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PUBLISHER: Grand View Research | PRODUCT CODE: 1575217
PUBLISHER: Grand View Research | PRODUCT CODE: 1575217
Precision Machining Market Size, Share & Trends Analysis Report By Operation (Manual, CNC), By Type (Turning, Grinding), By End Use (Automotive, Industrial), By Region, And Segment Forecasts, 2024 - 2030
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Precision Machining Market Size & Trends:
The global precision machining market size was estimated at USD 107.06 billion in 2023 and is expected to grow at a CAGR of 7.8% from 2024 to 2030. The growing adoption of automation and robotics in machining significantly contributes to the market's growth. Manufacturers increasingly incorporate computer numerical control machines and robotic systems into their operations to enhance efficiency, reduce errors, and increase production capacity. These technologies allow for more complex designs and faster turnaround times, making them indispensable in industries such as automotive, aerospace, and medical devices. Integrating AI and machine learning into machining processes is also beginning to revolutionize how machines are programmed and optimized, further boosting productivity.
The rising demand for high-performance materials is another major trend propelling the market. Industries such as aerospace, defense, and medical devices require more advanced materials, including composites, titanium, and other lightweight metals that can withstand extreme conditions. Precision machining is crucial for working with these materials, as it allows for creating parts with exact specifications and tight tolerances. This trend is particularly evident in aerospace, where lightweight components are essential for fuel efficiency and performance in aircraft and space vehicles.
The automotive industry's shift towards electric vehicles (EVs) is also driving demand for precision machining. EVs require different components than traditional internal combustion engine vehicles, and many of these parts, such as electric powertrains, batteries, and lightweight frames, necessitate precision machining. As the automotive sector transitions to more sustainable technologies, manufacturers are investing in precision machining to meet the stringent requirements for accuracy and durability in EV components. The growing focus on reducing vehicle weight to improve efficiency further highlights the importance of precision machining in the automotive industry.
Medical device manufacturing is another critical area where precision machining is gaining momentum. The need for highly accurate and customized components has skyrocketed as the healthcare industry moves toward more complex and minimally invasive surgical tools, implants, and diagnostic equipment. Precision machining enables the production of tiny, intricate parts with the tight tolerances required for medical devices, where precision is critical to ensure safety and performance. The increasing demand for personalized medical treatments, such as custom prosthetics and implants, is further fueling growth in this sector.
Global supply chain shifts are influencing the market. Companies increasingly seek to diversify their supply chains and reduce dependence on single-source regions. This trend has led to reshoring manufacturing activities, particularly in North America and Europe, where investments in precision machining technologies are rising. As a result, the market is seeing increased demand for localized production capabilities to enhance supply chain resilience and reduce lead times. This shift is driving growth in traditional markets and encouraging the adoption of advanced machining technologies in emerging economies.
Global Precision Machining Market Report Segmentation
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global precision machining market based on operation, type, end use, and region.
- Operation Outlook (Revenue, USD Billion, 2018 - 2030)
- Manual Operation
- CNC Operation
- Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Milling Machining
- Laser Machining
- Electric Discharge Machining
- Turning
- Grinding
- Others
- End Use Outlook (Revenue, USD Billion, 2018 - 2030)
- Automotive
- Aerospace & Defense
- Construction Equipment
- Power & Energy
- Industrial
- Others
- Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Middle East & Africa (MEA)
- UAE
- Kingdom of Saudi Arabia (KSA)
- South Africa
Product Code: GVR-4-68040-459-9
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.2. Market Challenge Impact Analysis
- 3.3.3. Market Opportunity Impact Analysis
- 3.4. Precision Machining Market Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic and Social landscape
- 3.4.2.3. Technological landscape
- 3.4.2.4. Environmental landscape
- 3.4.2.5. Legal landscape
- 3.4.1. Porter's Analysis
