Why Computer Numerical Control Machines has been a bustPosted by Mrudula Anil Karmarkar on March 8th, 2022 The global computer numerical control machines market size is expected to reach USD 126.27 billion by 2028, registering a CAGR of 7.5% from 2021 to 2028, according to a new study by Grand View Research, Inc. The rising need for minimizing operating costs and errors in machine components and increasing efficiency in manpower deployment has led to the increased demand for automation and CNC machines. Governments across the globe have imposed restrictions on transportation owing to the COVID-19 pandemic, which has resulted in port closures. Factors, such as reduced availability of air transportation facilities and stringent border controls, are delaying the procurement of raw materials and components. The resulting delay in the shipment of products to customers is further adding to operational costs. While the situation is adversely affecting profitability and competitiveness, market players are also losing ground in the market as customers are looking to approach alternative suppliers. Technological proliferation has enabled manufacturers to use the Internet of Things (IoT) and machine learning in controllers. The use of these technologies in Computer Numerical Control (CNC) Machines led to the development of software applications that are compatible with PCs and smart devices, which allows operators and supervisors to control the machines remotely. Furthermore, the use of IoT is expected to bring about several innovations in terms of automation in the field, which would help save time and improve the productivity of companies. Manufacturers are increasingly focusing on current technological trends in the field of software to enhance the connectivity of machines with operators and improve flexibility on the shop floor area. Several companies are investing in R&D activities to improve the equipment design in a way that reduces the floor space required and allows multiple operations to be carried out by the same equipment, thereby improving the productivity of the plant. This is anticipated to boost the market growth. The COVID-19 pandemic has negatively affected the market in terms of new sales and installations. However, the existing Computer Numerical Control (CNC) Machines across the globe are being used to manufacture components for medical products, such as masks, respirators, & filters, and critical infrastructure during the pandemic. As such, even with the imminent slowdown of the market growth, it is expected to recover fully in a short term. The pandemic has compelled several companies operating in the machine tool market to temporarily halt manufacturing operations to comply with new government regulations. Revenue streams have been directly affected due to the adverse impact caused by supply chains and trade disruptions on the overall business operations. To Request Sample Copy of this report, click the link: Computer Numerical Control Machines Market Report Highlights
List of Key Players of Computer Numerical Control Machines Market
Like it? Share it!More by this author |