The Global Precision Parts Market Tipped to Cross $225 Billion by 2022

Arizton has recently published a new market research report on Global Precision Parts Markets

Increasing demand in healthcare & revolutionary upgrades in CNC machines to boost the precision market growth

A recent report on the global precision parts market, released by Arizton Advisory & Intelligence says that the market is expected to cross $225 billion by 2022 due to the expected extensive use of computers in almost all conventional industrial and institutional applications over the next few years.

Growing need for smart prototyping and lower time-to-market to propel precision parts market growth

Rapid prototyping is being increasingly adopted in the manufacturing industry owing to its advantage in reducing labor required for modelling and design validation before getting into the functional manufacturing stage. 3D Printing, a rapid prototyping technique, helps bring a concept live the same day it was designed, shrinking the development process, thus saving cost and eliminating risks. These evolving technologies are expected to fuel the growth of the global precision parts market over the next few years.  

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Increasing demand in healthcare to promote precision market size and growth

Precision engineering is the cornerstone of success within the healthcare and medical device industry. Several precision parts are used to manufacture medical equipments and other life-saving tools, which require high precision injection molding. One of the key sectors driving innovation in the healthcare and medical device industry is micro-manufacturing.

The healthcare sector stands to be the most attractive end-user for precision engineering with the demand for intricately engineered parts set to grow to $25.44 billion by 2022.

Revolutionary upgrades in CNC machines to also promote precision parts market growth

A technology developed in the 1950s and used extensively during the 1970s, the almost defunct CNC technology was given a new lease of life through some ground-breaking upgrades that has radically expanded the scope of its operations. With these evolving upgrades and capabilities in CNC technology, the scope of precision engineering is expanding and is expected to propel the growth of the global precision parts market over the next few years.

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Cost sensitivity of medium and large scale end-users to also promote precision parts market growth

One of the key drivers for the proliferation of contracted precision manufacturing is the cost-sensitivity of medium and large scale end- users. While mechanization and vertical integration are clear drivers to profitability and risk mitigation for several large enterprises, they warrant significant capital costs and a reasonable scale for implementation. This is further expected to propel the growth of the global precision parts market over the next few years.

Read: Investment Casting Market - Global Outlook and Forecast 2020-2025

Infrastructure development in growing economies to also promote precision parts market growth

Infrastructure development and manufacturing are the key growth drivers in the developing countries for precision parts. This encompasses the development of airports, transport, communication systems, schools, hospitals shopping malls, etc. which, in turn, drive the demand for technology enablers and solutions. This is also expected to propel the growth of the global precision parts market over the next few years.

Major vendors profiled in the global precision parts market research report

• Renishaw Plc.

• W.M. Berg Inc.

• Beyonics Pte Ltd.

• Precision Castparts Corp.

• C. Brandauer & Co. Ltd.

Other prominent vendors of global precision parts market include Aequs Pvt. Ltd., Camcraft, MMI Precision Manufacturing, KKSP Precision Machining LLC, Ashley Ward Inc., Motherson Orca Precision Technology, PEKO Precision Products, HEICO Corp., Univac Precision Engineering Pte Ltd., Dixi Cylindre SA.

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