CNC Machine Tools Market by Product and Geography — Forecast and Analysis 2020–2024 | Technavio
The CNC machine tools market size has the potential to grow by USD 24.91 billion during 2020–2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (CNC lathe machines, CNC milling machines, and other CNC machines) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including 600 Group Plc, AMADA HOLDINGS Co. Ltd., DMG MORI Co. Ltd., FANUC Corp., General Technology Group Dalian Machine Tool Corp., JTEKT Corp., Komatsu Ltd., Shenyang Machine Tools Co. Ltd., TRUMPF GmbH + Co. KG, and Yamazaki Mazak Corp.
There is rising usage of CNC machine tools in various industrial applications because of their benefits, such as an increase in productivity and reduction in process timing. Using pre-programmed sequences, CNC machine tools can reproduce parts in the exact quantity required, and these tools also ensure the reproduction of identical parts. Additionally, the use of CNC machine tools also reduces the need for extra tooling and accessories and human intervention, which results in the overall reduction in operating costs. Such benefits will increase their demand, fueling market growth.
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There is increasing commercial use of advanced CNC machines and machining centers, one of the vital CNC machine tools market trends, as it induces manufacturers to develop new milling tools that are more efficient and versatile. The vendors are already focused on developing new cutting tools with minimum radial, and axial run out and increased accuracy to deliver improved surface finish. This will enhance the tool life and also improve its tolerance to tighter parts. Such factors will drive market growth at a CAGR of over 9% during the forecast period.
