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CNC market to grow by 2022

Source:International Metalworking News Release Date:2017-04-10 470
Metalworking
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The Computer Numerical Control (CNC) Market Report, published by Allied Market Research. 

The forecasts show that the global market is expected to garner $18,293m by 2022, registering a CAGR of 5.5% during the period 2016 - 2022. 

The industrial machinery sector is expected to dominate the global CNC market during the forecast period. Europe is expected to be the leading contributor to the global revenue during the forecast period.

Demand drivers

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, the high cost of CNC machines with highly advanced software languages restrict 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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