April 18, 2023 09:31 ET | Source: The Insight Partners The Insight Partners
Pune, India., April 18, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “CNC Milling Machines Market Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Structure, X-Axis Working Range, Number of Axis, Application, and Geography,” the market is expected to grow from US$ 8,616.03 million in 2023 to US$ 14,419.53 million by 2028; it is estimated to grow at a CAGR of 10.8% from 2023 to 2028. Appliance Rubber Feet
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Global CNC Milling Machines Market Growth Drivers: • Increasing demand for precision and accuracy: CNC milling machines offer greater precision and accuracy compared to traditional milling machines, making them ideal for a wide range of applications across various industries. As a result, there is growing demand for CNC milling machines from industries such as aerospace, automotive, and medical devices. • Advancements in technology: The development of new technologies, such as 5-axis and 6-axis CNC milling machines, is driving the CNC milling machines market growth. These machines offer greater flexibility and efficiency, enabling manufacturers to produce complex parts with greater accuracy and speed. • Growing adoption of automation: The use of automation in CNC milling machines is increasing, as it can help manufacturers reduce costs, improve efficiency, and minimize errors. Automation also allows for the creation of complex parts with minimal human intervention. • Increasing demand for customization: Customers are increasingly demanding customized products, which require manufacturers to have the flexibility to produce small batches of products quickly and efficiently. CNC milling machines offer this flexibility, allowing manufacturers to produce customized products with minimal setup time. • Growing demand from emerging economies: The CNC milling machines market is experiencing strong growth in emerging economies, such as China, India, and Brazil, where there is increasing demand for precision parts from various industries.
Global CNC Milling Machines Market Recent Developments: • Growing adoption of Industry 4.0: The adoption of Industry 4.0 principles, such as the Industrial Internet of Things (IIoT) and digitalization, is driving the development of more advanced CNC milling machines. These machines are increasingly connected to the internet and can communicate with other machines and systems, enabling manufacturers to optimize their operations and improve their efficiency. • Increased use of hybrid machines: Hybrid CNC milling machines, which combine additive and subtractive manufacturing processes, are becoming increasingly popular. These machines can produce complex parts with greater efficiency and accuracy, and can also reduce waste by using only the necessary amount of material. • Advancements in software: The development of more advanced software for CNC milling machines is driving the CNC milling machines market growth. These software solutions offer greater control and flexibility, enabling manufacturers to optimize their processes and improve their productivity. • Growing focus on sustainability: Sustainability is becoming an increasingly important consideration for manufacturers, and the CNC milling machines market is no exception. Manufacturers are developing machines that use less energy and generate less waste, while also producing parts with greater precision and accuracy. • Increasing demand for automation: Automation is becoming increasingly important in the CNC milling machines market, as manufacturers seek to improve their efficiency and reduce costs. Manufacturers are developing machines that can operate autonomously or with minimal human intervention, allowing for greater productivity and flexibility.
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The automotive industry across the globe is experiencing significant changes such as rise in production of electric vehicles and autonomous vehicles. Many automotive manufacturers have increased their production through the adoption of automation and production plant expansion across the globe. A few of the new manufacturing plants opened in recent years are mentioned below: In September 2021, Ford announced the opening of its new electric vehicle manufacturing plant in the US with an investment of US$ 11.4 billion. In September 2022, Continental unveiled its new automotive production plant in Texas with an investment of US$ 110 million. In October 2021, Nissan announced the opening of its new production plant in Tochigi. The factory is engaged in the manufacturing of next-generation vehicles for attaining carbon neutrality.
The opening of new production plants across the globe is contributing to the rise in vehicle production. CNC milling machines are used widely for automotive production, including the manufacturing of several parts such as interior panels, gearboxes, custom parts, and motors. Thus, the growing automotive production across the globe is driving the demand for CNC milling machines, thereby contributing to the growth of the CNC milling machines market.
Global CNC Milling Machines Market: Impact of COVID-19 Pandemic The manufacturing sector experienced significant losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the industry across North America. Moreover, the social/physical distancing measures put limitations on the operations of logistics and other service providers. Thus, supply chain disruptions, social distancing norms, and travel restrictions reduced the production of CNC milling machines across the region. According to the BP Statistical Review of World Energy 2020, the US is the world's largest producer and consumer of natural gas. However, the lockdown imposed in the country in mid-2020 due to the COVID-19 outbreak resulted in a considerable decline in oil prices that further restricted the oil & gas industry-related activities, such as storage and transportation of liquid gasses. Due to this, CNC milling machines manufacturing companies faced a decline in demand from the sector across the region. However, the industries started to reopen during the Q3 of 2020, which helped revive the market. Similarly, the automotive, aerospace, and electronics & semiconductor manufacturing also declined in the first two quarters of 2020, further dropping the demand for CNC milling machines. However, the reopening of economies and production plant expansion by the above-mentioned industries influenced the demand for CNC milling machines, thereby contributing to the CNC milling machines market growth.
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Global CNC Milling Machines Market: Structure Overview Based on structure, the CNC milling machines market size is segmented into gantry, moving table, fixed table, and column type. The gantry segment accounted for the largest share in the CNC milling machines market in 2022. The gantry moves along the worktable's longitudinal axis (X-axis), allowing the router to etch out desired patterns on the surface of a milled object. Most gantry can house multiple routers, allowing simultaneous cutting activities on the milled object. The gantry incorporates a motor or similar power system to move and operate the CNC router spindle. The spindle is free to move along the gantry (Y-axis), and the gantry is free to move along the X-axis. Thus, most CNC milling machine has at least two machining axes. Gantry milling machines are one of the most common CNC machine types widely used for various applications across different industry verticals, such as woodworking, aerospace, and automotive. Leading players are constantly developing and launching new gantry mills, owing to the rising competitiveness in the segment. In September 2022, Zimmermann Milling Solutions launched FZ32, FZ37, and FZ42 CNC gantry milling machines. New product launches and the growing demand for CNC milling machines promote the CNC milling machines market for the gantry segment.
Global CNC Milling Machines Market: Competitive Landscape and Key Developments Okuma Corporation, Nidec, NICOLÁS CORREA S.A, AWEA MECHANTRONIC CO. LTD, and Emco are a few key players operating in the CNC milling machines market. During this study, several other market players were analyzed to get a holistic view of the CNC milling machines market size and its ecosystem.
In 2022, Okuma Corporation developed the GENOS M560V-5AX, a 5-axis machining center with a 500 mm table. The company has developed the compact and easy-to-use GENOS M560V-5AX, which unprecedently achieves both high accuracy and decarbonization (energy saving) for the European and US markets.
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