CNC Machine Tools Market to Reach $128.86 Billion by 2026; Expanding Additive Industry to Fuel the Market

Fortune Business Insights

Key Companies Covered in CNC Machine Tools Market Research Report Are Trumpf, FANUC America Corporation, Yamazaki Mazak Corporation, Amada Machine Tools Co., Ltd, Hyundai WIA, General Technology Group Dalian Machine Tool Corporation, & others

PUNE, India, Dec. 5, 2019 /PRNewswire/ -- The global CNC (Computer Numerical Controls) Machine Tools Market size is projected to reach USD 128.86 billion by 2026, exhibiting a CAGR of 5.5% during the forecast period. Increasing industrial automation is expected to be one of the main forces driving the growth of this market. Manufacturers are gradually adopting smart manufacturing practices. Automation of routine tasks, high connectivity, and advanced data collection and analysis solutions are revolutionizing the manufacturing sector. Moreover, growth in smart factories powered by artificial intelligence systems will boost the uptake of CNC machine tools. The demand for these tools will intensify even more as they will lower labor costs and improve productivity. For example, smart devices such as smart meters enable real-time data collection and efficiently regulate energy flow. Lastly, the advent of Industry 4.0 will further accelerate the CNC machine tools market growth during the forecast period.

According to the Fortune Business Insights report, titled "CNC (Computer Numerical Controls) Machine Tools Market Size, Share & Industry Analysis, By Type (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others), and Regional Forecast, 2019-2026", the value of the market stood at USD 83.56 billion in 2018. The report additionally provides a comprehensive evaluation of the factors, drivers, trends, industry developments, and regional dynamics that are likely influence the market during the forecast period. It also shares a broad overview of the general industry outlook that will also play a role in the shaping the future of this market.

To gain more insights into the market with detailed table of content and figures, click here: 
https://www.fortunebusinessinsights.com/industry-reports/computer-nume ...

Rising Adoption of Internet of Things (IoT) Technologies to Fuel Growth

One of the most prominent CNC machine tools market trends is expected to be the increasing uptake of IoT in the manufacturing sector. This will be a result of escalating demand for information and access to information. Furthermore, producers are looking to bring down their production costs, streamline processes, and raise the safety quotient in their units. As a result, there is growing investment in IoT by manufacturers, which is propelling the CNC market. For instance, it is predicted that by 2020, the manufacturing sector will receive an investment of USD 267 billion for IoT integration. Studies have shown that close to 31% of manufacturing operations are already IoT-enabled, which augurs well for this market.