Dublin, June 10, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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 growth of the CNC controller market is majorly driven by the rising adoption of industrial automation in manufacturing industries and the increasing demand for mass production across the automotive industry, COVID-19 has emerged as a global pandemic that has spread in several countries worldwide and disrupted various industries around the world.
The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user applications may have a considerable direct impact on the CNC controller market.
Indirect sales channels expected to grow at highest CAGR during the forecast period.
Manufacturers majorly provide CNC controllers to end users through indirect sales channels or third-party providers. Most key players in the market have well-established sales networks and distribute their products worldwide. End users may lack the expertise required to integrate CNC controllers into CNC machines; thus, installations are majorly undertaken by system integrators or third-party providers appointed by companies. Owing to these factors, the indirect sales channel segment is projected to grow at a higher CAGR during the forecast period.
Automotive industry is expected to contribute largest share of market during the forecast period.
The automotive segment is estimated to account for the largest share of the 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 contribute the largest share of market during the forecast period.
APAC is estimated to account for the largest share of the CNC controller market in 2021. The 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 (Japan), Haas Automation (US), Hurco Companies (US), and Okuma (Japan) among others, are some of the key players in the market.
APAC to Offer Lucrative Growth Opportunities for the CNC Controller Market in the Coming Years
The Software & Services Segment to Grow at the Higher CAGR During the Forecast Period
The 3-Axis Segment Accounted for the Largest Market Share in 2020
The Automotive Segment to Lead the Market During the Forecast Period
Mexico CNC Controller Market to Grow at the Highest CAGR During the Forecast Period
Risen Adoption of Industrial Automation in Global Manufacturing Industry
Increased Demand for Mass Production of Identical Parts Across Automotive Industry
Reduction in Operating Costs and Enhanced Production Efficiency of Manufacturing Plants with Deployment of CNC Machines
Decline in Demand for New CNC Machine Installations Owing to Adverse Impact of COVID-19 on Global Manufacturing Sector
High Capital Requirements for Installation and Maintenance of CNC Machines
Increased Retrofitting and Reconditioning Requirements of CNC Controllers
Integration of 3D Printing Technology with CNC Machining
Lack of Skilled Manpower to Operate Complex CNC Machines
Case Study Analysis
Automating Process Using Custom CNC System
Designing Emb-80S Odm Industrial Motherboard for CNC Machines
Machine Tool Technologies (Mtt)
Wuhan Huazhong Numerical Control
Adtech CNC Europe
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