ALBANY, New York, June 16, 2020 /PRNewswire/ -- Deployment of computer numerical controls (CNC) technologies has reduced production times and human errors and increased precision of numerous complex industrial machinery such as lathes and milling machines. Technologies in the CNC market have been key enabler for automation in industrial machinery in manufacturing sectors.
The global computer numerical controls market stood at US$ 64.0 bn in 2018 and is projected to climb to revenues to ~US$ 115.1 bn by 2027. The market is expected to clock a CAGR of 6.7% during 2019–2027.
Some of the key growth dynamics in the CNC market are:
The drive for automated manufacturing in various industries is a key trend driving the expansion of the CNC market.
Industries, notably automotive, have increasingly adopted automated machine control technologies to improve operational efficiencies and reduce overall costs.
In numerous developing and developed countries around the world, growing emphasis on reducing the carbon footprint of manufacturing has spurred growth in the CNC market.
Over the past few years, deployment of 3D manufacturing technologies have been at the forefront for industries, bolstering demand for CNC.
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Key Impediments for Computer Numerical Controls (CNC) Market Players
Despite the attractive potential of CNC in industrial automation, such technologies require substantial investment. The maintenance and servicing is also cost-intensive, resulting in small-scale enterprises to avoid the adoption. All these are proving to significantly constrain the growth of the CNC market.
On the other hand, the incredible drive for efficiency gains is a key business proposition for the rise in demand in the CNC market.
Global Computer Numerical Controls (CNC) Market: Regional Landscape
Owing to rapid uptake of industrial automation systems in parts of North America, opportunities in the regional market have seemingly matured.
Meanwhile, Asia Pacific has witnessed the rise of several new avenues for various manufacturing sectors to use CNC for the control of heavy industrial machinery. Also, the drive for reducing the carbon footprint of economies has gravitated manufacturing industries to increasingly adopt automation for operating their machinery. These have also in recent years set their sights on Asia Pacific due to the gains of low cost of production.
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