In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global CNC Milling Machines Market Report. The CNC milling machines market is expected to reach USD 21.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "CNC Milling Machines Market - Global Outlook & Forecast 2021-2026" - https://www.reportlinker.com/p06129711/?utm_source=GNW
55 billion by 2026, growing at a CAGR of 8.72%.
Milling is a method of removing excessive or unwanted material from any metal or other objects using a rotary cutter to give it a desired shape and size. This is done using a milling machine which is either manually controlled or automatic or both. The major end-users of CNC milling machines include automotive, aerospace, electrical & electronics, and others. The automotive sector accounts for the highest share in the global computer numerical control milling machines market among the end-users. It can be due to the high demand for precision parts and other parts used in the automotive sector. Moreover, the global automotive industry is the major contributor to the world’s economy and generates the highest demand for CNC milling machines. In 2020, the automotive sector accounted for over 35% of the market.
The following factors are likely to contribute to the growth of the CNC milling machines market during the forecast period:
• Open architecture & Rising Subscription Based CAD Software
• Increase in Automation Expenditure.
• Advancement in CNC & Milling Machinery
• With a rising emphasis on Industry 4.0, vendors operating in the market are also revolutionizing their procedures by leveraging automated manufacturing systems. It has pushed the demand for CNC milling machines in the past.
• The COVID-19 pandemic has led to several casualties and negative impacts on many businesses worldwide. Several automotive manufacturers shut down their production facilities due to the imposed lockdown. Therefore, the utilization of CNC milling declined in 2020 due to a lack of investments from end-users. It is one of the sharpest declines in the market after the economic recession of 2008.
• Due to the COVID-19 pandemic, the Chinese supply reduction of intermediate inputs has impacted the productive capacity. Thus, exports of any given country are based on how dependent its industries are on Chinese suppliers.
• Vertical and horizontal milling machines both perform roughly the same operations, but the production process is different. Both types have advantages and disadvantages, and both are better suited to operations. However, since vertical milling machines are cheaper than others, they are most popular used across end-users.
• The 3-Axis type CNC milling machine is the most popular concerning axis type because of its low price and simplicity to use. However, there are limitations with this type of machine as it cannot be used on a machine with complex geometry.
• 5-6 axis CNC milling machine offers fast working, precise, and micromachining. It has several functions which are superior to 3 or 4-axis milling machines. These machines are majorly used for producing parts/components such as aerospace products, oil, and gas machine parts, car molds, medical technology, architectural door frames, military-grade products, and others. As a result, factors such as high precision, application in complicated operations, and enhanced productivity are projected to drive demand for 6-axis CNC milling machines.
• The demand for CNC milling machines is supposed to increase in the coming years due to expansions and investments by private and public players. Automotive, aerospace, electronics, and other industries have strengthened their presence in Europe, APAC, and North America and are still expanding in various countries.
By Product Type
• Vertical CNC Milling Machines
• Horizontal CNC Milling Machines
• Universal CNC Milling Machines
By Axis Type
• 3 Axis
• 4 Axis
By End User
• Electrical & Electronics
• Aerospace & Defense
• In 2020, APAC was the most significant revenue contributor to the global CNC milling machine market, with almost half of the market shares. In APAC and globally, China accounted for a substantial stake in the CNC tools market because of the increasing number of investments in the industrial automation market and YoY growth in government spending toward defense aircraft and equipment in major economies across the region.
• Europe was the second-largest market for machine tools in 2020, The region was led by Germany, where the demand for CNC milling machines is high.
• Latin American industrial production made substantial gains, especially in the automotive, electrical, and electronics sectors hence driving demand for CNC milling machines.
• Saudi Arabia Government has invested over USD 70 billion to build six cities with regulatory adjustments and infrastructure to attract manufacturing companies. Thus, there is an expected surge in demand for machine tools in the region.
o South Korea
• North America
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
• COVID-19 has adversely affected the computer numerical control milling machines market share. The competition is intense between the big players, and the key markets for vendors are North America, APAC, and Europe. The prominent vendors in this market are Doosan, Fives, F-Zimmermann, Jtekt, and Makino.
Other Prominent Vendors
• Ace Micromatic Group
• Chiron Group SE
• General Technology
• DMG Mori
• Electronica Hitech
• Falcon Machine Tools
• GF Machining
• Gleason Corporation
• Haas Automation
• Hyundai Wia
• Okuma Corporation
• Schuler AG
• 600 Group
• Yamazaki Mazak
KEY QUESTIONS ANSWERED:
1. At what CAGR is the CNC milling machines market projected to grow in the forecast period (2021-2026)?
2. What are the factors enabling the CNC milling machines market growth?
3. Which region has the highest share in the CNC milling machines market?
4. What are the major developments in the CNC milling machines market?
5. Which segment is growing at a fast rate in the CNC milling machines market?
Read the full report: https://www.reportlinker.com/p06129711/?utm_source=GNW
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