ALBANY, New York, November 23, 2016 /PRNewswire/ --
Transparency Market Research has published a new market report titled "Computer Numerical Controls (CNC) Market (Types - Lathe Machines, Milling Machines, Lasers, Grinding Units, Welding Machines, and Winding Machines; Application - Automotive, Industrial, Power & Energy, and Defense & Aerospace) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024". According to this report, the global computer numerical controls (CNC) market will exhibit a healthy 6.3% CAGR over the period between 2016 and 2024, rising from a valuation of US$52.68 bn in 2015 to US$93.45 bn by 2024.
In terms of types of machines, the segment of lathe machines held the dominant share in the global market in 2015, accounting for over 19.2% of the market in terms of revenue. Geographically, Asia Pacific held the dominant 35% of the overall market in 2015.
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Demand for Machines Capable of Cutting Cost and Improving Production Efficiency Drives Market
The primary factor driving the increased adoption across the manufacturing sector is the capability of CNC machines to reduce human error and produce parts with maximum efficiency. Furthermore, the advanced machine control and programming capabilities enabled with the use of CNC machines, allowing easy processing of complex operations, is another key factor encouraging the increased adoption of these systems across numerous end-use areas.
Computer numerical controls also allow operators to make changes or improvements to product specification and designs with minimum delay. This makes for a highly influential criteria for machines used in today's fiercely competitive environment, which is forcing companies to adopt efficient manufacturing techniques. In their efforts to achieve a competitive advantage by redesigning their manufacturing facilities with smaller footprints in terms of low manufacturing costs and improved coordination of production process, computer numerical controls are playing an expansive and significant role.
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High Maintenance and Installation Costs to Hinder Growth
The only key challenge limiting the widespread adoption of computer numerical controls is the high installation and maintenance cost of these machines. These machines also require expensive tools for their proper operations. Moreover, computer numerical controls are expensive to repair in the event of damage. The high costs associated with the overall operation of computer numerical controls are a key factor in purchasing decisions, and are thus likely to hinder the adoption of these machines, especially across cost-sensitive regions and industries.
Nevertheless, the constant research and development activities being undertaken in the field of interconnected machines and the rising openness of the manufacturing industry regarding the usage of such systems is expected to boost the global demand for computer numerical controls in the next few years. Interconnected systems, which focus on connecting computer numerical controls with other machines and procedures in a manufacturing facility, enable the streamlining of production systems, improve the efficiency of production capability, and reduce the need for supervision and human resources.
The global computer numerical controls (CNC) market features a largely consolidated competitive landscape, with the top five companies, namely Fanuc Corporation, Haas Automation, Heidenhan, SiemensAG, and Mitsubishi Electric, accounting for nearly 60% of the overall market in 2015, observes a recent report by Transparency Market Research. The market exhibits high competitive rivalry among leading players and companies are involved in the development of innovative and technological advanced products to maintain their grip on the market. Focus on the development of interconnected systems has also increased in the market.
Fanuc Corporation, holding a nearly 25% of the market in 2015, has been focusing on new product development as its key business strategy. In 2016, for instance, the company launched the product line FANUC Panel 'I', which is integrated with computer numerical controls for granting industries better factory automation facilities and help machine tool builders to create unique functions. Haas Automation, Inc. showcased its Next Generation CNC with improved user interface and intuitive navigation experience in 2016. These systems have new visual programming systems, which are expected to be more efficient in nature.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Computer Numerical Controls (CNC) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
For the study, the market has been segmented as follows:
Global Computer Numerical Controls (CNC) Market, 2016 - 2024: By Type
- Lathe Machines
- Milling Machines
- Grinding Units
- Welding Machines
- Winding Machines
Global Computer Numerical Controls (CNC) Market, 2016 - 2024: By Application
- Power & Energy
- Defense & Aerospace
Global Computer Numerical Controls (CNC) Market, 2016 - 2024: By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East and Africa
- Saudi Arabia
- South America
- Latin America
- Rest of Latin America
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