April 12, 2024

The Growing Need for Precision Manufacturing is Driving the Computer Numerical Control Machine Market

 

Computer numerical control (CNC) machines are automated machines that can fabricate metal and non-metallic workpieces with great precision. CNC machines are integrated with microprocessors and utilize computer aided design (CAD) and computer aided manufacturing (CAM) software for precision manufacturing. They can carve complex shapes and geometries with high accuracy levels. CNC machines have revolutionized mass production by enabling automated manufacturing operations through programmable and versatile machines.

The global Computer Numerical Control Machine Market is estimated to be valued at US$ 73.24 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the computer numerical control machine market is adoption of connected technologies. Integration of internet of things (IoT) with CNC machines enables remote monitoring and management of machines. IoT enabled CNC machines allow for data collection on various parameters including tool life cycle, down time analysis etc. The collected data can be analyzed on cloud platforms for predictive maintenance strategies and optimizing manufacturing processes. IoT connectivity in CNC machines also enables remote diagnostics and software upgrades by machine manufacturers without requiring on-site technician support. This makes maintenance processes easier and improves overall equipment effectiveness. IoT is playing a key role in digitally transforming manufacturing processes through connected CNC machines.

Porter’s Analysis

Threat of new entrants: Moderate threat as the market requires significant capital investment and production capability to build CNC machines. However, notable opportunities remain in specialized machining niches.

Bargaining power of buyers: Moderate bargaining power as buyers have several options but demand customization requires developing long-term relationships.

Bargaining power of suppliers: Low bargaining power as raw material suppliers due to fragmented supply base and differentiated components require.

Threat of new substitutes: Low threat as CNC machines provide precision and flexibility over conventional machining. Additive manufacturing poses a threat for prototyping.

Competitive rivalry: High competition as the market is highly fragmented with notable players competing on technology, precision and automation.

Key Takeaways

The global Computer Numerical Control Machine market is expected to witness high growth during the forecast period. The global Computer Numerical Control Machine Market is estimated to be valued at US$ 73.24 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030.

Regional analysis: Asia Pacific accounts for over 45% of the global market share led by China, India, and Japan. Increased automation and demand from aerospace and automotive industries are supporting growth. Europe and North America are also notable markets while RoW regions are emerging.

Key players: Key players operating in the Computer Numerical Control Machine market are Hurco Companies Inc., Protomatic Inc., Metal Craft, AMS Micromedical LLC, JTEKT Corporation, Haas Automation, Fanuc Corporation, Siemens AG, DMG Mori Seiki Co. Hurco and Siemens have the largest market share with a focus on advanced technology and Industry 4.0 integration.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it