Woodworking CNC Tools Market to Exhibit 6% CAGR through 2029, Covid-19 Pandemic to Hurt Demand with Disrupted Supplies in Manufacturing Sector -Future Market Insights

Woodworking CNC tool manufacturers are leveraging the requirement of mass production and customization practices in woodworking applications for non-conventional machining industries.

DUBAI, UAE / ACCESSWIRE / September 1, 2020 / The worldwide woodworking CNC tools market is expected to display a promising 6% CAGR for the duration of the forecasting period 2019 – 2029. The impact of the covid-19 pandemic on the woodworking CNC tools market has largely been negative. Supply chain disruptions in the manufacturing industry coupled with the continuing effects of the US-China trade war have created uncertainties in the industry hurting short term market prospects.

“The growing demand for minimizing operational costs, errors, and manpower for mass-produced woodworking applications has resulted in the adoption of automated systems and a requirement for computer numerical control (CNC) machines. Tech advancements in artificial intelligence and machine learning are bolstering the use of CNC tools,” says the FMI analyst.

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Woodworking CNC Tools Market – Primary Takeaways

• Solid carbide woodworking CNC tools are gaining major traction on the back of versatile operation and high-speed use.
• Lathe applications contribute significantly to market revenues, owing to higher levels of customization and intricacy made available from CNC machinery.
• Asia Pacific is displaying good growth prospects on the back of favorable government policies towards smart factories.

Woodworking CNC Tools Market – Growth Factors

• Rising numbers of woodworking hobbyists and DIYers are contributing to sales of woodworking CNC tools.
• Superior accuracy, and higher levels of customization and intricacy in design in comparison to hand crafting supports demand.

Woodworking CNC Tools Market – Major Constraints

• High costs of CNC machines and tools is a major factor hindering overall adoption rates.
• Shortage of adequately skilled professionals is holding back growth prospects.

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The Projected Impact of Coronavirus

The woodworking CNC tools market has been adversely impacted by the covid-19 pandemic. Lockdown measures have suspended manufacturing and machining operations in a wide range of industrial verticals including woodworking. While demand for CNC tools has remained strong among DIYers, it provides moderate growth opportunities for the short term. Also, demand for wood furnishings has dropped during the pandemic, further hurting market prospects during this period. Recovery is likely to be gradual with economic uncertainties plaguing end user industries.

Competition Landscape

The woodworking CNC tools market comprises players including but not limited to Karnasch Professional Tools GmbH, Robert Bosch GmbH, Rockler Companies, Inc., Vortex Tool Company Inc., Think & Tinker, Ltd., Amana Tool Corporation, BCAM CNC MACHINE, ITAL Trade Srl., and VHF Camfacture AG.

Players in the woodworking CNC tools market are pushing for the integration of tech innovations into their offerings to provide customized solutions for a wider range of end user applications.

For instance, Felder has unveiled the H08 13.21 CNC machine center, which includes 15 different tool positions, and automatic measuring system for woodwork. J&C O’Meara has revealed a proprietary software solution for the integration of woodworking CNC tools regardless of the existing working environment, aimed for training operations. Siemens has unveiled a new PC-based CNC Sinumerik MC system which runs on Windows 10 for high performance automation in woodworking.

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More About the Study

The FMI study provides detailed insights on woodworking CNC tools market. The market is broken down in terms of tool type (router bits, insert knives, engraving tools, and cutters), wood type (plywood, chipboard, MDF, HDF, and hardwood) and operation (milling, drilling, cutting, and profiling) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

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