CNC Milling Machine Market Increases Geriatric Population to Drive 2031 Growth – The Greater Binghamton Business Journal
The global CNC milling machine market was rated at 13.05 billion USD in 2020 and to reach $21.5 billion by 2027, at a CAGR of 8.7% from 2021 to 2027. Milling is a machining process that uses rotating cutters to remove material from a part in one direction using different axes of the tool. A milling machine is designed to cut metal, wood and other hard materials. The ability of CNC milling machines to create precise size and shape and develop a wide variety of features has made them one of the most commonly used machines in several industries.
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Automotive, aerospace, electrical and electronics are some of the major end users of CNC milling machines. The automotive sector accounted for the highest share of the global CNC milling machine market. This can be attributed to the high demand for precision parts, and other parts are used in the automotive sector. Additionally, the global automotive industry is the largest contributor to the global economy and generates the highest demand for CNC milling machines. In 2020, the automotive sector accounted for more than 35% of their market share.
A CNC milling machine is able to operate without direct supervision overnight, increasing production. It allows a single operator to operate multiple milling machines in a shop, resulting in significant labor savings. The speed of the CNC machine exceeds the most skilled manual milling machine operators. Therefore, more components are produced per day, which translates into higher profits for end users. A CNC milling machine can outperform any human machine in terms of efficiency by minimizing errors. This high operating efficiency, ease of operation and productivity for end users has led to a significant increase in demand for CNC milling machines.
Impact of COVID-19 on global CNC milling machines
The COVID-19 pandemic has brought about cultural, political and social changes that have not been seen for decades. Large sectors of finance have already experienced this in airlines. The pandemic has claimed several victims and had a negative impact on many businesses around the world. Several automakers have closed production facilities due to the imposed lockdown, and several smaller businesses are facing cash flow disruptions. Consequently, the use of CNC milling machines declined in 2020 due to a lack of investment from end users. Covid-19 is one of the biggest market declines after the 2008 economic recession.
One of the major contributors among consumer industries for the CNC milling machine market is the automotive sector and was the hardest hit after World War II. Demand for motor vehicles has fallen by more than 10% globally due to COVID-19. The supply chain has seen widespread disruptions due to lockdowns imposed around the world.
Global CNC Milling Machine Market Dynamics
Drivers: Growth of Industry 4.0
Traditional industrial automation architectures are not fully open, but are communities of closed ecosystems that pose a major barrier to multi-vendor integration. In early 2016, Industrial Automation Architectures saw the emergence of new and available industrial automation system architectures and advanced technologies, which were primarily aimed at creating efficient, responsive and flexible manufacturing. This is expected to support the growth of the sophisticated CNC milling machine market. The pandemic has halted investment in Industry 4.0 initiatives. However, this will pick up thanks to vendors striving to gain a competitive advantage in the market.
Restrictions: political unrest – restriction of trade
The political unrest disrupted a supply chain mechanism that significantly affected vendors’ income. This, in turn, caused them to raise prices to maintain their profit margins. US tariffs and other restrictions on Chinese goods and services in 2018 and 2019 shook markets, along with China’s countermeasures for those tariffs. In major countries, companies large and small are making adjustments to counter this tariff war between the two countries. The COVID-19 pandemic has put a strain on businesses and markets.
Opportunities: Increased Automation Spend
The global industrial automation market is growing steadily with the demand for integrated and scalable products at an all-time high to meet growing consumer demands. This increase is seen in highly industrialized economies and in developing countries as companies seek to bypass old technologies and jump straight into the latest trends. Additionally, as traditional computing principles continue to merge with manufacturing technology, businesses can leverage the concept of the “digital factory,” which provides a distinctive competitive advantage to companies in their respective industries. In all industries around the world, the production paradigm is shifting towards digitalization, and many companies are well aware of this. Factories can no longer afford to operate at surface level. Yet they need to collect data from different sensors to measure throughput and the systems needed to provide real-time analysis and controls for optimized performance. This, in turn, fueled the demand for digitally advanced CNC milling machines.
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The study categorizes the CNC milling machine market on the basis of component, waste type, method, and application regionally and globally.
Outlook by Product Type (Sales, USD Million, 2017-2027)
- Vertical CNC milling machines
- Horizontal CNC milling machines
- Universal CNC milling machines
Outlook by Axis Type (Sales, USD Million, 2017-2027)
By End-User Insights (Sales, USD Million, 2017-2027)
- Electrical and Electronic
- Aerospace and Defense
Outlook by Region (Sales, USD Million, 2017-2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
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By product type, CNC vertical milling machine segment is expected to account for the largest market share by product type
The global CNC milling machines market is split into vertical CNC milling machines, horizontal CNC milling machines and universal CNC milling machines by product type. In 2020, the CNC vertical milling machine segment accounted for the largest market share of 42.3% in the global CNC milling machine market. CNC vertical milling machines have cylindrical cutters oriented vertically on the spindle axis. Some of these machines could be controlled up to five axes using CNC technology to create unique shapes, slots, holes and features in three-dimensional components. The vertical milling machine is a precision instrument used to shape and manufacture metalwork parts by removing material. Depending on the equipment and materials, the plant can also process plastics and other materials.
The Middle East and Africa accounts for the highest CAGR during the forecast period
By regions, the global CNC milling machine market has been segmented into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Globally, the Middle East & Africa has the highest CAGR of 11.56% during the forecast period 2021-2027. There are significant growth opportunities in the Middle East and Africa region with potential markets such as Oman, Qatar and Kuwait. The manufacturing industry in the Middle East is undergoing a significant transformation, driven by rapid technological development. The oil and gas industry contributes around 40% of the UAE’s GDP. However, with declining profits, the government is trying to focus on other sectors such as manufacturing and transportation.
Egypt is expected to be the only country in the MENA region to experience positive economic growth in 2020, estimated at 1.95%, while other regions expect growth to contract. The precision manufacturing industry in MEA is dominated by small and medium enterprises, the majority of which are dedicated to the production of precision parts that are not highly critical. Few suppliers focus on more standardized products with large production runs. The MEA market differs in various aspects and no single trend is commonly seen in the region.
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Main market players
The CNC milling machine market is slightly concentrated in nature with few global players operating in the market such as Doosan, Fives, F-Zimmermann, Jtekt, Makino, Ace Micromatic Group, Chiron Group SE, General Technology, DMG Mori, Electronica Hitech , Falcon Machine Tools, GF Machining, Gleason Corporation, Grob-Werke, Haas Automation, Hyundai Wia, Komatsu, Okuma Corporation, Schuler AG, 600 Group, Spinner and Yamazaki Mazak.
Each company follows its business strategy to achieve the maximum market share. Doosan, Fives, F-Zimmermann, Jtekt, Makino, Ace Micromatic Group and Chiron Group SE. are prominent players operating in the global CNC Milling Machines market