operational efficiency and Return on Investment (ROI). The evolving CNC services sector is poised to address new challenges and opportunities in the industry as technology continues to advance.
The Laser machines product type is expected to register the highest CAGR during the forecast period. Laser machines are gaining popularity due to their exceptional precision and versatility in performing a wide range of tasks. They find applications in various industries, including semiconductors and medical, and are known for their energy-efficient operation and autonomous functioning. The ongoing advancements in laser technology are contributing to their increased adoption. Industries that prioritize precision and efficiency are particularly favoring laser machines, driving their growth in the CNC market.
The CNC market in the Asia-Pacific region is set to register the highest CAGR between 2023 and 2028. This rapid growth is attributed to the region's strong economic expansion, rapid industrialization, technological investments, emerging market status, ongoing infrastructure development, and a growing middle-class consumer base. These factors collectively contribute to a robust demand for CNC machinery, particularly in industries such as automotive, aerospace, semiconductors, and medical. The Asia-Pacific region is becoming a thriving hub for CNC technology adoption and market expansion. Furthermore, key players in the CNC market generate the majority of their revenues from the Asian region, with countries like China, Japan, India, and South Korea being significant customer bases. These nations are home to companies that prioritize research and development, further contributing to the industry's potential.
Drivers: The key drivers of the CNC market include the increasing automation in manufacturing industries globally, the rising demand for mass production of high-precision components for high-growth industries, and the reduced operating costs and enhanced production efficiency of manufacturing plants through the deployment of CNC machines.
Restraints: High installation and maintenance costs of CNC machines serve as a significant restraint for market growth.
Opportunities: Opportunities in the CNC market are linked to the increasing demand for artificial intelligence-based systems in manufacturing and the integration of additive manufacturing with CNC machining.
Challenges: Challenges include the lack of expert technicians to operate CNC machines and the need for frequent technological upgrades.
Market Players: Leading players in the CNC market include DMG MORI (Japan), Okuma Corporation (Japan), Makino Milling Machine Co., Ltd. (Japan), Haas Automation, Inc (US), and JTEKT Corporation (Japan), among others.
The report provides comprehensive insights into market dynamics, upcoming technologies, research and development activities, market development across different regions, market diversification, and competitive assessments of key players.
In summary, the global CNC market is set for significant growth due to increasing automation and the demand for precision manufacturing, with the services segment and laser machines driving future expansion, particularly in the Asia-Pacific region.
Rising Demand for CNC Machines in China, Japan, and India
Services Segment to Register Highest CAGR During Forecast Period
Machining Centers Segment to Hold Largest Share of CNC Market in 2023
Automotive & Transportation Segment to Lead CNC Market During Forecast Period
India to Record Highest CAGR in CNC Market from 2023 to 2028
Growing Use of Automation Systems in Manufacturing Sector
Mass Production of High-Precision Components for High-Growth Industries
Rising Deployment of CNC Machines in Manufacturing Plants to Reduce Operating Costs and Enhance Production Efficiency
High Installation and Maintenance Costs
Increasing Demand for Artificial Intelligence (AI)-based Systems in Manufacturing Sector
Integration of Additive Manufacturing Technology into CNC Machining
Need for Regular Technological Upgrades
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 CNC Market, by Offering 7 CNC Market, by Product Type 8 CNC Market, by End-user Industry 9 CNC Market, by Region 10 Competitive Landscape 11 Company Profiles 12 Adjacent and Related Markets 13 Appendix
EMAG GmbH & Co. KG
GF Machining Solutions Management SA
Grob-Werke GmbH & Co. KG
Index-Werke GmbH & Co. KG Hahn & Tessky
Makino Milling Machine Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/42mcan
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