5G is fastest growing segment fueling the growth of Computer Numerical Control (CNC) Machines market11/2/2023 The global Computer Numerical Control (CNC) Machines Market is estimated to be valued at US$ 67.48 Bn in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Computer numerical control (CNC) machines are automated machines that can be programmed to complete complex processes such as drilling, cutting, welding, grinding, and milling with speed, precision and consistency. CNC machines offer advantages such as increased productivity, reduced production costs, greater accuracy and repeatability. Market key trends: Adoption of IoT and cloud computing in CNC machines is one of the key trends witnessed in the market. Integration of IoT enables remote monitoring of CNC machines using sensors, which provides real-time machine performance data. This data helps in predictive maintenance, reducing downtime and improving productivity. Cloud computing facilitates easier access to machine and process data from anywhere. It also aids in centralized management of geographically distributed CNC machines. Segment Analysis The global CNC machines market is segmented based on product type and application. By product type, the market is segmented into machining centers, lathe machines, routers, and others. The machining centers segment currently dominates the market due to its widespread applications in industries such as automotive, electronics, and aerospace & defense. Machining centers have multifunctional operations and can produce complex geometries and components with high precision and efficiency. Key Takeaways The global Computer Numerical Control (CNC) Machines Market Share is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period, due to increasing demand from industries such as automotive, electronics, aerospace, and medical devices. Regional analysis: Asia Pacific dominates the global CNC machines market currently, accounting for over 40% share of the global market revenue. The growing automotive and electronics industries in China, India, South Korea and Japan are driving the high demand. Europe and North America are other major regions for CNC machines. Key players: Key players operating in the CNC machines market are Hurco Companies Inc., Protomatic Inc., Metal Craft, AMS Micromedical LLC, JTEKT Corporation, Haas Automation, Fanuc Corporation, Siemens AG, DMG Mori Seiki Co. Hurco Companies Inc. and Haas Automation are currently the leading player due to their wide product portfolio and global presence. Read More, https://www.insightprobing.com/increasing-adoption-of-automation-to-drive-trends-size-and-share-analysis/
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