LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global CNC vertical machining centers market is expected to reach USD 4,782.5 million by 2021, growing at a CAGR of almost 6%.
This research report titled ‘Global CNC Vertical Machining Centers Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
CNC vertical machining centers are low-cost and have high precision with faster processing capability. These machining centers, which play a crucial role in a wide range of industrial applications, capture the maximum market share in the overall machining centers market. The automotive and aerospace industries, being large end-users of CNC vertical machining centers, have witnessed a series of investments in the last few years, a few of which are mentioned in the later sections.
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Technavio’s analysts categorize the global CNC vertical machining centers market into three major segments by end user. They are:
- Metal fabrication
The top three segments based on end-users for the global CNC vertical machining centers market are discussed below:
Global CNC vertical machining centers market in automotive industry
The automotive industry is rapidly moving forward with intense competition in the market. The majority of the manufacturers in the automotive industry have realized the benefits of low-cost CNC vertical machining centers that enhances the rate of production and quality of products.
According to Raghav Bharadwaj Shivaswamy, a lead automation research analyst from Technavio, “The low gasoline price is the major factor driving the demand for heavy vehicles, which has resulted in increased investment in the automotive sector. Oil-importing countries, such as India and China, are likely to benefit as the demand for automotive goods is highly correlated with gasoline prices.”
Global CNC vertical machining centers market in aerospace industry
The machining applications in the aerospace industry include dealing with spare parts, components, and materials that are used in aircraft carriers and sub-assemblies. As the raw materials are constantly evolving to allow production of high-quality and lightweight aircraft, automated machining using CNC systems has become essential for product enhancement.
Global CNC vertical machining centers market in metal fabrication industry
Metal fabrication, another major segment in the global CNC vertical machining centers market, is likely to drive the demand for these machines due to the rising demand from the heavy industry and automotive industries. In most developed regions, such as the Americas and Europe, manufacturers prefer to outsource machine components for their factories to achieve cost benefits. They prefer third-party suppliers for metal processing and parts manufacturing.
“The rising demand from the manufacturing sector, especially in APAC, will drive the need for high precision parts, ranging from nuts and bolts to highly reliable turbines for serving different requirements across various industries,” adds Raghav.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Haas Automation
- SMTCL Americas
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