Precision Engineering Machines Industry Overview
The global precision engineering machines market size was valued at USD 13.07 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. The rising demand for advanced precision machining solutions and the emphasis on lowering downtime to boost production efficiency, boost accuracy, and optimize machining procedures are the main factors for the expansion of the market. By reducing machining time, advanced machining techniques help to reduce the cost of materials, setup, and custom machining. Because of this, manufacturing companies commonly employ precision engineering machinery in their manufacturing spaces.
Gather more insights about the market drivers, restrains and growth of the Precision Engineering Machines Market
The COVID-19 outbreak has had a detrimental effect on the market by stifling innovation, lowering profitability, reducing cash flow, and creating an unbalanced economy. The COVID-19 pandemic also caused the cancellation of several events in 2020, which made it harder for businesses to market new products and technological advancements. Lockdowns all around the world led to the closure of businesses, including offices and retail outlets, as well as limitations on manufacturing, distribution, and travel, all of which influenced the market. The negative effects of supply chain and trade interruptions on overall operations have had a direct impact on revenue streams. Due to efforts undertaken to cut non-critical and CAPEX investments, plans to upgrade technology are likely to be delayed. On the other hand, inexperienced workers may find it difficult to handle precise engineering equipment, which could lead to machine damage and jeopardize the manufacturing unit's investments. As a result, a dearth of seasoned operators is a key obstacle to the precision engineering machine industry progress.
Precision engineering includes the development of precise machine tools and the evaluation of machine design, construction, precision valuation and procedure, research and development, and the manufacturing and very accurate measurement of goods and parts. Precision engineering tools can be used to meet the demands of both mass production and exceedingly fine detail. The most modern and sophisticated precision engineering machines give suppliers greater quality control power with less labor input, allowing them to raise their profit margins. The fact that the most recent precision engineering equipment are modular and smaller in size than previous ones help to explain why their demand is rising.
The accuracy that computerized machining systems provide greatly reduces repeated work and machining time, increasing the effectiveness of industrial operations. Additionally, technological developments have led to the creation of software and end-uses that enable managers to follow machine activities on the shop floor in real time and make wise judgments. As manufacturers work to meet the needs of the expanding urban population, the demand quickly and efficiently for precision, engineering machines is rising along with the urban population increase and the expansion of the commercial and residential sectors.
Sales are growing due to the rising demand for sophisticated machining solutions and the emphasis on decreasing downtime to enhance production efficiency, boost precision, and optimize machining processes. In addition, industry 4.0 encourages the integration of manufacturing facilities with other processes to construct holistic and adaptable automation system designs utilizing precision engineering machinery for production and manufacture. Therefore, the market has several potentials with the arrival of Industry 4.0 in the upcoming years.
Several prominent market participants are introducing technologically improved precision engineering machines. However, the inadequate number of experienced operators is emerging as a major hindrance to market expansion. Untrained operators may find it challenging to control precision engineering machines and may cause damage to the machinery, subjecting the production unit's investments to risk. Another market barrier is the considerable costs involved in training existing operators in smoothly running modern precision machinery.
Browse through Grand View Research's Electronic Devices Industry Research Reports.
• The global soundbar market size was estimated at USD 7.50 billion in 2023 and is expected to grow at a CAGR of 9.5% from 2024 to 2030. The soundbar market is experiencing significant growth due to evolving consumer preferences for high-quality home entertainment systems and the increasing demand for enhanced audio experiences.
• The global street lighting market size was valued at USD 9.10 billion in 2023 and is expected to grow at a CAGR of 3.6% from 2024 to 2030. The growing urbanization and infrastructure development projects drive the market's growth.
Precision Engineering Machines Market Segmentation
Grand View Research has segmented the global precision engineering machines market based on end-use and region:
Precision Engineering Machines End-use Outlook (Revenue, USD Million, 2018 - 2030)
• Automotive
• Non-Automotive
o Aerospace & Defense
o Engineering & Capital Goods
o Power & Energy
o Others
Precision Engineering Machines Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa (MEA)
o U.A.E.
o Saudi Arabia
o South Africa
Order a free sample PDF of the Precision Engineering Machines Market Intelligence Study, published by Grand View Research.
Key Companies profiled:
• 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
