PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397114
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397114
Precision Engineering Machines Market size was valued at USD 12,712 Million in 2022, expanding at a CAGR of 6.7% from 2023 to 2030.
Advanced mechanical devices known as precision engineering machines have applications in several sectors, including aerospace, automotive, electronics, and medical equipment. These innovative machines offer remarkable accuracy and reproducibility because of their high-precision actuators, sensors, and CNC systems.
Traditional manufacturing methods take a long time since they are conducted by people and are thus slower than the automated production process. Precision engineering machines enable the company to increase the number of units produced in a given amount of time while also speeding up the manufacturing of products. Precision engineering machines use automation, allowing the producer to exploit the instrument by producing a substantial number of product units in a shorter turnaround time with higher and improved precision as compared to the traditional production method. Thus, these benefits are expected to propel the precision engineering machines market over the projected period.
The Global Precision Engineering Machines Market is segmented based on Type, End-use, and Region.
Based on the type, the market is bifurcated into EDM Machine Tools, CNC Machine Tools and Others. The CNC Machine Tools segment is expected to hold the largest market share during the forecast period. The improved automation, accuracy, and variety that CNC machine tools provide to production processes fuel demand for them across a wide range of sectors.
Based on the end-use, the industry is segmented into Automotive and Non-Automotive. The automotive segment is expected to capture a substantial market share during the forecast period. The need for lightweight and fuel-efficient cars is growing, and the automotive industry is always changing. The precise and accurate fabrication of intricate automobile components, including engine parts, transmission systems, chassis components, and electrical systems, is largely dependent on precision engineering machinery. The demand for sophisticated precision engineering machinery that can manufacture the complex and accurate parts needed for these cutting-edge automotive technologies is being driven by developments in autonomous driving systems and electric vehicle technology.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Europe is expected to dominate the market during the forecast period. China is the world's largest battery manufacturer, which accounts for its leading share of the market. The region is renowned for producing high-quality precision engineering goods and has a robust industrial base. Advanced and accurate manufacturing solutions are required by the region's sectors, which include electronics, aircraft, and automobiles. Precision engineering machinery usage in Europe is being propelled by an increasing emphasis on automation and industry 4.0 efforts. Furthermore, firms are being pushed to invest in modern manufacturing technology, such as precision engineering equipment, by the region's emphasis on sustainability and energy efficiency. Furthermore, encouraging government regulations, R&D initiatives, and partnerships between business and academic institutions are anticipated to propel the European precision engineering machine market's expansion.
Precision Engineering Machines are subject to intense competition in the market due to the existence of large producers in the sector. To increase their market share, manufacturers are using several strategies, including capacity expansion and mergers and acquisitions, which will help them reach new target markets. Investment firms are being enticed to invest in and purchase shares in businesses that are a component of the battery market's value chain by the market's expansion. The key players are DATRON AG, Amada Machine Tools Co. Ltd., Dalian Machine Tool Group (DMTG) Corporation, DMG Mori Co. Ltd., Amera-Seiki, Haas Automation, Inc., FANUC Corporation, Hurco Companies, Inc., Shenyang Machine Tool Co. Ltd., Yamazaki Mazak Corporation and Okuma Corporation among others.
In January 2022, Germany's Balu Forge Industries Ltd (BFIL) purchased the Mercedes-Benz Truck Factory's Precision Machining division. The purchase will solidify BFIL's standing as a world leader in precision manufacturing and be integrated into the company's brand-new machining facilities in Belgaum, Karnataka. Crankshafts and other precision machined parts for original equipment manufacturers of class 7 and class 8 trucks and heavy-duty vehicles will be produced by BFIL as a result of the expansion.