CNC Machinery Market to Reach $130.1 billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research

CNC Machinery Market to Reach $130.1 billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research

The rise in demand for CNC machinery across the globe along with the technological advancements in metal cutting and turning applications drive the growth of the CNC machinery market.

Wilmington,Delaware, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “CNC Machinery Market by Type (Lathe Machines, Milling Machines, Grinding Machines, Drilling Machine, Laser Machines, and Others), Application (Automotive, Construction Equipment, Aerospace & Defence, Power & Energy, Industrial Machinery, and Others), and Sales Channel (Original Equipment Manufacturer (OEM) and Aftermarket):   Global Opportunity Analysis and Industry Forecast, 2023-2032".According to the report, the global CNC machinery market was valued at $66,535.6 million in 2020, and is projected to reach $130,136.7 million by 2032, registering a CAGR of 5.6% from 2023 to 2032.

Prime determinants of growth

The rise in concern toward the precision cutting, drilling, & milling and growth in industrial sectors drive the expansion of the CNC machinery market.However, high cost associated with CNC machinery restricts the market growth.On the contrary, growing technological advancements are expected to present new opportunities in the coming years.

COVID-19 Scenario

The outbreak of the COVID-19 pandemic had a negative impact on the CNC machinery market, owing to the temporary closure of manufacturing firms during the lockdown.

Not only the production but also the sale of CNC machinery was hampered due to the downfall of various end user industries across the world, especially in the initial period of the pandemic.

The milling machines segment to hold majority share of the market in 2020

By type, the milling machines segment held the highest market share in 2020, accounting for more than one-thirds of the CNC machinery market revenue, and laser machines segment is estimated to maintain its leadership status throughout the forecast period.       CNC milling machines are capable of producing high-precision cylindrical parts with very tight tolerances.      This makes them an ideal choice for industries such as aerospace and oil & gas industry, where accuracy is critical.      Furthermore, horizontal lathes are designed for high volume production of cylindrical parts, which can help manufacturers increase their productivity and reduce costs.      Hence, all these factors together contribute toward the growth of the market.

The automotive segment held the largest market share in 2020.

By application, the automotive segment held the highest market share in 2020, accounting for one third of the CNC machinery market, and aerospace and defence segment is estimated to maintain its leadership status throughout the forecast period.      Rapid industrialization have significantly increased CNC machines demand throughout the globe.       The CNC machines are used to manufacture various engine components such as crankshafts, camshafts, and pistons, as well as transmission parts such as gears and shafts for the automotive industry.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting to nearly half of the global CNC machinery market revenue The manufacturing sector in countries such as India and China has witnessed substantial growth in the past few decades, owing to availability of workforce and low-cost manufacturing.      CNC machinery is widely used in many industries throughout the Asia-Pacific region.      The region's three major economies are anticipated to be China, India, and Japan.      Considering its position as the world's biggest manufacturing center, China is anticipated to remain a significant market for CNC lathe and milling machinery.      It is anticipated that the demand for advanced CNC machinery will increase because of the country's growing investment in automation and production technologies.