In a recent published report, Kenneth Research has updated the market report for Computer Numerical Controls (CNC) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Computer Numerical Controls (CNC) Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Computer Numerical Controls Market is estimated to reach $87 billion by 2024; growing at a CAGR of 6.9% between 2016 and 2024. Computer numerical control (CNC) is a computer-aided machine tool system in which the functions of the machines are controlled by a program consisting of a coded alphanumeric data. It is considered as a staple of modern manufacturing. A CNC system majorly consists of three components which includes part program, machine control unit (MCU) and machine tool. They can be used to control both the machine tools as well as the non-machine zones. CNC has been widely used for lathe, milling machine, drill press, laser, grinding unit and tube bending machine, among others. In the non-machine areas, the applications include coordinate measuring machine, tape laying and electronic assembly, among others. CNC offers various benefits such as high accuracy in manufacturing, reduction in human error & production time and higher manufacturing flexibility.
Increase in the number of small manufacturing units with need for automated machines and non-availability of labors fuels the growth of the global computer numerical controls market. Rising disposable income among middle-level families in emerging economies and need for mass production of various goods also supports the growth of the CNC market. However, high maintenance cost of machines and non-availability of skilled programmers limits the growth of the market. Increasing number of applications and advancements in techniques may provide growth opportunities in the coming years.
Type, application and geography are the key segments of the global computer numerical controls market. Type segment includes lathe machines, grinding units, milling machines, welding machines, lasers, winding machines and others. Furthermore, by applications, it is segmented into power & energy, automotive, defense & aerospace, industrial, and others.
The computer numerical controls market has been bifurcated by geography into North America, Europe, Asia-Pacific and RoW. The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, Japan, India, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
The key players in the CNC market include Dr. Johannes Heidenhain GmbH, Mitsubishi Electric Corp., Seimens AG, Bosh Rexroth AG, Roger Automation, Fanuc Corporation, Sieb & Meyer AG, Haas Automation, GSK CNC EQUIPMENT Co. Ltd., and Soft Servo Systems, among others.
The key takeaways from the report:
The report will provide detailed analysis of Computer Numerical Controls Market with respect to major segments such as type and application
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Computer Numerical Controls Market has been provided in the report.
Profile of the key players of the Computer Numerical Controls Market, will be provided, which include key financials, product & services, new developments and business strategies.
Scope of Computer Numerical Controls Market
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Defense & Aerospace
Power & Energy
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