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The computer numerical controls (CNC) market is projected to register a compound annual growth rate (CAGR) of 7.3 percent from 2019 to 2024, according to a new report by Mordor Intelligence.

CNC Market Outlook

CNC Market Outlook: 7.3% CAGR During 2019-2023

The computer numerical controls (CNC) market is projected to register a compound annual growth rate (CAGR) of 7.3 percent from 2019 to 2024, according to a new report by Mordor Intelligence. This growth is mainly attributed to the increase in demand for productions efficiency, as CNC machines streamline many operational processes by reducing production time and minimising human error.

Also, a highly competitive market has compelled players to focus on efficient manufacturing techniques. They are trying to gain competitive advantage by redesigning their facilities, which include CNC machines. Apart from this, the integration of 3D printing with CNC machines is a unique addition to some of the new production units, which is expected to offer better multi-material capability, with little resource wastage.

The growing demand for automated manufacturing in the industrial sector has also resulted in the increasing usage of CNC machines. Also, the establishment of manufacturing facilities in Asia-Pacific has spurred the usage of computer numerical controls in the sector.

On the other hand, the automotive sector is set to be a rapidly developing one in the coming years, mainly due to the increasing rate of automated automobile manufacturing. From die-casting similar components to crafting unibody frames, CNC tools and machines are solely responsible for a large number of parts present in modern vehicles.

In fact, carburettor housings, suspension components, axles, bearing caps as well as engine housings are all manufactured using CNC machines. Acrylic/PMMA machining for headlights, exterior lights as well as interior lights are another paradigm on how numerical control machining is being utilised when components are being made in the automotive sector.

Asia-Pacific Holds the Largest Share in CNC Market

Developing economies, such as China and India, have been witnessing rapid growth in terms of industrialisation, thereby driving the market. The automotive sector is expected to grow significantly during the forecast period, owing to the rising demand for automobiles in the region.

The easy availability of labour and the declining prices of components have resulted in manufacturers shifting their production units in this region, which is further promoting the market. nearness to the supply and demand region is amongst the critical factor that drives the adoption in this region.

Moreover, the establishment of manufacturing facilities in the Asia Pacific has spurred the usage of CNC machines in this sector.

 

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