PUNE, India, Dec. 5, 2019 /PRNewswire/ -- The global CNC (Computer Numerical Controls) Machine Tools Market size is projected to reach USD 128.86 billion by 2026, exhibiting a CAGR of 5.5% during the forecast period. Increasing industrial automation is expected to be one of the main forces driving the growth of this market. Manufacturers are gradually adopting smart manufacturing practices. Automation of routine tasks, high connectivity, and advanced data collection and analysis solutions are revolutionizing the manufacturing sector. Moreover, growth in smart factories powered by artificial intelligence systems will boost the uptake of CNC machine tools. The demand for these tools will intensify even more as they will lower labor costs and improve productivity. For example, smart devices such as smart meters enable real-time data collection and efficiently regulate energy flow. Lastly, the advent of Industry 4.0 will further accelerate the CNC machine tools market growth during the forecast period.
According to the Fortune Business Insights report, titled "CNC (Computer Numerical Controls) Machine Tools Market Size, Share & Industry Analysis, By Type (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others), and Regional Forecast, 2019-2026", the value of the market stood at USD 83.56 billion in 2018. The report additionally provides a comprehensive evaluation of the factors, drivers, trends, industry developments, and regional dynamics that are likely influence the market during the forecast period. It also shares a broad overview of the general industry outlook that will also play a role in the shaping the future of this market.
Rising Adoption of Internet of Things (IoT) Technologies to Fuel Growth
One of the most prominent CNC machine tools market trends is expected to be the increasing uptake of IoT in the manufacturing sector. This will be a result of escalating demand for information and access to information. Furthermore, producers are looking to bring down their production costs, streamline processes, and raise the safety quotient in their units. As a result, there is growing investment in IoT by manufacturers, which is propelling the CNC market. For instance, it is predicted that by 2020, the manufacturing sector will receive an investment of USD 267 billion for IoT integration. Studies have shown that close to 31% of manufacturing operations are already IoT-enabled, which augurs well for this market.
Asia-Pacific to be in the Driver's Seat; North America to Display Strong Growth
Having generated a revenue of USD 44.18 billion in 2018, Asia-Pacific is slated to dominate the CNC machine tools market share. This will mainly be a consequence of increasing demand for lightweight automobiles and a rising inclination towards electric vehicles. This, coupled with a rising demand for machinery from aerospace and transportation industries, will feed the growth of this market in the region. In North America, growth will be mainly driven by the fast-paced adoption of advanced technologies. Development of industries other than oil will fuel the CNC market in the Middle East and Africa, while high employment of advanced compact CNC machines across industries will bode well for this market in Latin America. Market growth in Europe is expected to pick up by 2020, once geopolitical situations in the region stabilize.
Strengthening of Market Position to be the Main Aim of Competitors
Key players are undertaking different measures to entrench their position in this market, says the CNC machine tools market analysis by Fortune Business Insights. One of the most preferred routes is increasing investment in R&D by companies to widen their product offerings and strengthen their portfolio.
Key Industry Developments:
November 2017: Hyundai WIA and Technical Equipment entered into an exclusive agreement wherein Technical Equipment would get exclusive rights to distribute and develop Hyundai WIA's CNC machine tools product line.
September 2018: FANUC America showcased its CNC products at the International Manufacturing Technology Show (IMTS). These products have advanced features such as a high-resolution 3D model machining simulation and the Quick and Simple Startup of Robotization (QSSR) that enables quick connection between FANUC CNCs and robots.
List of Key Companies Operating in the CNC (Computer Numerical Controls) Machine Tools Market are:
FANUC America Corporation
Yamazaki Mazak Corporation
Amada Machine Tools Co., Ltd
General Technology Group Dalian Machine Tool Corporation
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