Share:
Pune, India, June 04, 2021 (GLOBE NEWSWIRE) The global
CNC machine market size is expected to gain momentum by reaching USD 128.41 billion by 2028 while exhibiting a
CAGR of 6.3% between 2021 and 2028. Fortune Business Insights in its report, titled CNC (Computer Numerical Control) Machine Market, 2021-2028. , observes that the market stood at
USD 81.95 billion in 2020. Factors such as the increasing deployment of modern technologies such as artificial intelligence and the internet of things (IoT) will propel the adoption of the product across the globe.
The catastrophic effect of the COVID-19 pandemic has been felt across several economies facing unprecedented loss. The lockdown imposed by the government agencies has led to several industries facing halted industrial operations. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Turning and Machining
This year’s TIMTOS was a virtual event that provided each of the participating companies with the chance to showcase some of their products. Taiwan Takisawa Technology discussed an array of mill/turn machines and precision lathes. Photo Credit: TAITRA
Taiwan Takisawa Technology(TTT), displayed multiple turn/mill centers in its presentation, including the UX-2000 ST, a five-axis simultaneous turning/milling machine. With an integrated automatic tool changer (ATC) and a 240-degree rotating B-axis milling head, this machine can perform complex machining and turning operations with minimal operator oversight. Both this machine and the company’s EX-2000 turn/mill are capable of high-speed machining operations in addition to precision turning.
.
The COVID-19 has affected the growth of the market due to the sudden shutdown of manufacturing units along with the commercial sectors. As per a report by Lighting Industry Association (LIA) during lockdown due to lack of raw materials which are required to manufacture chips, light casing was heavily impacted and this obstructed the market s growth. However, 89% of LIA members reported that have now recovered 95% of their sales which declined during the lockdown.
Segments-
General Application to Rise Significantly in Upcoming Years: Fortune Business Insights™
Based on the lighting type, the market is categorized into LED, CFL, LFL, HID, halogens, incandescent, and others. By the application, it is segregated into general, automotive, backlighting, and others. Based on the end-user it is divided into, residential, commercial, and industrial. In terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Global Orbital Riveting Machines Market 2020 Comprehensive Research Methodology, Key Insights, Segments and Extensive Profiles by 2025 newyorktelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newyorktelegraph.com Daily Mail and Mail on Sunday newspapers.