CHICAGO, April 19, 2021 /PRNewswire/ -- According to a research report "CNC Controller Market with COVID-19 Impact by Offering (Hardware and Software & Services), Machine Type, Axis Type (2-Axis, 3-Axis, 4-Axis, 5-Axis, and Multi-axis), Sales Channel, Industry, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global CNC Controller Market size was valued at USD 2.8 billion in 2021 and is projected to reach USD 3.4 billion by 2026; it is expected to grow at a CAGR of 3.6% from 2021 to 2026. The key factors fueling the growth of this market include rising adoption of industrial automation in manufacturing industries and increasing demand for mass production across various end user industries.
Software & services offering accounted for largest size of the CNC controller market in 2020.
The software offering plays a major role in the overall CNC controller system as modern CNC systems operate with upgraded software for better performance and the efficient control of machine operations. Major services such as retrofitting, maintenance, installation, and reconditioning are provided for the CNC controller when it is purchased by the end user. Software & services are significant components that ensure the efficient performance of CNC controllers and account for a major share of the overall market.
Automotive industry is expected to hold the largest size of the CNC controller market in 2021.
To ensure enhanced power consumption and safety, modern automobile manufacturers adopt IoT and V2X communication technologies which enable vehicles to communicate with smart traffic signals. Thus, such advancements in automotive manufacturing technologies and increasing investments by key automotive manufacturers are some of the factors expected to drive the growth of the market in the automotive industry during the forecast period.
APAC is expected to account for the largest share of CNC controller market from 2021 to 2026.
Growth of the market is majorly driven by the growing manufacturing sector in the region. Continuous advancements and technological innovations in various industries; economic development in major economies such as China, Japan, and India; increasing infrastructural developments in Southeast Asian countries such as Singapore, Thailand, and Malaysia, among others; and rising foreign investments in this region is expected to fuel market growth.
FANUC(Japan), Siemens (Germany), Mitsubishi Electric (Japan), DMG MORI(Germany), and Haas Automation (US)., Hurco Companies (US), Okuma (Japan), and Yamazaki Mazak (UK), among others, are some of the key players in the market.
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