CNC Machine Market to Hit USD 128.41 Billion by 2028; Stoked by Increasing Adoption of IoT in Industrial Applications: Fortune Business Insights™

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Pune, India, June 04, 2021 (GLOBE NEWSWIRE) — The global CNC machine market size is expected to gain momentum by reaching USD 128.41 billion by 2028 while exhibiting a CAGR of 6.3% between 2021 and 2028. Fortune Business Insights in its report, titled “CNC (Computer Numerical Control) Machine Market, 2021-2028.”, observes that the market stood at USD 81.95 billion in 2020. Factors such as the increasing deployment of modern technologies such as artificial intelligence and the internet of things (IoT) will propel the adoption of the product across the globe.

The catastrophic effect of the COVID-19 pandemic has been felt across several economies facing unprecedented loss. The lockdown imposed by the government agencies has led to several industries facing halted industrial operations. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.

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Market Segmentation:

Based on type, the market is divided into metal cutting and metal forming. On the basis of application, the market is segregated into automotive, general machinery, precision machinery, transport machinery, and others.

  • Based on application, the precision machinery segment held a global computer numerical control machine market share of about 16.0% in 2020. The segment is anticipated to experience considerable growth backed by the increasing focus on precision machinery across several industrial applications.

Lastly, based on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

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What does the Report Include?

The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

DRIVING FACTORS

Growing Adoption of IoT to Favor Growth

In April 2020, Zyfra announced the launch of a remote internet of things (IoT) solution on the cloud-based version of its MDCplus machine monitoring system. The company reports that the solution aids in remote monitoring of CNC (Computer Numerical Control) machines. The growing adoption of modern technologies such as the internet of things (IoT) to access accurate real-time information by the companies is expected to favor the demand for the product globally. Moreover, the increasing investment in IoT in the manufacturing sector is expected to contribute to the global CNC machine market growth in the forthcoming years.

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REGIONAL INSIGHTS

Asia-Pacific – The region is expected to remain dominant during the forecast period. This dominance is due to the growing demand for advanced precision products for industrial applications such as automotive, manufacturing, medical, and aerospace, etc. The region stood at USD 44.38 billion in 2020.

North America – The market in the region is expected to gain momentum in the forthcoming years. This is attributable to the surging demand for advanced CNC machines across several metalworking facilities in countries such as the U.S. in the region between 2021 and 2028.

COMPETITIVE LANDSCAPE

Prominent Companies Focus on Expanding Facilities to Strengthen Their Market Positions

The market comprises small, medium, and large companies striving to maintain their stronghold by expanding their production facilities to cater to the growing demand for CNC machines globally owing to their high efficiency and productivity. Additionally, adoption of strategies such as partnership, collaboration, and merger and acquisition by other key players is expected to bode well for the growth of the market.

Industry Development:

  • June 2019 – INGENERIC, a leading subsidiary of TRUMPF, announced the acquisition of Aix tooling GmbH. The company is adopting proactive steps with an aim to expand its micro-optics production in the precision molding processes equipped with laser technology. The company further focuses on strengthening its footprint in the global market.

List of the Companies Operating in the Market:

  • Yamazaki Mazak Corporation (Aichi, Japan)
  • Doosan Machine Tools Co., Ltd. (Seoul, Korea)
  • Trumpf (Ditzingen, Germany)
  • Amada Machine Tools Co., Ltd (Kanagawa, Japan)
  • JTEKT Corporation (Nagoya, Japan)
  • MAG IAS GmbH (Wurttemberg, Germany)
  • Schuler AG (Goppingen, Germany)
  • Makino (Tokyo, Japan)
  • Hyundai WIA (Gyeongsangnam-do, Korea)
  • Komatsu Ltd. (Tokyo, Japan)
  • Okuma Corporation (Aichi, Japan)
  • FANUC Corporation (Yamanashi Prefecture, Japan)
  • XYZ Machine Tools (Devon, United Kingdom)
  • Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Tokyo, Japan)
  • General Technology Group Dalian Machine Tool Corporation (Dalian, Liaoning Province)
  • ANCA Group (Melbourne, Australia)

Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2020
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Primary Interview Responses

TOC Continued…!

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