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The global CNC (Computer Numerical Control) machine market size is expected to exhibit strong growth by reaching USD 140.78 billion by 2029, exhibiting a CAGR of 7.1% during the forecast period. Fortune Business Insights™ in its report titled “CNC (Computer Numerical Control) Machine Market Size, Share & COVID-19 Impact Analysis, By Type (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Engineering, Transport Machinery, Others), and Regional Forecast, 2022-2029” observes that the market in 2021 was valued at USD 83.99 billion and reached USD 86.83 billion by 2022. The market is expected to exhibit a CAGR of 7.1% during the forecast period. Rising demand for efficiency in machining products and increasing demand for mass customization may boost industry growth.
NPI Solutions Ltd. Invested Heavily in Novel Machining Centers to Expand Production
NPI Solutions Ltd. invested significantly in new Doosan vertical machining centers and novel Doosan supplied by Mills CNC cobot in July 2020. This strategy may allow NPI Solutions Ltd to enhance its production and bolster sales.
Strong CNC Demand from the Healthcare Industry to Boost Market Progress
This industry is likely to be positively impacted during the COVID-19 pandemic due to the strong demand for CNC machine from the healthcare industry. Rapidly inclining COVID-19 infections led to automation in several sectors globally. This factor elevated the adoption of the technology in the healthcare industry. Moreover, the pharmacy industry also facilitated the growth of this market due to the rising adoption of efficient technologies for the production of healthcare services and products. Furthermore, rapid digitalization enhanced the adoption of CNC machines. These factors fueled industry growth during the pandemic.
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Robust Demand for Internet-of-Things (IoT) to Foster Industry Growth
Computer Numerical Control machine controls machine tools using computerized systems. Strong demand for IoT is expected to bolster CNC machines’ sales. Furthermore, the incorporation of advanced digital technologies may elevate the demand for CNC in several industries. Rapid digitalization and industrial automation may elevate the adoption of CNC machines. Moreover, increasing investment in IoT in the manufacturing sector is likely to drive the technology’s adoption across several industries. For example, according to sources, the manufacturing industry invested nearly USD 267 billion to develop IoT services in 2020. These factors are likely to drive the Computer Numerical Control machine market growth.
Companies Devise Collaborations to Expand their Market Reach
Prominent players operating in the industry enter into collaborations to expand their market reach. For example, Fanuc Corporation collaborated with Preferred Networks, Inc. in April 2019 to develop the AI Servo Monitor. The software controls and collects feed and spindle axis machines with high-speed sampling and boosts the overall performance. This strategy may enable the company to capture a wide audience and expand its market reach. Further, major companies adopt product launches, expansions, mergers, automation, and research and development to achieve organizational goals and bolster their market position.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Report Scope & Segmentation
Value (USD billion)
By Type, Application, and Region