The size of the global CNC machines market is expected to hit USD 100.9 billion by 2025, according to a new report by Grand View Research, Inc.
With a rising CAGR of 6.8 percent over the forecast period of 2014 to 2025, the growth in the market is due to an increasing need for reduced operating costs, manpower shortages and the requirements for minimal errors in components.
Technological advancements are also spurring the use of CNC machines in the development of highly intricate models/components with a definitive finish. This has in turn given rise to the adoption of CNC technology in lathe, milling, laser, grinding, and welding machines. The integration of CNC machines with computer-aided manufacturing (CAM) also helps in lessening the time needed for manufacturing of work pieces and enables hassle-free production of components.
Additionally, commercial demand for advanced, compact-sized CNC machines with automatic tool changers and multi axis machining technology is expected to increase and numerous large manufacturing facilities are adopting CNC lathes to perform operations such as cutting, drilling, knurling, deformation, facing, and turning.
Overall, the milling machines segment is estimated to post the highest CAGR of 9.5 percent during the forecast period because of their multi-functionality and reduced time requirement while the industrial segment will lead market growth till 2025 with a projected valuation of USD 25.17 billion. In terms of regional growth, the Asia Pacific region is projected to witness tremendous growth over the forecast period because of the rise of manufacturing and key contributors to the growth of the sector include Amada Co., Ltd., DMTG Corporation, Haas Automation, Inc., Okuma Corporation and Yamazaki Mazak Corporation, among several others.