DUBAI, UAE, Oct. 17, 2023 /PRNewswire/ -- As per the latest findings by Kings Research, the global Precision Parts Market revenue was recorded at USD 185.53 billion in 2022 and is expected to reach USD 387.89 billion by 2030, growing at a CAGR of 9.87% from 2023 to 2030. The increasing demand is primarily propelled by rising demands across key industries like automotive, aerospace, electronics, and healthcare. The increasing demand for these medical devices is a significant factor fueling the expansion of the precision parts market.
Precision parts play a significant role in a number of industries by offering extremely accurate and precisely manufactured machine components. The automotive, healthcare, and electronics industries, among others, depend on the precision parts industry for a wide variety of components.
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Competitive Landscape
The precision parts market is highly fragmented with the presence of domestic and international players. Major companies in the industry are actively focusing on using merger & acquisition tactics to broaden their global footprint and increase their market share.
For instance, Martinrea International Inc. purchased Montreal-based Effenco Development Inc. in February 2023. Martinrea is a leading supplier of propulsion systems, which have precisely engineered components, for the automotive industry. This enables Martinrea to diversify its business into hybrid or electric solutions.
The key players operating in the precision parts market include:
- Beyonics Pte Ltd
- Martinrea International Inc.
- WM Berg Inc.
- Barnes Group Inc.
- Haas Automation, Inc.
- Amera-Seiki,
- Sigma Components Holdings Ltd
- DATRON AG
- FANUC CORPORATION
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The global Precision Parts Market is segmented as:
By End-Use Industry
- Aerospace & Defense
- Automotive
- Electronics
- Healthcare
- Consumer packaged goods
- Others
Precision Engineering and Operating Safety in the Aerospace & Defense Industry to Spur Market Development
The aerospace and defense industry segment led the market in 2022 and is likely to grow at a 9.90% CAGR through the forecast period. With rapid velocity, swift air currents, and intense strain placed on aircraft components while in flight, the aerospace industry is subject to operating conditions that are exceptionally difficult. Precision engineering is essential to the design and production of every component in order to protect the aircraft from harm and guarantee operating safety.
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By Material Type
- Metal
- Plastic
- Others
Beneficial Physical Characteristics of Metal to Augment Precision Parts Market Growth
The metal segment recorded the highest revenue in 2022 and is anticipated to progress at a CAGR of 10.61% between 2023 and 2030. A variety of metals or metal alloys are frequently used as raw materials in precision processes, including aluminum, stainless steel, copper, steel, titanium, and brass. Due to its exceptional strength and corrosion resistance, stainless steel is a preferred option among these. As a result of its distinct qualities, it is considered the ideal raw material for creating precision parts that can withstand extreme weather conditions.
Rapid Adoption of Industrial Automation to Boost Precision Parts Market Proliferation
The market for precision parts is expanding significantly, partly as a result of rising industrial automation and advancements in the healthcare and medical device sectors. The demand for accurate and dependable precision parts is rising across a number of industries as robotics, automation, and artificial intelligence technologies progress. The market for precision components is expanding as a result of technological developments like 3D printing, automation, and machine learning, among others, which allow businesses to make precision parts more quickly and affordably.
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Presence of Prominent Players in North America to Support Precision Parts Market Expansion
North America led the market with a valuation of USD 73.84 billion in 2022. Surging product demand in the aerospace, automotive, and medical industries, as well as advancements in precision components production technology, are attributed to this dominance. The main element boosting regional business revenue is the existence of advanced manufacturing enterprises across a variety of industries. During the projected period, the U.S. precision parts market is expected to grow at the fastest pace, followed by Canada.
Technological Advancements in Europe to Bolster Market Progress
Europe is the second-largest region in the market after North America and is foreseen to reach a valuation of USD 118.73 billion by the end of 2030. Germany, the United Kingdom, and France are the prominent nations in the region as a result of the existence of cutting-edge technologies. As a result of increased productivity, lower production costs, fewer obstacles for manufacturers of precision parts, and notable technological developments are supporting market expansion.
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Key Points from TOC:
1 Introduction of the Global Precision Parts Market
2 Executive Summary
3 Research Methodology
4 Global Precision Parts Market Outlook
5 Impact of Russia-Ukraine War
6 Global Precision Parts Market, By Material Type
7 Global Precision Parts Market, By End-Use Industry
8 Global Precision Parts Market, By Geography
9 North America
10 Europe
11 Asia-Pacific
12 Middle East & Africa
13 Latin America
14 Global Precision Parts Market Competitive Landscape
15 Company Profiles
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