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The global CNC machine market size is expected to showcase exponential growth by reaching USD 128.41 billion by 2028. This information is published by 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 Machinery, Transport Machinery, Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 81.95 billion in 2020 and is projected to exhibit a CAGR of 6.3% between 2021 and 2028.
NPI Solutions Ltd. Upgrades Old Machine Centers with Significant Investments
In July 2020, NPI Solutions, Ltd., a leading precision machine subcontractor, announced its investments to replace older machining centers. The company has purchased two new Doosan vertical machine centers such as Doosan DNM 6700 and DNM 4000. Moreover, the company brought a new advanced cobot at its 46,000 square feet facility. NPI has decided to invest in the latest technology to improve its operational productivity and efficiency. Kevin Priestly, Managing Director of NPI, said, “We are committed towards continual development and periodically monitor and review our performance. Our older machines were creating a lag in our operations affecting productivity at large. So, we decided to upgrade our machines and approached Mills CNC to further discuss the purchase of the advanced Doosan machines.” Such significant investments by the companies is likely to propel the demand for advanced computer numerical control machines globally.
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Increasing Focus on Digitalization to Spur Demand
According to the data by the World Economic Forum, digital transformation of companies is estimated to add about USD 100 trillion to the global economy by 2025. Moreover, 90% of the companies are likely to adopt modern technologies into their products and processes by 2025. The growing demand for efficiency, quality, and simplified processes is expected to drive the demand for digitalization worldwide. In addition to this, the onslaught of the COVID-19 pandemic has propelled the companies to go digital to sustain their businesses. These factors are anticipated to bode well for the global CNC machine market growth in the forthcoming years.
Partnership between Prominent Companies to Brighten Their Market Positions
The market is experiencing a healthy competition between major companies that are striving to maintain a stronghold. These companies are partnering with other companies to develop advanced CNC type of machines to cater to the growing demand for several industrial applications worldwide. Furthermore, the adoption of inorganic and organic strategies by other key players to maintain their dominance is anticipated to favor the market growth in the forthcoming years.
List of the Companies Operating in the Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
Type, Application, Region