LONDON--(BUSINESS WIRE)--The global computer numerical control (CNC) solutions market is expected grow at a CAGR of close to 6% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global CNC solutions market for 2017-2021. The market is further categorized into three components segments, including servo drives, servo motors, and controllers, of which the servo drives segment dominated the market with more than 37% of the overall market share in 2016.
“Increased demand from end-user industries for high-quality products with low turnaround times is driving the market for CNC solutions market. End-user industries like automotive and industrial machinery, due to the rising need for improving productivity in facilities, form the major shareholders in the global CNC solutions market,” says Bharath Kanniappan, a lead automation research expert from Technavio.
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Technavio’s research study segments the global CNC solutions market into the following regions:
In 2016, with a market share of over 34%, APAC dominated the global CNC solutions market, followed by EMEA with close to 34% and the Americas with almost 32%.
APAC: largest market for CNC solutions
APAC is rapidly progressing as a market that promises high potential for growth of CNC solutions due to the rapid industrial development across countries like China, India, South Korea, Indonesia, and Taiwan. Automation requirements will subsequently see high levels of adoption in the respective industrial segments. The modernization of plant facilities has become a new tool in gaining an advantage over rival companies.
“China, Japan, and South Korea are emerging as the dominant countries for CNC solutions market. These countries are characterized by a wave of industries that employ modern equipment and advanced machinery to enhance the process output,” says Bharath.
Growth in research initiatives by EU fueling the faucet market in EMEA
European countries like Germany and Italy are at the forefront of industrial development with automation technologies forming the backbone of the growth in respective segments. The European market is characterized by the strong automotive and industrial machinery sectors. The machine tools market in Europe is expected to record an average annual growth of 4% during the forecast period.
The automotive industry forms 4% of Europe's GDP. The automotive industry is the largest end-user of CNC solutions in Europe. Under the CARS 2020 Action Plan, the EU is planning to invest USD 2.2 billion to support and modernize the automotive sector.
The Americas to post a CAGR of close to 6% during the period 2017-2021
Growth in investments made by Latin American companies in the automobile, electrical and electronics and heavy machinery industries has enhanced the adoption rate of the CNC solutions in the Americas. Developing economies like Mexico and Brazil are driving the market growth on the backdrop of a strong automotive sector.
Auto-manufacturers because incorporating precision and accuracy in the final product are adopting CNC solutions in their product lines. Low availability and the high cost of manual labor are other factors that are propelling the need for advanced CNCs that can perform multiple operations efficiently over a short period at a low cost.
The top vendors in the global CNC solutions market highlighted in the report are:
- Haas Automation
- Mitsubishi Electric
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