Global Precision Parts Market Is Set To Expand To $225.66 Billion By 2022, Growing At A CAGR Of 11.27% During The Forecast Period

The global precision parts market is set to expand to $225.66 billion by 2022, growing at a CAGR of 11.27% during the forecast period. The rise of industrial computers, design capabilities, and advanced tool control systems has given a boost to precision designing and manufacturing of industrial parts. This trend is expected to continue over the next few years with the extensive use of computers in almost all conventional industrial and institutional applications.

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The major manufacturers included in the report are as follows:

• Renishaw Plc.
• W.M. Berg Inc.
• Beyonics Pte Ltd.
• Precision Castparts Corp.
• C. Brandauer & Co. Ltd.

Scope of the Report

The report considers the present scenario of the market and its dynamics for the period 2016−2022. It covers a detailed overview of various market growth enablers, restraints, and trends. It covers both the demand and supply sides of the market. The report also profiles and analyzes the leading manufacturers and other prominent manufacturers operating in the market.

Precision Parts Market: Segmental Analysis

Healthcare segment to witness highest growth

The sales of wrist watches in the developing markets of India, China, and Southeast Asia have been on the continuous rise since 2010. This trend is likely to continue due to the rising disposable incomes and better availability of high-end products in this region. This is likely to increase the demand for precision parts for use in the watch manufacturing industry during the forecast period.
The healthcare sector is undergoing a rapid transformation driven by the advancement in IoT and its focus on scalability, connectivity, security, and sustainability. Digital innovation in the healthcare sector has moved past beyond data collection and has offered insights for smart and practical applications, which add value to the patient care by providing real-time data and reducing costs. Precision healthcare solutions are increasingly gaining prominence in surgical planning and medical component manufacturing.

This engineering technology is extensively deployed across the aerospace industry through thousands of components sourced and assembled at various hierarchies. With the expansion of the aerospace industry, the demand is expected to grow during the forecast period.

Semiconductor fabrication plants involve a high degree of automation with absolute emphasis on cleanliness, accuracy, and safety. High-performance components and precision parts play a major role in these fabrication plants as they enable superior performance and durability. The demand and corresponding revenue of precision parts in the electronics and semiconductor segment is expected to grow exponentially during the forecast period.

Complex machines and intricately engineered systems are increasingly being adopted in automation, production, and manufacturing lines. A high level of automation technology is involved in the automobile manufacturing industry. This is expected to drive the growth of the market in the automotive end-user segment.

Request to Fill The Form To get Sample Copy of This Report:

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market).”

The increasing demand for precision parts in various other industries such as defense, optical equipment, and camera manufacturing, HVAC and plumbing, marine and offshore, general construction and heavy equipment, and power tools are expected to drive the market growth for during the forecast period.

Table of Content

1 Research Methodology
2 Research objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
4.3.1 Market Segmentation by End-User
4.3.2 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Currency Conversion rate
5.2 Market Derivation

Precision Parts Market: Dynamics

Infrastructure development in growing economies to propel market growth

Infrastructure development and manufacturing are the key growth drivers in the developing countries. 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. Safety, energy efficiency, better productivity, and sustainability are the key themes governing this expansion. Mechanization enablers and power transmission products, in addition to heavy machinery and equipment, stand critical in achieving the same.

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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