CHICAGO, Oct. 18, 2023 /PRNewswire/ -- The global CNC market size is projected to grow from USD 67.5 billion in 2023 to USD 80.4 billion by 2028, at a CAGR of 3.5% during the forecast period according to a new report by MarketsandMarkets™. Increasing automation in manufacturing industries globally and rising mass production of high-precision components for high-growth industries are driving the market.
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CNC Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 67.5 billion |
Estimated Value by 2028 | $ 80.4 billion |
Growth Rate | Poised to grow at a CAGR of 3.5% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Product Type, End-User Industry & Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Lack of expert technicians to operate CNC machines |
Key Market Opportunities | Increasing demand for artificial intelligence-based systems in manufacturing |
Key Market Drivers | Increasing automation in manufacturing industries globally |
Machines segment to hold the largest size of the CNC market during the forecast period.
The machines segment is expected to account for the largest size of the CNC market throughout the forecast period. Machines are integral in manufacturing and machining processes and are indispensable in achieving precision and consistency in producing essential components in various industries. Additionally, various manufacturing operations rely intemperately on CNC machines as their primary production processes. Therefore, machines offering are a significant component and account for a major share of the overall market.
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