CNC Machine Tools Market Attain Valuation US$ 134.4 Bn by 2026
Recently Published Report on "CNC Machine Tools Market Size, Share, Growth, Sales and Forecast, 2019 - 2026": Study by Acumen Research & Consulting
LOS ANGELES, March 9, 2020 /PRNewswire/ -- The CNC Machine Tools Market is expected to grow at a CAGR of around 4.9% during the forecast period 2019 to 2026 and reach the market value of around US$ 134.4 billion by 2026.
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Asia Pacific dominated the global CNC Machine Tools market in the year 2018. Different huge purposes behind the predominance of Asia Pacific are due tothe increase in the variety of metal cutting process industries across the region. The region is home for many of the leading machine makers and is anticipated to dominate the market. China is one of the major consumers of machine tools and is driving the market in Asia Pacific. There has been substantial growth and investment in the automotive industry, oil and gas, and railways in the Asia Pacific region.
The main manufacturers such as OKUMA Corporation, Yamazaki Mazak Corporation, and DMG Mori are based in this region. This is attributed to the increasing demand from the automotive industry from developing economies such as India. The growing demand for lightweight vehicles for different uses and made from different materials is leading to production of machinery having applications for different metals. Furthermore, increasing demand in electric vehicles is expected to drive the growth of CNC market. In addition, rising demand for CNC equipment from numerous industries including aerospace, industrial machinery, and transportation equipment is expected to drive the CNC machine tools market. The growth of the major end-user industries like the automotive sector and the increasing growth of the two-wheeler market in the developed nations in this region will drive the growth of the CNC machine tools market in this region.
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North America is expected to register the highest CAGR during the forecast period because of the increasing adoption of advanced technologies in the U.S. the middle East & Africa is also expected to contribute to the market growth as a results of increasing the development of non- oil industries. Latin America is expected to positively contribute to the advanced compact CNC machines used in various industries including the automotive sector. Europe observed stable growth over the past few years but, the region is expected to recover during the forecast period.
On the basis of product, the market has been segmented into milling machine, drilling machine, grinding machine, and electrical discharge machine. The milling machine segment holds the major market share of the machine tool market and is expected to grow more in the future because of the increasing demand from the manufacturing companies for productivity improvements and product innovation. Growth in the manufacturing sector has led to a rapid increase in demand specifically for the increasingly sophisticated CNC machines. Automation of machine tools leads to enhanced productivity, time saving, and elimination of human errors. The new age CAD/CAM CNC machines are compact in size are equipped with automatic tool changers along with multi axis machining technology and can carry out the complete machining process using a single machine. Additionally, the use of CNC machine tools also reduces the requirement for extra tooling and accessories and human intervention, which results on the overall reduction in operating costs. Such benefits will increase their demand in the coming years, fueling market growth.
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Milling machine segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast period in the market. Milling machines are predominantly used in the metal cutting process across many industries. The promising growth of metalworking process industries worldwide has triggered the demand for the milling machines. Milling machines are extremely versatile and may perform a variety of functions, like filleting, turning, chamfering, drilling, gear cutting, etc. These machines can also perform multiple cuts using multiple cutters. These benefits make the milling machines ideal for automotive, aerospace and defense, and railways industries.
Some of the key manufacturing companies include in the global CNC machine tools market are Amada Co. Ltd., Amera Seiki, Fanuc Corporation, Datron AG, DMG Mori, Dalian Machine Tool Group (DMTG) Corporation, Haas Automation Inc., Okuma Corporation, Shenyang Machine Tool Co. Ltd. (SMTCL), Hurco Companies Inc., and Yamazaki Mazak Corporation.
Some of the key observations regarding global CNC machine tools industry include:
- In May 2019: Okuma develops production facility in China Okuma (Changzhou) Machine Tool Co. Ltd in order to manufacture GENOS series, a premium- eco class of horizontal CNC lathes and vertical machining centers, to meet the increasing demand of the Chinese market.
- In January 2019: Dynamic international, a distributor of machine tools, has opened a new U.S. owned factory in Korea called Smart Machine Tool Korea.
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