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.