PUNE, India, June 28, 2017 /PRNewswire/ --
According to the new market research report "CNC Market by Hardware (CNC Machine and CNC Controller), Machine Type (CNC Machining Center and CNC Turning Center), Axis Type (2-Axis, 3-Axis, 4-Axis, 5-Axis, and Multiaxis), Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the CNC market is projected to be valued at USD 3.70 Billion by 2023, growing at a CAGR of 3.8% between 2017 and 2023.
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Browse 31 market data tables and 59 figures spread through 173 pages and in-depth TOC on "CNC Market - Global Forecast to 2023"
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Further, the market for CNC machines is projected to be valued at USD 63.51 Billion by 2023, growing at a CAGR of 2.2% between 2017 and 2023. Factors driving the growth of the market include increase in the adoption of industrial automation in the manufacturing sector, ability to reduce operating cost, and rising demand for mass production across end-user industries.
"Controller market for CNC machining center expected to grow at highest CAGR between 2017 and 2023"
They cover a wide range of operations-from small individual parts to large, heavy-duty gang milling operations. It is one of the most commonly used processes in the manufacturing industry and machine shops for machining the parts to accurate sizes and shapes. This is expected to drive the growth of the controller market for CNC machining center during the forecast period.
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"3-axis CNC machines projected to account for largest share of the CNC controller market during forecast period"
They offer high speed and accuracy. Also, it caters wide range of applications, such as metal engraving, fine machining, and prototyping. Thus, It holds the largest share of the controller market, and it is expected to remain dominant throughout the forecast period.
"Market for aerospace and defense industry to grow at highest CAGR between 2017 and 2023"
The aerospace and defense industry requires equipment, machines, or parts that are of high quality and can deliver high performance with zero failure rate. Thus, the adoption of controllers that can control advanced machines is increasing significantly, which is expected to drive the growth of the CNC controller market for the aerospace and defense industry during the forecast period.
"APAC projected to hold largest share of the controller market during forecast period"
APAC is home to some of the largest multinational corporations operating in this market, including a majority of leading players of the CNC market. The growth of the market is primarily driven by growing manufacturing sector in the region. Furthermore, continuous advancements and technological innovations in various industries; economic development in China, Japan, and India; growing infrastructural developments in other countries in Southeast Asia; and increasing foreign investments in this region drive the market growth.
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FANUC Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Siemens AG (Germany) are the leading players in the CNC controller market. Furthermore, key players in the CNC machine market are Bosch Rexroth AG (Germany), DMG MORI CO., LTD. (Japan), Fagor Automation (US), Haas Automation, Inc. (US), Hurco Companies, Inc. (US), Okuma Corporation (Japan), Wuhan Huazhong Numerical Control Co., Ltd. (China), and Yamazaki Mazak Corporation (Japan).
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