According to the new research report titled “CNC Milling Machines Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 14,419.53 million by 2028 and register a CAGR of 10.8% from 2023 to 2028.
Operations related to oil and gas discovery in the Norwegian Sea, Kara Sea, Barents Sea, and the adjacent region near the North Pole are fueling the demand for CNC milling machines in Europe. Additionally, the presence of several CNC mining machine manufacturers across the region such as Fives SAS, Parpas SpA, Nicolas Correa SA, Maviform Metal Ltd, and EMCO GmbH is bolstering the Europe CNC milling machines market growth. In addition, the Gulf countries are increasing the production capacity of crude oil and natural gas due to their growing demand, driving the CNC milling machines market in the MEA. Countries such as Iran and Nigeria are actively focusing on increasing oil production, which is expected to offer lucrative opportunities to the market players across the countries in the coming years. Further, Venezuela and Brazil are among the largest crude oil producers in SAM. The countries are focused on increasing their production capacities owing to the rising demand for oil and gas and natural gas across SAM, which is further expected to boost the demand for CNC milling machines from the oil & gas industry across the region.
Ford, Chevrolet, Jeep, GMC, Dodge, Cadillac, Chrysler, Tesla, and Lucid are among the major automotive manufacturers present in North America. The region has experienced a significant rise in investment by these automotive companies to expand their geographical presence and increase their annual production, which is further increasing the demand for CNC milling machines from the automotive industry. Since 2010, the US automotive industry has witnessed an increase in investments to develop new manufacturing plants. For instance, in 2022, Ford, Rivian, and Hyundai invested ~US$ 33 billion to establish electric vehicle and battery manufacturing plants across the US. Similarly, in September 2022, Hyundai announced the development of its electric vehicle production plant in the US. CNC milling machines are widely used across the automotive industry for vehicle prototyping applications and for producing several parts of cars, such as internal panels, starter motors, cylinder heads, drive axles, and gearboxes. Thus, the constant growth in the automotive industry across the region is fueling the growth of the North America CNC milling machines market.
The global CNC milling machines market size is segmented on the basis of structure, X-axis working range, number of axis, and application. Based on structure, the CNC milling machines market is segmented into gantry, moving table, fixed table, and column type. Based on X-axis working range, the CNC milling machines market is categorized into less than 2,000 mm; 2,001 mm to 5,000 mm; 5,001 mm to 7,000 mm; and above 7,000 mm. Based on number of axis, the CNC milling machines market is categorized into 3-axis, 4-axis, 5-axis, and others. Based on application, the CNC milling machines market is segmented into automotive & transportation, aerospace & defense, oil & gas, and others. By region, the CNC milling machines market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
Key Findings of Study:
APAC homes the two fastest-growing countries across the world—China and India. Government bodies of the countries have taken several initiatives such as the launch of Make in China, Make in India, and other schemes to promote local manufacturing. These initiatives have bolstered local manufacturing across various industries, including electronic & semiconductors, aerospace & defense, and automotive. The rise in production volumes across these industries propelled the demand for CNC milling machines. Additionally, the opening of several new manufacturing plants across APAC by global aircraft and automobile manufacturers is expected to drive the CNC milling machines market growth during the forecast period.
North America is among the largest crude oil and natural gas producers in the world. The US is the largest oil producer worldwide, with a crude oil production share of more than 20% in 2021, according to the “BP World Energy Statistical Review” report published in 2022. Further, the US was one of the leading exporters of liquid nitrogen gas (LNG) in 2021. Moreover, the region also homes to several automotive and aerospace manufacturers focused on expanding their product portfolio and production volumes. Thus, these factors are thereby offering lucrative business opportunities to to the North America CNC milling machines market players.
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