PUBLISHER: The Business Research Company | PRODUCT CODE: 1425342
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425342
Computer Numerical Control Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on computer numerical control market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for computer numerical control? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The computer numerical control market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Computer Numerical Control (CNC) refers to a computer-assisted, highly accurate manufacturing process in which controlled machining is automated using pre-programmed CAD (Computer-Aided Design) software, eliminating the need for an operator. The fundamental benefit of CNC machines is their ability to run unattended throughout the manufacturing and machining cycles, allowing the operator to perform other work elsewhere.
The main types of Computer Numerical Controls include lathe machines, milling machines, laser machines, grinding machines, welding machines, winding machines, and others. A lathe machine is a machine tool used to remove metal from a workpiece to achieve the desired form and size. The various product types involved are software and solutions used by aerospace and defense, automobile, electronics, healthcare, and other end-use industries.
The computer numerical controls market research report is one of a series of new reports from The Business Research Company that provides computer numerical controls market statistics, including computer numerical controls industry global market size, regional shares, competitors with computer numerical controls market share, detailed computer numerical controls market segments, market trends, and opportunities, and any further data you may need to thrive in the computer numerical controls industry. This computer numerical controls market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The computer numerical control market size has grown strongly in recent years. It will grow from $16.27 billion in 2023 to $17.27 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to manufacturing automation, advancements in precision manufacturing, complex component production, reduction in production time, increased customization demands, and cost savings in mass production.
The computer numerical control market size is expected to see strong growth in the next few years. It will grow to $22.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to the integration with the industry, the rise of additive manufacturing, increased use in small and medium enterprises (SMEs), a focus on sustainability, enhanced software capabilities, demand in healthcare and biotechnology. Major trends in the forecast period include energy-efficient solutions, miniaturization and micro-machining, the integration of the Internet of Things (IoT), customization for small-batch production, and a shift towards open-source CNC systems.
The surge in demand for electric vehicles (EVs) is anticipated to drive the growth of the computer numerical control (CNC) market. As the automotive industry increasingly shifts towards electric propulsion, CNC technology plays a pivotal role in the automated and cost-effective manufacturing of electric vehicles. The International Energy Agency (IEA) reported in May 2022 that global electric car sales doubled to 6.6 million in 2021, with an additional 2 million units sold in the first quarter of 2022, emphasizing the growing need for CNC technology in the production of EVs.
The proliferation of industrial automation is a key driver propelling the growth of the computer numerical control (CNC) market. CNC machines, integral to automated systems, contribute to enhanced efficiency, precision, and seamless integration with advanced technologies like the Internet of Things (IoT) and Artificial Intelligence (AI). ABB Ltd.'s survey in March 2022 revealed a notable shift in attitudes towards automation in the UK, with 81.2% of manufacturing companies considering robot investments, showcasing the increasing role of automation. This trend aligns with the industry's move towards smart factories and Industry 4.0 standards.
Major players in the computer numerical control (CNC) market are gaining a competitive edge by developing cutting-edge machines with nanometer axis resolution. Axis resolution, representing the smallest incremental movement, is a critical factor in achieving high precision in mechanical or electronic systems. ANCA CNC Machines, in December 2022, introduced the MX7 ULTRA, a premium machine boasting nanometer axis resolution for manufacturing cutting tools. This technology ensures exceptional accuracy, improved surface finish, and batch consistency, reinforcing the market's focus on advancing precision and quality.
Leading companies in the computer numerical control (CNC) market are at the forefront of innovation, introducing AI-based monitoring solutions to stay competitive. NUM AG's launch of NUMai software in January 2021 exemplifies this trend. This innovative artificial intelligence solution enables condition monitoring in CNC machine tools without the need for additional sensors. The software, compatible with NUM's Flexium+ CNC systems, provides cost-effective condition monitoring capabilities. It collects operating data, teaches a neural network to recognize normal machine behavior, and offers online performance monitoring and diagnostics, contributing to efficient and reliable CNC machine tool operations.
In September 2021, Sandvik AB, a high-tech engineering company based in Sweden, successfully acquired CNC Software Inc. This strategic move expanded Sandvik's capabilities by incorporating the Mastercam software package, a leading computer-aided manufacturing (CAM) brand, into its portfolio. CNC Software Inc., a US-based software company, specializes in providing CAD/CAM software solutions for manufacturing industries. The acquisition reinforced Sandvik's position in the CNC market, offering access to a large user base, a robust reseller network, and collaborations with top machine makers and tooling firms.
Major companies operating in the computer numerical control market report are Airbus SAS, Safran SA, Honeywell International Inc., Teledyne Technologies Inc., The Boeing Company, General Electric Company, Rolls-Royce Holdings PLC, Flyth Aerospace Solutions Ltd., Raytheon Technologies Corporation, Curtiss-Wright Corporation, RSL Electronics Ltd., Deutsche Lufthansa AG, Acellent Technologies Inc., Societe Internationale de Telecommunications Aeronautiques, Embraer SA, AMETEK Inc., Tech Mahindra Limited, Ventura Aerospace Inc., Meggitt PLC, Lufthansa Technik AG, FLYHT Aerospace Solutions Ltd., Esterline Technologies Corporation, Ultra Electronics Holdings PLC, Thales Group, BAE Systems PLC, Moog Inc., SKF AB, LORD Corporation, Goodrich Corporation, and Eaton Corporation.
Asia-Pacific was the largest region in the computer numerical control market share in 2023. Europe was the second-largest region in the computer numerical control market. The regions covered in the computer numerical control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the computer numerical control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The computer numerical control market consists of revenues earned by entities by providing computer numerical control utilizing solutions and software such as CAM, CAD, and CAE. The market value includes the value of related goods sold by the service provider or included within the service offering. The computer numerical control market also includes sales of CNC machines and hardware used in providing CNC services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.