Chapter 4. Precision Machining Market: Operation Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Precision Machining Market: Operation Movement Analysis, 2023 & 2030 (USD Billion)
- 4.3. Manual Operation
- 4.3.1. Manual Operation Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.4. CNC Operation
- 4.4.1. CNC Operation Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Precision Machining Market: Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Precision Machining Market: Type Analysis, 2023 & 2030 (USD Billion)
- 5.3. Milling Machining
- 5.3.1. Milling Machining Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4. Laser Machining
- 5.4.1. Laser Machining Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5. Electric Discharge Machining (EDM)
- 5.5.1. Electric Discharge Machining (EDM) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6. Turning
- 5.6.1. Turning Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.7. Grinding
- 5.7.1. Grinding Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.8. Others
- 5.8.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Precision Machining Market: End Use Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Precision Machining Market: End Use Movement Analysis, 2023 & 2030 (USD Billion)
- 6.3. Automotive
- 6.3.1. Automotive Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4. Aerospace & Defense
- 6.4.1. Aerospace & Defense Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.5. Construction Equipment
- 6.5.1. Construction Equipment Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.6. Power & Energy
- 6.6.1. Power & Energy Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.7. Industrial
- 6.7.1. Industrial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.8. Others
- 6.8.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Precision Machining Market: Regional Estimates & Trend Analysis
- 7.1. Precision Machining Market Share, By Region, 2023 & 2030 (USD Billion)
- 7.2. North America
- 7.2.1. North America Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.3. Canada
- 7.2.3.1. Canada Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3. Europe
- 7.3.1. Europe Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.2. UK
- 7.3.2.1. UK Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.3. Germany
- 7.3.3.1. Germany Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.4. France
- 7.3.4.1. France Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. China
- 7.4.2.1. China Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.3. India
- 7.4.3.1. India Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.4. Japan
- 7.4.4.1. Japan Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.5. South Korea
- 7.4.5.1. South Korea Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.6. Australia
- 7.4.6.1. Australia Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5. Latin America
- 7.5.1. Latin America Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6. Middle East & Africa
- 7.6.1. Middle East & Africa Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.2. The Kingdom of Saudi Arabia (KSA)
- 7.6.2.1. The Kingdom of Saudi Arabia (KSA) Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.3. UAE
- 7.6.3.1. UAE Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.4. South Arica
- 7.6.4.1. South Africa Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis by Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Market Positioning
- 8.4. Company Market Share Analysis
- 8.5. Company Heat Map Analysis
- 8.6. Strategy Mapping
- 8.6.1. Expansion
- 8.6.2. Mergers & Acquisition
- 8.6.3. Partnerships & Collaborations
- 8.6.4. New Product Launches
- 8.6.5. Research And Development
- 8.7. Company Profiles
- 8.7.1. Ascentec Engineering
- 8.7.1.1. Participant's Overview
- 8.7.1.2. Financial Performance
- 8.7.1.3. Product Benchmarking
- 8.7.1.4. Recent Developments
- 8.7.2. Astro Machine Works
- 8.7.2.1. Participant's Overview
- 8.7.2.2. Financial Performance
- 8.7.2.3. Product Benchmarking
- 8.7.2.4. Recent Developments
- 8.7.3. Barnes Group Inc.
- 8.7.3.1. Participant's Overview
- 8.7.3.2. Financial Performance
- 8.7.3.3. Product Benchmarking
- 8.7.3.4. Recent Developments
- 8.7.4. DMG Mori Co., Ltd.
- 8.7.4.1. Participant's Overview
- 8.7.4.2. Financial Performance
- 8.7.4.3. Product Benchmarking
- 8.7.4.4. Recent Developments
- 8.7.5. ELCON PRECISION LLC
- 8.7.5.1. Participant's Overview
- 8.7.5.2. Financial Performance
- 8.7.5.3. Product Benchmarking
- 8.7.5.4. Recent Developments
- 8.7.6. GF Machining Solutions Management SA
- 8.7.6.1. Participant's Overview
- 8.7.6.2. Financial Performance
- 8.7.6.3. Product Benchmarking
- 8.7.6.4. Recent Developments
- 8.7.7. GrovTec Machining
- 8.7.7.1. Participant's Overview
- 8.7.7.2. Financial Performance
- 8.7.7.3. Product Benchmarking
- 8.7.7.4. Recent Developments
- 8.7.8. Hexcel Corporation
- 8.7.8.1. Participant's Overview
- 8.7.8.2. Financial Performance
- 8.7.8.3. Product Benchmarking
- 8.7.8.4. Recent Developments
- 8.7.9. M.A.R.'s Engineering Company Inc.
