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The global CNC (Computer Numerical Controls) machine tools market size is projected to reach USD 117.65 billion by 2027 owing to the steady expansion of the metal fabrication industry, states Fortune Business Insights™ in its report, titled “CNC (Computer Numerical Controls) Machine Tools Market Size, Share & COVID-19 Impact Analysis, By Type (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2020-2027”. As per the report, the value of the market was at USD 82.40 billion in 2019 and is expected grow at a CAGR of 5.3% from 2020 to 2027.
The COVID-19 pandemic is expected to have a mixed impact on the CNC machine tools market growth. On one hand, downturn in manufacturing activities is stifling the demand for CNC machining; on the other hand, surging demand for hospital equipment such as ventilators has suddenly increased the employment of these machines.
NPI Solutions Invests in Vertical Machining and Cobots amid the COVID Pandemic
US-based NPI Solutions announced in August 2020 that it has invested in two Doosan vertical machining centers as well as Doosan cobot, both of which will be supplied by Mills CNC. The Doosan DNM 6700 and DNM 4000 were installed by NPI at its facility in July 2020, replacing the older machining centers that had grown outdated and obsolete. The company decided to invest in these cutting-edge technologies during the coronavirus pandemic to ensure that its manufacturing capabilities are aligned with consumer requirements. More importantly, the investments are seen by NPI as a milestone in its decade-long relationship with Doosan and Mills CNC.
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Development of Industry 4.0-enabled CNC Machines to Brighten Market Prospects
Industry 4.0, or the Fourth Industrial Revolution, refers to the utilization of artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML) technologies to optimize production and manufacturing processes using data. CNC machine tools are expected to play an instrumental role in advancing smart manufacturing technologies across the industrial spectrum. Recognizing the vast potential of these machines, many companies in the CNC machining domain have developed products powered by Industry 4.0 technologies. For example, Mazak Corporation has created SMOOTH Technology, a CNC engineered to bring Industry 4.0 capabilities of data analytics and connectivity to any machine shop factory or plant. Similarly, the Dutch automation company, Cellro, has developed loading robots called Elevate and Xcelerate that deliver automation to a wide range of CNC machines.
Leading Players to Capitalize the Growing Demand for Automation
The demand for industrial automation is steadily rising and key players in this market are pulling all stops to exploit this trend. Their primary goal is to develop CNC products and solutions to capitalize on the disruptions created by smart production technologies, thus enabling companies to smoothly transition from conventional to next-gen manufacturing. As a result, the market players are heavily investing in innovation and diversifying their offerings in a bid to solidify their position as well as carve niche space for themselves in the market.
List of Key Players Covered in the CNC (Computer Numerical Controls) Machine Tools Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)