SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- The global precision engineering machines market size is estimated to reach USD 19.27 billion by 2028, expanding at a CAGR of 6.6% from 2021 to 2028, according to a new study by Grand View Research, Inc. The increased demand for advanced machining solutions, as well as the focus on reducing downtime to promote production efficiency, improve accuracy, and optimize machining processes, are driving sales growth. Moreover, Industry 4.0 promotes the integration of manufacturing facilities with other processes to create holistic and adaptive automation system architectures using precision engineering machines for production and manufacturing. Hence, the market comprises significant opportunities with the advent of industry 4.0 in the forthcoming years.
Key Insights & Findings from the report:
- The automotive segment is expected to register the highest CAGR of over 7% during the forecast period. The growth is attributed to the rising demand for autonomous vehicles, new mobility solutions, advancements in robotics, design, manufacturing processes, and the advent of EVs in countries, which is expected to drive the demand for precision engineering machines in the automotive industry
- In the non-automotive segment, power and energy is anticipated to record the highest CAGR from 2021 to 2028. The expansion of oil and gas industries and the use of modern machinery for precise manufacturing such as lathes and spinning machines are anticipated to drive the market growth
- The growing trend of incorporating advanced technology into products to boost machinery efficiency at drilling sites with greater depths and pressure requirements is projected to benefit the European and MEA markets
- APAC is anticipated to emerge as the fastest-growing regional market over the forecast period. The market in the Asia Pacific area is being driven by the expanding trend of industrial automation, as well as the rising demand for accurate manufacturing, due to its extensive applications in the automotive, aerospace, and electronics sectors across the region
Read 100 page market research report, "Precision Engineering Machines Market Size, Share & Trends Analysis Report By End-use (Automotive, Non-automotive), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2021 - 2028", by Grand View Research
The increased popularity of precision engineering machines can be attributed to their computerized accuracy, which helps improve the productivity and efficiency of manufacturing processes. The scope of precision engineering is expanding owing to the rising technological possibilities. Precision engineering machines facilitate automated operations and, hence, reduce the time required for machining components. These machines can continue operating without any manual intervention and supervision once the machinist feeds the codes into the computer. Industrial automated machines, often known as robots, have proven to be beneficial for both discrete and continuous manufacturers in numerous ways. Some of these benefits include more efficient production procedures and higher productivity.
The COVID-19 pandemic has negatively impacted the market by restraining innovation, reducing profitability, and depleting cash flow and economic imbalance. The COVID-19 pandemic also resulted in the cancellation of many events in 2020, which restricted manufacturers from marketing their new products or technologies. On the other hand, untrained workers may struggle to manage precision engineering machines, resulting in potential machine damage, and putting the manufacturing unit's investments at risk. As a result, a scarcity of experienced operators is posing a significant barrier to market expansion. The shortage of skilled manufacturing workers, such as precision machinists and tool and die makers is affecting industries such as aerospace and steel.
Meanwhile, differentiation strategy and the launch of new products are anticipated to contribute to the market growth. In February 2020, DMG Mori Co., Ltd. acquired GLOphotonics SAS, a manufacturer of femtosecond laser delivery technology. This acquisition is expected to increase the application of the femtosecond to create additional surface quality and process large components. Thus, collaborations, partnerships, mergers, and acquisitions are expected to help players in capturing significant market shares and increasing investments in the precision engineering machines market.
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 - 2028)
- Aerospace & Defense
- Engineering & Capital Goods
- Power & Energy
- Precision Engineering Machines Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Asia Pacific
- Greater China
- South Korea
- Latin America
- Middle East & Africa
List of Key Players in the Precision Engineering Machines Market
- Amada Machine Tools Co., Ltd.
- DATRON AG
- Dalian Machine Tool Group (DMTG) Corporation
- DMG Mori Co., Ltd.
- FANUC Corporation
- Haas Automation, Inc.
- Okuma Corporation
- Shenyang Machine Tool Co., Ltd.
- Yamazaki Mazak Corporation
Check out more studies from Grand View Research's portfolio on the Global Next Generation Technologies Industry:
- Computer Numerical Control Machines Market – The global computer numerical control machines market size was valued at USD 71.46 billion in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. The COVID-19 pandemic has negatively affected the market in terms of new sales and installations.
- Machine Vision Market – The global machine vision market size was valued at 12.29 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028. The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market for machine vision.
- Machine Control System Market – The global machine control system market size was valued at USD 4.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2020 to 2027. Machine control systems use technologies such as GNSS, GIS, laser scanning, and robotics to scan the working areas and precisely identify points where heavy earthmoving machinery can be positioned.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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