CNC Machines Market Is Growing Owing To Increasing Awareness About Energy and Heavy Industry Worldwide
Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. The global CNC Milling Machines market is projected to be US$ 14,785.9 Mn in 2018 to reach US$ 25,995.4 Mn by 2028 at a CAGR of 5.8%.
Earlier, milling machines were either manually or mechanically automated, however significant technological advancements have led to the development of Computer Numerical Control machining. Computer Numerical Control (CNC) has been integrated in a number of new machinery and technologies, and CNC milling machine is one of the most common form of CNC machining. These machines are used for shaping of metal and other solid materials, with two basic forms of CNC milling machines: horizontal and vertical, referring to the orientation of the cutting tool spindle. CNC milling machines usually require a Computer Aided Design/ Computer Aided Manufacture (CAD/CAM) software for proper functioning. The numerical information generally “G and M” codes is used to control and drive the machining center, which is used to fabricate components using cutting tools for removal of material.
Rapid growth of manufacturing sector in both developed and developing countries, coupled with growing trend for smart-machining, connected factories and additive manufacturing is estimated to increase demand for CNC milling machines over the forecast period.
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However, high initial set-up cost and considerable investments in RD activities for development of products reflects on the final product price, as well as limits participation of several players in the market. Nonetheless, Introduction of 6-axis CNC milling machines for machining of aluminum, steel, cast iron and model making materials, lowers production time by 75%, finds usage in aerospace and automotive parts, plus model-making and mould applications, which is expected to further augment growth of the target market.
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Global CNC Milling Machines market is segmented on the basis of product type, application and region. On the basis of product type, the market is segmented into High Speed CNC Vertical Milling, High Speed CNC Horizontal Milling, High Speed CNC Vertical Machining Center, High Torque CNC Vertical Milling, CNC Boring Mills and Other types. The High Torque CNC Vertical Milling segment accounts for the majority share and followed by High Torque CNC Horizontal Milling segment. On the basis of application, the market is segmented into Aerospace Defense, Automotive, Energy Heavy Industry, Mold Making, Job Shop and OEM and Other Applications. The Aerospace Defense segment accounts for a majority share in the global CNC Milling Machines market.
On the basis of region, the market is segmented into United States, Europe, China, Japan, Southeast Asia, India and Rest of the World. The Europe accounts for the majority share in the global CNC Milling Machines market. China is expected to register highest growth rate over forecast period. Regions such as Europe, and United States are expected to register stable growth over the forecast period.
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The research report on the global CNC Milling Machines market includes profiles of some of major companies such as Georg Fischer AG, Haas Automation, Inc., SYIL Machine Corp., DMG Mori Co., Ltd. Mitsubishi Corporation, Hurco Companies, Inc., Okuma Corporation, Doosan Corporation, Makino Milling Machine Co., Ltd., HYUNDAI WIA Corporation.