- 8.7.9.1. Participant's Overview
- 8.7.9.2. Financial Performance
- 8.7.9.3. Product Benchmarking
- 8.7.9.4. Recent Developments
- 8.7.10. Oberg Industries
- 8.7.10.1. Participant's Overview
- 8.7.10.2. Financial Performance
- 8.7.10.3. Product Benchmarking
- 8.7.10.4. Recent Developments
- 8.7.1. Ascentec Engineering
Product Code: GVR-4-68040-459-9
List of Tables
- Table 1 Precision machining market, 2018 - 2030 (USD Billion)
- Table 2 Global market estimates and forecasts, by region, 2018 - 2030 (USD Billion)
- Table 3 Global market estimates and forecasts, by operation, 2018 - 2030 (USD Billion)
- Table 4 Global market estimates and forecasts, by type, 2018 - 2030 (USD Billion)
- Table 5 Global market estimates and forecasts, by end use, 2018 - 2030 (USD Billion)
- Table 6 Manual Operation Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 7 CNC Operation Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 8 Milling Machining market, by region, 2018 - 2030 (USD Billion)
- Table 9 Laser Machining machining market, by region, 2018 - 2030 (USD Billion)
- Table 10 Electric Discharge Machining (EDM) market, by region, 2018 - 2030 (USD Billion)
- Table 11 Turning Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 12 Grinding Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 13 Others Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 14 Automotive Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 15 Aerospace & Defense Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 16 Construction Equipment Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 17 Power & Energy Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 18 Industrial Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 19 Others Precision machining market, by region, 2018 - 2030 (USD Billion)
- Table 20 North America Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 21 North America Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 22 North America Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 23 U.S. Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 24 U.S. Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 25 U.S. Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 26 Canada Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 27 Canada Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 28 Canada Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 29 Mexico Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 30 Mexico Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 31 Mexico Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 32 Europe Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 33 Europe Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 34 Europe Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 35 UK Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 36 UK Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 37 UK Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 38 Germany Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 39 Germany Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 40 Germany Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 41 France Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 42 France Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 43 France Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 44 Asia Pacific Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 45 Asia Pacific Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 46 Asia Pacific Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 47 China Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 48 China Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 49 China Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 50 India Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 51 India Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 52 India Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 53 Japan Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 54 Japan Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 55 Japan Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 56 South Korea Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 57 South Korea Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 58 South Korea Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 59 Australia Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 60 Australia Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 61 Australia Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 62 Latin America Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 63 Latin America Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 64 Latin America Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 65 Brazil Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 66 Brazil Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 67 Brazil Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 68 MEA Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 69 MEA Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 70 MEA Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 71 Kingdom of Saudi Arabia (KSA) Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 72 Kingdom of Saudi Arabia (KSA) Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 73 Kingdom of Saudi Arabia (KSA)Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 74 UAE Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 75 UAE Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 76 UAE Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 77 South Africa Precision machining market, by operation, 2018 - 2030 (USD Billion)
- Table 78 South Africa Precision machining market, by type, 2018 - 2030 (USD Billion)
- Table 79 South Africa Precision machining market, by end use, 2018 - 2030 (USD Billion)
- Table 80 Company Market Share, 2023
- Table 81 Company Heat Map Analysis
- Table 82 Key companies undergoing expansion
- Table 83 Key companies undergoing collaborations
- Table 84 Key companies undergoing new product launch
- Table 85 Key companies undergoing mergers & acquisitions
- Table 86 Key companies undergoing other strategies
List of Figures
- Fig. 1 Precision machining market Segmentation
- Fig. 2 Information procurement
- Fig. 3 Data analysis models
- Fig. 4 Market formulation and validation
- Fig. 5 Data validating & publishing
- Fig. 6 Market snapshot
- Fig. 7 Segment snapshot
- Fig. 8 Competitive landscape snapshot
- Fig. 9 Parent market value, 2023 (USD Billion)
- Fig. 10 Precision machining market - industry value chain analysis
- Fig. 11 Precision machining market dynamics
- Fig. 12 Precision machining market: Porter's analysis
- Fig. 13 Precision machining market: PESTEL analysis
- Fig. 14 Precision machining market, by Operation: key takeways
- Fig. 15 Precision machining market, by Operation: market share, 2023 & 2030
- Fig. 16 Precision machining market, by Type: Key Takeaways
- Fig. 17 Precision machining market, by Type: market share, 2023 & 2030
- Fig. 18 Precision machining market, by End use: key takeways
- Fig. 19 Precision machining market, by End use: market share, 2023 & 2030
- Fig. 20 North America Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 21 US Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 22 Canada Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 23 Mexico Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 24 Europe Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 25 UK Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 26 Germany Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 27 France Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 28 Asia Pacific Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 29 China Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 30 India Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 31 Japan Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 32 South Korea Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 33 Australia Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 34 Latin America Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 35 Brazil Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 36 Middle East & Africa Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 37 Kingdom of Saudi Arabia (KSA) Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 38 UAE Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 39 South Africa Precision machining market, 2018 - 2030 (USD Billion)
- Fig. 40 Key company categorization
- Fig. 41 Company market positioning
- Fig. 42 Company market share analysis, 2023
- Fig. 43 Strategic framework
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