CNC Vertical Machining Centers Market Demand to Show At Par Growth Due to COVID-19 Spread | Technavio

LONDON--(BUSINESS WIRE)--The new CNC vertical machining centers market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the development of advanced manufacturing processes,” says a senior analyst for the Industrials industry at Technavio. The introduction of stringent quality and performance regulations worldwide have compelled various end-user industries to adopt advanced manufacturing processes to produce precise components with high tolerance levels. This has increased the integration of modern technologies such as Non-Uniform Rational Basis Spline (NURBS) by end-users in their CNC vertical machining centers. These factors are positively influencing the growth of the CNC vertical machining centers market. As the markets recover Technavio expects the CNC vertical machining centers market size to grow by USD 975.74 million during the period 2020-2024".

CNC Vertical Machining Centers Market Segment Highlights for 2020

• The CNC vertical machining centers market is expected to post a year-over-year growth rate of 2.51%.
• The global CNC vertical machining centers market saw increased demand for CNC vertical machining centers with less than 5-axis in 2019. This can be attributed to their economic benefits when compared with gear cutting, 3-axis, and 4-axis CNC vertical machining centers.
• The market growth will be significant in the less than 5-axis segment during the forecast period.

Regional Analysis

• 37% of the growth will originate from the APAC region.
• The market growth in APAC is driven by the expansion and construction of new manufacturing facilities in the region.
• China and Japan are the key markets for CNC vertical machining centers in APAC. However, the market growth in this region will be slower than the growth of the market in Europe and South America.

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Notes:

• The CNC vertical machining centers market size is expected to accelerate at a CAGR of over 4% during the forecast period.
• The CNC vertical machining centers market is segmented Product (Less than 5-axis and 5-axis or more) and Geography (APAC, Europe, North America, South America, and MEA).
• The market is fragmented due to the presence of many/few established vendors holding significant market share.
• The research report offers information on several market vendors, including DMG MORI Co. Ltd., Doosan Corp., Haas Automation Inc., Hurco Companies Inc., Komatsu Ltd., Makino Milling Machine Co. Ltd., Okuma Corp., SCM GROUP Spa, Shenyang Machine Tools Co. Ltd., and Yamazaki Mazak Corp.

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