The global computer numerical control machines market size is expected to reach USD 117.17 billion by 2027, registering a CAGR of 7.3% from 2020 to 2027, according to a new study by Grand View Research, Inc. The rising need for reducing the operating costs, manpower, and errors in the components has led to the growth of automation and demand for computer numerical control (CNC) machines. Technological advancements are driving the use of CNC machines for developing the most intricate models/components with a definitive finish. This has subsequently led to a rise in the implementation of CNC technology in lathe, milling, laser, grinding, and welding machines.
The integration of CNC machines with Computer Aided Manufacturing (CAM) is instrumental in reducing the time required for manufacturing of workpieces and enable hassle-free production of components. The commercial demand for advanced compact size CNC machines with automatic tool changers and multi axis machining technology, is on rise. Numerous large manufacturing units and plants are increasingly adopting CNC lathes to perform cutting, drilling, knurling, deformation, facing, and turning operations.
Various milling tools are being introduced in the CNC machine market, for instance, the Poly Crystalline Diamond (PCD) tools and solid carbide tools. These tools offer increased efficiency and versatility while performing operations at the shop floor. The new tools also offer durability, resistance towards high temperatures, and enable better machining with reduction in vibrations, wear, and noise.
Further key findings from the report suggest:
- Milling machines is anticipated to emerge as the fastest growing type segment over the forecast period, owing to features such as multi-functionality and reduced time requirements of these machines.
- Automotive is anticipated to emerge as the fastest growing end-use segment over the forecast period, attributed to growing demand for components with fine finish and reduced production time
- Asia Pacific is expected to continue its dominance in computer numerical control machines market over the forecast period, attributed to the increasing number of manufacturing units in the region
- The key market participants are Amada Co., Ltd.; Fanuc Corporation; Amera Seiki; Dalian Machine Tool Group (DMTG) Corporation; Datron AG; Haas Automation, Inc.; Hurco Companies, Inc.; Okuma Corporation; DMG Mori; Shenyang Machine Tool Co., Ltd. (SMTCL); and Yamazaki Mazak Corporation