Precision Parts Market Revenue, Regional & Country Share, Key Factors, Trends & Analysis, To 2022-2031

Shibuya-ku, Tokyo, Japan, Japan, Apr 27, 2022, 05:56 /Comserve / -- The global precision parts market is expected to grow at a CAGR of around 12% during the period 2022-2031.

The development and usage of new substrate materials, the growing prominence of Asian manufacturing, the increased automation expenditure, and advancements in CNC and milling machinery are some of the prominent factors expected to contribute significantly in the growth of the precision parts market.

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The precision parts market is set to display an impressive growth during the forecast period due to the rise of industry 4.0, and Internet of Things (IoT). Further, 3D printing has started to play a decisive role in the global precision parts market. Additive 3D printing technology reduces the overall material waste, cost, and time in the manufacturing sector. The automotive industry and the healthcare sector are the prominent end-users of printing technique. Further, open architectures and rising subscription-based CAD software are emerging trends, which are expected to change the precision machining outlook. Increaseing demand from healthcare industry and increased outsourcing to reduce capital cost are the other factors driving the growth of global precision parts market.

The study considers the present scenario of the precision parts market and its market dynamics for the period 2022−2031. The study covers a detailed overview of various market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. The study also profiles and examines leading companies and other prominent companies operating in the precision parts market.

The research report on the precision parts market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by end-users (watches, healthcare, aerospace, electronics and semiconductors, automotive, and others) and geography (APAC, Europe, North America, Latin America, and MEA).

Precision Parts Market: Segmentation

This market research report includes a detailed segmentation of the market by the end-users and geography. Stringent regulations and technological transformations in the automotive industry are vital factors contributing to the growth of the market. The automotive segments witnessed the largest market share in 2018. While autonomous driving and new mobility solutions are expected to affect traditional vehicle manufacturers, it is seen as an opportunity for precision parts manufacturers. Hence, restructuring agreements between auto component suppliers and automobile manufacturers are expected to affect the growth of the segment.

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Further, the growth of the fabrication industry in Taiwan and South East Asia has accelerated the growth of precision parts manufacturing market in APAC. Germany, France, Italy, the UK, and Spain are the significant players in the aerospace precision market. The increased demand for commercial and defense aircraft is driving the precision parts market in the region.

The increased adoption of automation in the manufacturing of watches and the usage of new metal and alloys have significantly contributed to the increased growth of precision parts. The precision parts market by other segments comprises construction, defense, marine and offshoring, heavy equipment, and power tools. The demand for precision products in marine and offshore drilling industry is expected to remain stable over the forecast period.

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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