CNC machines are in high demand due to their advanced technology and precise cutting, which in turn have boosted the growth of the global CNC milling machines market.
CNC milling machines market was valued at USD 13.05 Billion in 2020 and is forecasted to reach USD 21.55 Billion growing at a CAGR of 8.72%. Automotive, aerospace, electrical & electronics are among the major end-users of CNC milling machines. The automotive sector accounts for the highest share in the global CNC milling machine market.
One of the key causes for the increase in CNC milling machine applications is the end-user’s demand for high-quality goods. CNC machines are in high demand due to their advanced technology and precise cutting, which in turn have boosted the growth of the global CNC milling machines market. End-users focus on technical advancements to make their products advanced and efficient. The development in automation has resulted in the high need for CNC milling machines.
Growth of Industry 4.0
Traditional industrial automation architectures are not completely open but are gated ecosystem communities that pose a major obstacle for multi-vendor integration. In early 2016, industrial automation architectures witnessed the emergence of new and open industrial automation system architectures along with the application of advanced technology, which mainly intended to create efficient, responsive, and flexible manufacturing. This is expected to support the growth of sophisticated CNC milling machines market. Manufacturers across several end-user industries has increased adoption of smart technology and IoT. The adoption of IoT by end-users has therefore fueled the demand for CNC machine tools such as CNC milling machines. The availability of internet, sensors, and cloud computing are also supporting the market growth. The maintenance solution for CNC milling machines may take a holistic picture of the tools it monitors and establish the baseline characteristics for regular system functioning by combining multiple IoT devices and other monitoring apps.
Increase in Automation expenditure
The global industrial automation market is witnessing steady growth as the demand for integrated and scalable products is at an all-time high to meet the rising consumers' requirements. This rise is seen not only in highly industrialized economies but also in developing countries as companies look to bypass old technologies and leapfrog directly into the latest trends. Also, as the traditional IT principles continue to merge with manufacturing technology, companies can harness the concept of “digital factory,” which provides a distinctive competitive advantage to companies in their respective industries. Across all industries worldwide, the paradigm of production is shifting towards digitalization, and many companies are keenly aware of this fact. Factories can no longer afford to run at the surface level, but they need to collect data from different sensors to measure the throughput and systems needed to provide analysis in real-time and controls for optimized performance. This in turn has fueled the demand for digitally advance CNC milling machines.
The competition in the market is intense due to the influx of several major players. The outbreak COVID-19 has adversely impacted the global landscape. Moreover, product development requires huge investments. COVID-19 has also narrowed profit margins for global players. The market is slowly shifting from being concentrated, with a few vendors enjoying a larger chunk of the overall share to becoming a fragmented one with several independent vendors barging in. North America, APAC, and Europe are the key markets for vendors. However, in the coming years, the markets in Latin America and MEA expect to witness considerable growth. Some of the key players in the market are Doosan, Fives, F-Zimmermann, JTEKT, Makino, etc.
Some factors influencing the competitive positions of vendors are-
- Product Portfolio
- Scope of solutions
- Technology Differentiation
- R&D investment
- Installed Base
- Distribution Network
- Quality of hardware and software products
- Global presence
Vendors with exposure to only a single application or product are prone to face challenges with respect to maintaining a steady flow stream of orders after COVID 19. Vendors purchase a wide range of equipment, components, finished products, and materials used in the production of CNC milling machines. The raw materials essential to the manufacture of products are available at competitive prices.
For more details:
Please reach us at email@example.com
Jan 22, 2024
Hospital Halls Are Now Robot Highways: The Healthcare Revolution Through Autonomous Mobile Robots (AMRs)
Autonomous mobile robots are increasingly being adopted in the healthcare industry for various reaso...
Jan 09, 2024
THE VISION OF TOMORROW'S CONSTRUCTION: NAVIGATING 2024 AND BEYOND
The sustainable construction movement is making significant strides across various regions, includin...
Jan 02, 2024
Unlocking the Power of Personalized Probiotics
The human gut, a complex ecosystem shaped by genetics, lifestyle, and environment, is crucial for he...