Computer Numerical Controls market exhibiting a CAGR of 6.2% by 2024

Computer Numerical Control (CNC) Market published by Research Report Insights (RRI), forecasts that the global market is expected to garner $93450 Million by 2024, registering a CAGR of 6.2% during the period 2016 – 2024.The industrial machinery sector is expected to dominate the global CNC market during the assessment period. Europe is expected to be the leading contributor to the global revenue during the forecast period.

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Evolution of Internet of Things (IoT) and machine learning technology has led to development of applications that notify the status of a machine to operators/supervisors on their PCs or smartphones. Various government initiatives, for instance, ‘Make in India’ by the Indian government and ‘Made in China 2025’ by the Chinese government, support the establishment of manufacturing units in their respective nations.

Automation Boosts Market’s Growth

Rising concerns about reducing operational costs are being witnessed in several industrial sectors, consequently demanding large-scale automation. Such demands for automating various industrial processes is primarily driving the global computer numerical controls (CNC) market. This mainly because of reduction in overall manufacturing time and decreasing chances or human error to occur by using the CNC machines, consequently making them highly preferred.

Rising environmental concerns regarding reduction of industrial carbon footprint has led towards computer numerical controllers being increasingly used in place of manually operating machines. Doing this has resulted into improved efficiency being achieved by businesses working in the industrial domain, thereby being beneficial to the global computer controls (CNC) market.

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CNC machines are used in automotive, aerospace and defense, power and energy, construction equipment, industrial, and several other sectors. Increasing efforts to cut down on expenses incurred in employing operators for individual machinery are expected to augment the CNC machines market over the forecast period.

Major Key Players

Several market key players are adopting different strategies such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. For instance, in 2016, Fanuc Corporation collaborated with Cisco (a player in the digitization market), Rockwell Automation (a player in the industrial automation market), and Preferred Networks (a player in the artificial intelligence solutions market) for the development and deployment of the FIELD system.

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