cnc milling machines Market

The CNC milling machines market is expected to grow from US$ 8,616.03 million in 2023 to US$ 14,419.53 million by 2028; it is estimated to register a CAGR of 10.8% from 2023 to 2028.

The aerospace & defense sector includes manufacturing aircraft and their components, defense vehicles, and various weapons. Aerospace CNC machining is one of the industry's most critical components. It is utilized for manufacturing seats, shafts, oxygen-generation safety system components, valve components, electrical connectors, housings, bushings, hinges, clamps, and filter bodies, among others. Safety and precision machining are vital aspects of the aerospace industry, and hence, each component is required to meet the industry's highest safety standards. The capability of CNC milling machines to achieve very tight tolerances for engineered parts from lightweight materials which allows their wide adoption in the industry. In March 2022, Arrowsmith Engineering received a top-up grant of ~US$ 10,000 from Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub's Coventry and Warwickshire Investment Fund [partly funded through the European Regional Development Fund (ERDF)], for purchasing a DN Solutions CNC milling machine. The company is a custom-made precision components supplier for the aerospace industry, and it wanted to procure the new machine for specialist work orders from Parker Meggitt, Rolls-Royce, and Wesco Aircraft Holdings Inc. The company received an initial funding of ~US$ 30,000 in March 2019 for procuring a CNC 4-axis machine and a cobot. CNC milling machines are ideal for fabricating missiles and weapons because of their high precision, versatility, and compatibility with various materials. Raytheon Technologies Corporation, one of the world's largest producers of guided missiles, strongly relies on multi-axis CNC machines to fabricate its 20-foot cruise missiles. These factors are thereby influencing the demand for CNC milling machines from the aerospace & defense industry contributing to the CNC milling machines market growth.

Impact of COVID-19 Pandemic on CNC Milling Machines Market

Several countries in Europe witnessed an economic hit and a decline in business activities across the automotive, medical device, electronics & semiconductor, and oil & gas industries. Many European countries imposed stringent regulations on imports and exports and the shipment of goods by temporarily closing their borders. These measures negatively impacted the CNC milling machines market from both supply and demand sides.

Russia is a leading natural gas-producing country across the world, which has been severely affected by the COVID-19 pandemic. The nationwide lockdown heavily disrupted the country's oil & gas supply chain and reduced the demand for oil & gas-related products. The pandemic has compelled manufacturers to streamline production processes to tackle unexpected disruption and resolve uncertain challenges such as physical distancing. As many countries begin to reopen industries, the demand for energy and the exploration and production (E&P) of oil and gas activities is rising. Additionally, the aerospace industry across the region was also significantly impacted. Aircraft manufacturers such as Airbus showcased an average decline of ~20% in their aircraft production volume. These factors have negatively impacted the CNC milling machines market in 2020.

The overall CNC milling machines market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the CNC milling machines market. The process also serves the purpose of obtaining an overview and forecast of the CNC milling machines market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the CNC milling machines market.