The CNC Metal Cutting Machine Market has experienced significant growth over the years, and is expected to continue growing in the coming years. CNC metal cutting machines are a type of industrial machinery that use computer numerical control (CNC) to accurately and efficiently cut, shape, and form metal materials.
The global CNC Metal Cutting Machine Market size was valued at $53.1 billion in 2020, and is projected to reach $83.4 billion by 2030, registering a CAGR of 4.2% from 2020 to 2030.
Top Companies
Amada Holdings Co., Ltd., Coherent, Inc., DMG MORI CO., Ltd., Hurco Companies, Inc., Komatsu Ltd, Lincoln Electric Holdings, Inc., Maschinenfabrik Berthold Hermle AG, Okuma Corporation, TRUMPF GmbH + Co. KG, and Yamazaki Mazak Corporation.
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The demand for these machines has increased due to the growing adoption of automation in the manufacturing industry, as they allow for greater precision, speed, and productivity in metalworking operations.
By type, the market is segmented into machining centers, lathe machines, gear cutting machines, laser cutting machines, and others. Among these, the machining centers segment accounted for the highest market share in 2020 and laser cutting machines is expected to witness significant growth during the forecast period, owing to increase in demand for automotive and defense industries. The market is analyzed with respect to different applications in industrial verticals such as Automobile, Aerospace & defense, Electronics, Power & Energy, and Others. The CNC Metal Cutting Machine market growth of global manufacturing industry and increased investment in automotive, aerospace & defense, and electronic manufacturing industry. However, high initial cost of the potential to limit growth of the market.
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The rise in global population and surge in purchasing power of masses in developing countries have significantly increased the demand for automobiles, thereby fueling the use of CNC metal cutting machines in automotive industry. Moreover, surge in demand for efficient and precise metal cutting machines drive the CNC metal cutting machines market. In addition, increased investments in global defense and aerospace manufacturing industry fueled by changing global economic & power dynamics propel demand for CNC metal cutting machines.
However, during the pandemic, various manufacturers in the CNC metal cutting machine market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of CNC metal cutting machine companies. In addition, lack of manpower and raw materials constricted supply of components of CNC metal cutting machines; and has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for corona virus disease are anticipated to lead to re-opening of CNC metal cutting machine companies.
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