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CNC market to expand by 2022

Source:International Metalworking News for Asia- December 2019

Date Published:12/3/2019 08:12:20 PM

    The Computer Numerical Control (CNC) Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $18,293 million by 2022, registering a CAGR of 5.5 per cent during the period 2016 - 2022.

The industrial machinery sector is expected to dominate the global CNC market during the forecast period.

Increase in demand in mass production plants for various applications including electronic parts manufacturing, machining plastics, engraving steel, thermoforming, and machining graphite have fostered the adoption of CNC. In addition, the increase in production efficiency and better accuracy and precision of equipment in various sectors such as aerospace, automobile, healthcare, electronics, and industrial machinery are expected to drive the market growth.

However, high cost of CNC machines with highly advanced software languages restrict the market growth. Innovative developments in technologies and machine tool equipment along with increase in number of application areas such as micro drilling, dispensing, dental, and rapid prototyping are expected to provide numerous opportunities for the growth and development of the CNC market.

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