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The global computer numerical control (CNC) machinery market is segmented into machine types such as lathe, mills, grinders, drills, plasma cutter, electric discharge machining, welding, winding machines and shaping machines. Among these segments, milling machine segment is expected to occupy the top position in the market. Milling machines segment is anticipated to grow on the back of the growing automotive industry across the globe. Moreover, factors such as high accuracy, less operational time and high performance are anticipated to drive the growth of the computer numerical control (CNC) machinery market.
Global computer numerical control (CNC) machinery market is expected to register a CAGR of 6.5% over the forecast period. Moreover, the global computer numerical control (CNC) machinery market is expected to garner USD 92 Billion by the end of 2024. The market is expected to expand on the back of the growing demand for mass production and its ability to reduce the overall operating cost.
Asia Pacific is slated to lead the overall market of CNC machinery during the forecast period. This can be attributed to the rising number of end use industries and manufacturing plants in the region. Developing economies such as China and India are expected to significantly contribute to the growth of the computer numerical control (CNC) machinery market in the region. Further, Europe is witnessing the augmented demand for CNC machinery. Rising adoption of CNC machinery for industrial automation in the manufacturing industries is expected to be the key factor behind the growth of CNC machinery market in the Europe region.
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Rising Demand for Mass Production
Factors such as increasing demand for mass production, reduced operating cost and less time consumption are increasing the adoption of computer numerical control (CNC) machinery market in the manufacturing plants. Further, integration of designing softwares such as CAD, CAM and others reduce the cost of production which further, is anticipated to drive the growth of the computer numerical control (CNC) machinery market.
Growing End User Industries
Robust growth of end user industries such as automobile and electronics across the globe is expected to intensify the growth of the CNC machinery market. Additionally, increasing utilization of CNC machinery in aerospace industry is also spurring the growth of the computer numerical control (CNC) machinery market.
Although, high cost of CNC machinery and CNC tools and regular maintenance associated with CNC machinery are some of the major factors that are likely to hamper the growth of the computer numerical control (CNC) machinery market in the near future.
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The report titled ?Computer numerical control (CNC) Machinery Market: Global Demand Analysis & Opportunity Outlook 2024 delivers detailed overview of the global computer numerical control (CNC) machinery market in terms of market segmentation by machine type, by end-use industries and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porters five force model.
This report also provides the existing competitive scenario of some of the key players of the global computer numerical control (CNC) market which includes company profiling of Fagor Automation, FANUC Corporation, Okuma America Corporation, Bosch Rexroth AG, Sandvik AB, Mitsubishi Electric Corporation, GSK CNC Equipment, Hass Automation, Siemens AG and Soft Servo Systems. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global computer numerically control (CNC) machinery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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