Increase in demand in mass production plants, presence of favorable government initiatives, especially in the Asian region, and rise in need for precision and time effectiveness drive the growth of the global computer numerical control market
PORTLAND, Ore., Nov. 11, 2020 /PRNewswire/ — Allied Market Research recently published a report, “Computer Numerical Control (CNC) Market by Machine Tool Type (Lathe, Mills, Routers, Grinders, and Others) and Industry Vertical (Aerospace & Defense, Automobile, Consumer Electronics, Healthcare, Industrial Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026″.According to the report, the global computer numerical control market was pegged at $14.59 billion in 2018, and is projected to reach $22.90 billion by 2026, growing at a CAGR of 5.9% from 2019 to 2026.
Major determinates of the market growth
Increase in demand in mass production plants, presence of favorable government initiatives, especially in the Asian region, and rise in need for precision and time effectiveness drive the growth of the global computer numerical control market. However, high cost of CNC machines and implementation of stringent government regulations hamper the market growth. On the contrary, surge in applications areas is expected to create lucrative opportunities for the market players in the coming years.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/248
Impact of COVID-19 Pandemic on Computer Numerical Control Market:
The advent of COVID-19 has significantly impacted the global computer numerical control industry.
- The cancellation of the Mobile World Congress has hugely affected the market revenue as products and solutions get the biggest exposure and companies get a chance to meet new clients and seal new partnerships at such international shows.
- During this pandemic, organizations are reluctant to invest big capital on new business models, hiring workforce, and additional expenses apart from essentials.
Get detailed COVID-19 impact analysis on the Computer Numerical Control Market
Lathes segment held the largest share
By machine tool type, the lathes segment held the largest share in 2018, accounting for more than one-third of the global computer numerical control market. This is owing to innovations in product design of CNC lathe machines along with focus on supportive needs such as service provision for the design & fabrication of customization, apparatus, trading, and training. However, the mills segment is expected to register the highest CAGR of 7.1% during the forecast period, as multi-axis mills offer various advantages over common CNC mills, such as reduction of human labor, provision of an enhanced surface finish, and manufacture of complex shapes.
Industrial machinery segment dominated the market
By industry vertical, the industrial machinery segment held the largest share in 2018, contributing to nearly two-fifths of the global computer numerical control market, owing to surge in demand for accurate high-resolution devices and rise in need to reduce machining trajectory faults. However, the automobile segment is projected to register the highest CAGR of 7.9% during the forecast period.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/248
Asia-Pacific, followed by Europe and North America, held the largest share
By region, the market across Asia-Pacific held the largest share in 2018, accounting for more than one-third of the market. Moreover, the region is expected to register the fastest CAGR of 7.6% during the forecast period, owing to rise in need for automation in the manufacturing sector in countries such as India, China, and Japan coupled with rapid growth in industrialization and improvement in the regional economy. However, the global computer numerical control market across North America is expected to register a CAGR of 3.5% during the forecast period.
Major Market Players Profiled in the CNC Market Research Report:
- Bosch Rexroth AG
- Fagor Automation
- Dalian Machine Tool Group Corporation (DMTG)
- HAAS Automation, Inc.
- FANUC Corporation
- Hurco Companies, Inc.
- Heidenhain Corporation
- Okuma Corporation
- Mitsubishi Electric Corporation
- Soft Servo Systems Inc.
- Sandvik AB
Similar Research Reports for Information, Communication and Technology:
OSS & BSS Market Expected to Reach $102 Billion by 2027
Robotic Process Automation Market Expected to Reach $19.53 Billion by 2027
Remote Sensing Software Market Expected to Reach $2,606 Million by 2027
In-App Purchase Market Expected to Reach $340.76 Billion by 2027
Load Balancer Market Expected to Reach $8.90 Billion by 2027
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
