Yahoo Finance CNC Cutting Machines Market to Hit USD 6,153.2 Million by 2027 with 6.1 CAGR% - Report by Market Research Future (MRFR)
Rising Design & Production of the Latest Cutting Tools Drives are boosting CNC Cutting Machines Market
New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “CNC Cutting Machines Market” information by Type, by Product, by End User, by Application and Region – Forecast to 2027” market size to reach USD 6,153.2 million, growing at a compound annual growth rate of 6.1% by 2027.
Market Scope:
The CNC cutting machines market outlook looks extremely promising. The rapidly growing tool manufacturing sectors and Industry 4.0 adoption across heavy industries worldwide drive the market. The CNC cutting machines industry has always been subject to technological upgrades. Growing adoption is expected to meet customer demands for efficiency gains.
Manufacturing sectors worldwide increase market demand, embracing automation and advanced software solutions to meet customers' machining needs. Also, the shortage of skilled labor, working hour limits, and labor costs are on the rise. Also, rising quality control and tolerances needs encourage manufacturing companies to add automation to their factories.
Even during the COVID-19 crisis, CNC cutting machines market revenues remained reassuringly robust. The dynamic and constantly changing CNC cutting machines market witnessed a steep increase more quickly than ever. Similarly, the agility to respond to market changes became more important than in the post-pandemic era.
The pandemic-driven lockdown challenges fostered many CNC cutting machines market trends in production, robotics, networked machines, and analytics, entering a new, particularly exciting age. Also, there is a vast demand which would support the CNC cutting machines market to grow steadily over the next five years.
Dominant Key Players on CNC Cutting Machines Market Covered are:
Biesse Group (Italy)
HOMAG Group (Germany)
Anderson Group (Taiwan)
Exel CNC Ltd (UK)
MultiCam Inc. (US)
Thermwood Corporation (US)
The Shoda Company (Japan)
ShopSabre (US)
AXYZ Automation Group (Canada)
Carbide 3D LLC (US)
KOMO Machine Inc. (US)
TRUMPF (Germany)
ESAB (Sweden)
Prima Power (Italy)
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Market USP Exclusively Encompassed:
Market Drivers
CNC machines integrated with computer-aided manufacturing (CAM) enable hassle-free production of components and reduced operational time & costs. Large manufacturing facilities are increasingly implementing CNC lathes for their cutting and knurling needs.
The rising commercial demand for advanced compact-sized machines with automatic tool changers and multi-axis machining technology increases the market size. Besides, rapid advances in production technologies and emerging needs for smaller factory footprints driven by the lack of space boost market revenues.
The demand for modern cutting machines that are compact and do not require operators/ supervisors to monitor the machine operations is constantly growing. Moreover, the rising pressure among manufacturers to reduce time, manual labor, and operational costs while boosting the ability to produce components substantiates the market value.
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Despite the promising prospects, the CNC cutting machines market still witnesses several challenges related to machining services and various strategies. Some issues restraining the market growth include difficulties in data processing & programming errors due to complex structure, high purchase & repairing costs, complexities of material selection, overheating & inappropriate settings of machines, and communication failure.
There is a huge market for competitive advanced cutting tools and geometries. Most industry players are responding to the market needs with their technical expertise and industry experience. Updates in tool simulation and 3D and CAD-CAM technologies and the ability to produce small batch sizes give increased flexibility, particularly relevant to the die and mold industry.
Almost all industries require tailored CNC cutting machining for accurate CNC parts that sometimes are complex to produce using traditional methods. Increasing demand for CNC cutting machining from industries such as aerospace & automotive and building & construction fosters market growth.
Segmentation of Market Covered in the Research:
The CNC cutting machines market report is segmented into types, products, applications, end-users, and regions. Type segment comprises movable gantry and stationary gantry types. The product segment comprises plasma, laser, waterjet, and router. The application segment comprises woodworking, stoneworking, and metalworking.
The end-user segment comprises automotive, building & construction, consumer, electronics, aerospace & defense, medical, energy & power, furniture, transportation, and others. The region segment comprises America, Asia-Pacific, Middle East & Africa, Europe, and rest-of-the-world.
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Regional Analysis
The Asia Pacific region dominates the global CNC cutting machines market. The ample raw material advantage and availability of cost-competitive workforces are the major factors impacting the market growth in the region. The growing adoption of these machines, rising automation in manufacturing sectors, and the rapid industrialization in this region drive the market demand.
North America holds the second-best position in the global CNC cutting machines market. Vast technological advances and automation in manufacturing sectors boost the market value. Additionally, the high product demand from flourishing manufacturing sectors substantiates market revenues in this region. Also, the increasing application areas and integration of CNC cutting machines with the current manufacturing environment propel the regional market growth.
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Competitive Landscape
The CNC cutting machines market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technologies integration. Major industry players make strategic investments in driving research and development activities and fostering their expansion plans. The market is likely to witness several product launches.
For instance, recently, on Jan.14, 2022, NUM launched a unique 2D drawing tool - NUMcad that can simplify the design and creation of executable G-code files for CNC cutting machines. This highly intuitive drawing software simplifies 2D path design for users of CNC cutting machines.
NUMcad works directly from the machine's operator panel as well as under Windows and on any standard PC. Its user interface mimics popular CAD packages, intuitively suitable for design origination and modification, making it ideal for people with minimal or no design experience.
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