PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485749
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485749
Precision Manufacturing Equipment Market size was valued at USD 14,213.32 Million in 2023, expanding at a CAGR of 6.5% from 2024 to 2032.
Precision Manufacturing Equipment are specialized tools and equipment designed for the precise manufacturing or processing of components with extremely tight tolerances. These machines are used in industries such as aerospace, automotive, electronics, medical devices, and more, where accuracy and precision are critical. The primary drivers of market expansion are the growing need for sophisticated precision machining solutions and the focus on reducing downtime to increase accuracy, increase production efficiency, and optimise machining processes. However, untrained personnel could find it challenging to operate sophisticated technical machinery, endangering the investments made by the production facility and possibly causing machine damage. Therefore, one of the main barriers to the advancement of the precision engineering machine business is a lack of experienced operators.
Precision Manufacturing Equipment Market- Market Dynamics
Increasing demand for high precision components in aerospace and electronics industries
. In aerospace, the need for precision components is crucial due to safety and efficiency concerns, where even the smallest deviation can have significant consequences. Similarly, in the electronics sector, as devices become increasingly compact and sophisticated, precision components are essential for ensuring optimal performance and reliability. According to the Singapore Economic Development Board (EDB), to create complicated components and equipment utilised in industries like semiconductors, medical technology, marine, offshore, and aerospace, over 2,700 PE enterprises contribute essential products and knowledge. Supply chain management, production, design, and prototyping are all fully capable of being handled by Singapore PE enterprises.
Precision Manufacturing Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2024-2032)
Based on type segmentation, CNC machine tools were predicted to show maximum market share in the year 2023
Based on end use segmentation, non-automotive was the leading type in 2023
Based on application segmentation, production was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Precision Manufacturing Equipment Market is segmented based on Type, Application, Price Range, End Use, and Region.
The market is divided into two categories based on end use: Automotive and non-automotive. The market share for the non-automotive segment is the highest. In recent years, the aerospace sector has witnessed a rise in demand for sophisticated materials, including titanium and nickel alloys, which has resulted in a rise in the utilisation of machines and cutting tools. Due to the increasing production of heavy equipment in APAC nations like China and Japan, the capital goods industry anticipates a strong demand for precision engineering machinery in the shipbuilding and heavy equipment sectors.
The market is divided into three categories based on type: CNC, EDM, and other machine tools. With the biggest market share, the CNC machine tools segment has become the dominant force in the Precision Manufacturing Equipment industry. Additionally, the production of complex components with high tolerances is a major function of CNC machine tools in the automotive, aerospace, electronics, and medical equipment industries.
Precision Manufacturing Equipment Market- Geographical Insights
In terms of market share, Asia Pacific led the Precision Manufacturing Equipment market. In China's manufacturing sector, precision engineering equipment is becoming more and more important. To satisfy the rising demand for advanced manufacturing and CNC machining services, China is witnessing profitable growth prospects in several products and services, including CNC manufacturing systems and optimised manufacturing service centres. The need for precise engineering machinery in end-use industries like the automotive and power & energy sectors is rising in nations like South Korea and India.
Some of the major players in the global Precision Manufacturing Equipment market include Amera-Seiki, DATRON AG, Shenyang Machine Tool Co., Ltd., Dalian Machine Tool Group (DMTG) Corporation, FANUC Corporation, Haas Automation, Inc., Hurco Companies, Inc., Okuma Corporation, and Yamazaki Mazak Corporation. For instance, in August 2023, The leadership team at Okuma America Corporation announced the launch of the company's next-generation machine control for its expansive line of CNC (computer numeric control) machine tools. In addition, In November 2023, EPI, the precision engineering backbone of the UAE's aerospace and defence industry, announced their signing of a Letter of Intent with the Thales Group, a global leader in advanced technologies within defence, digital identity and transport. The agreement will allow both companies to jointly explore procurement opportunities for industrial parts, as well as engineering services.
In May 2023, PRECISION engineering company Makino Asia launched a precision metal-cutting machine. The machine promises to boost efficiency and provide consistent quality and can be used to produce parts in industries such as aerospace, automotive, semiconductor, medical and general manufacturing.
In March 2024, Revent Precision Engineering, in collaboration with ECS Mobility, announced the establishment of a new manufacturing facility in Dharuhera, Haryana. The manufacturing facility is equipped with cutting-edge technology and maintains the highest standards, ensuring that the processes meet the quality benchmarks demanded by the market, as per a company statement.
SCOPE OF THE REPORT
GLOBAL Precision Manufacturing Equipment MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Amada Machine Tools Co., Ltd.
Amera-Seiki
DATRON AG
Dalian Machine Tool Group (DMTG) Corporation
DMG Mori Co., Ltd.
FANUC Corporation
Haas Automation, Inc.
Hurco Companies, Inc.
Okuma Corporation
Shenyang Machine Tool Co., Ltd.
Yamazaki Mazak Corporation
Others