Computer Numerical Control (CNC) Market Outlook 2023-2028: Industry Demand, Growth Rate (CAGR) of 5.9% and Forecast

PRESS RELEASE

Published February 7, 2023

According to the latest report by IMARC Group, titled “Computer Numerical Control (CNC) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global computer numerical control (CNC) market size reached US$ 81.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 115.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.

Computer numerical control (CNC) automates machines that operate through programmed commands encrypted on a storage medium. It is used to translate designs produced by computer-assisted designs (CAD) into numerical data. A CNC system consists of three components, including a part program, a machine control unit (MCU), and a machine tool that is used to control both the machine tools as well as the non-machine zones. It has the ability to decrease manpower requirements and provide accurate machining services in the lesser time since the complete process depends on CAD and CAM software. As a result, it is used to automate manufacturing and produce numerous products in industry verticals, such as aerospace, automotive, defense, electronics, and healthcare.

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Global Computer Numerical Control Market Trends:

The rising adoption of computer numerical control by various industries on account of the increasing need for improving accuracy and production efficiency is driving the global market. Moreover, the growing popularity of computer-aided design (CAD) software and the significant adoption of 3D printing technology are further catalyzing the market. Apart from this, several major companies are launching new CNC machines that perform multiple operations simultaneously is creating a positive market outlook. In line with this, the increasing initiatives by governments to establish manufacturing units across the globe are providing a boost to product demand. Furthermore, the introduction of machine learning technology and the internet of things (IoT) in the development of applications that notify the status of the CNC machine operators on their computers, as well as smartphones, are further fostering the market.

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Competitive Landscape with Key Players:

Mondragon Corporation
GSK CNC Equipment Co., Ltd.
Soft Servo Systems, Inc.
Johannes Heidenhain GmbH
Bosch Rexroth AG
Siemens AG
Sandvik AB
Haas Automation, Inc.
Mitsubishi Electric Corporation
FANUC Corporation.

Breakup by Machine Type:

Lathe Machines
Milling Machines
Laser Machines
Grinding Machines
Welding Machines
Winding Machines
Others

Breakup by End Use Industry:

Aerospace and Defense
Automobile
Electronics
Healthcare
Others

Breakup by Region

North America
Asia Pacific
Europe
The Middle East and Africa
Latin America.

Key Highlights of the Report:

Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

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