Computer Numerical Control Machine Market Trends

Growth Drivers

• Growth in the construction industry in 3D printing worldwide - Construction companies and firms are increasingly adopting 3D printing to produce custom-made parts and structures, as well as for prototyping and testing purposes. For instance, in 2019, a construction engineering firm Skanska partnered with Lough Borough University, UK, to promote the usage of 3D printing technology. These companies will be able to reduce their operational costs and time spent on manual construction, and this is expected to drive significant growth in the CNC machine market.
• The shortage of competent workers and rising labor costs: The use of CNC machines is mostly handled by the cost of labor, especially in industrialized sectors of the nations. CNC machines are proven to be a boon in the sector of skilled labor shortage that earlier prevailed.
• Rising Technological developments: The CNC machines are still in research and development with the help of new technologies like machine learning (ML) and artificial intelligence (AI). These developments are producing machines that are more capable of carrying out the toolpath commands faster, along with increased memory capacity, CPU speed, and bus communication rates.

Challenges

• Exorbitant Initial Investment - Given the high initial cost of the machines, CNC technology requires a large investment since purchasing CNC machine tools requires a substantial upfront payment as they have extensive maintenance requirements.
• Involvement in complex technology increases the need for skilled operators.
• Shortage of skilled technicians in several regions may limit its adoption.