CNC Machine Market Segmentation:
Machine Type Segment Analysis
The lathe segment in the CNC machine market is estimated to gain a robust revenue share of 60% in the coming years owing to the growing oil and gas industry. A significant portion of the energy industry and the world economy are dominated by the oil and natural gas sectors driven by changing energy consumption coupled with an increase in the focus on sustainable practices and investments in non-traditional energy sources. As per IEA's India Energy Outlook 2021, India's oil demand rises by almost 4 million barrels per day [mb/d) to reach 8.7 mb/d in 2040, the largest increase of any country. A CNC lathe is a device that revolves material around a stationary cutting tool and a central spindle, which is typically employed to accomplish or create exact circular forms that have an inner diameter (ID) and an outer diameter (OD). The oil and gas sector depends on a variety of CNC machining equipment such as lathe machines which allow for the precise and effective machining of lengthy workpieces. For the oil sector, CNC lathes are ideal as they can be employed for a variety of jobs involving the machining of plastic and metal, and the manufacture of complex equipment parts such as pumps, valves, and hydraulic cylinders. For this reason, CNC lathes are a necessary tool in the oil business to ensure proper dimensional tolerances, thread pipes, and machine shaft ends, and to assist in the production, maintenance, and repair of the equipment and infrastructure.
Application Segment Analysis
The industrial segment in the CNC machine market is set to garner a notable share shortly. To make intricate pieces, companies widely utilize CNC machines to eliminate superfluous metals from raw materials. These days, CNC machining is essential to the manufacturing industry to manage the machine tool's motion and command the operations of sophisticated equipment, such as mills, lathes, grinders, and other cutting instruments.
Our in-depth analysis of the global CNC machine market includes the following segments:
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