Global Precision Parts for Equipment Market Overview
Precision Parts for Equipment Market Size was valued at USD 139.7 Billion in 2022. The Precision Parts for Equipment market industry is projected to grow USD 307.23 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.1% during the forecast period (2024 - 2032). Growing need for precision instruments based on laser technology and digital callipers are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Precision Parts for Equipment Market Trends
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Growing popularity of additive manufacturing and 3D precision tools is driving the market growth
Market CAGR for precision parts for equipment is being driven by the growing popularity of additive manufacturing and 3D precision tools. High-tech manufacturing processes like CNC turning, which uses computer-controlled machines to generate complicated forms and designs with extreme accuracy and precision, are frequently used in the creation of precision parts. Metal stamping, which forms pieces from metal sheets using a stamping press, is another often used method in the creation of precision parts.
Additionally, a consistent growth in demand has been observed for semiconductors and electronics. It is anticipated that technological advancements like digital technology, artificial intelligence (UXI), and the projected launch of 5G networks with 1.9 million subscribers globally will have an impact on this expansion. Precision components are expected to become more and more in demand as a result of the quick development of a number of popular applications, such as Industry 4.0 systems, home automation, virtual reality, Internet of Things devices, and driverless cars. The market for manufacturing precision parts is expanding quickly. Ariel UAV, or unmanned aerial vehicle, is seeing a 75% increase in investments. As a result, due to the aerospace industry's innovation, precise components are anticipated to have a favorable impact on the global precision parts market throughout the forecast period.
Manufacturers of aircraft predict that as essential components are updated, lighter materials with higher temperature and pressure resistance will be replaced, creating a greater need for precision parts. Modernizing the necessary aircraft parts in recent years have seen a rise in innovation in the healthcare industry, particularly in the manufacturing of medical devices. Throughout the projection period, a number of technology advancements, including AI-based surgery planning, cardio pulmonary and cardiac devices are anticipated to be the primary drivers of demand for precision parts. Government measures to promote market expansion through public health insurance and the growing concern about the quality of medical care will result in a considerable increase in health care spending.
For instance, a number of significant suppliers of precision components have expanded their production capacity for engines, transmissions, and propulsion components used in hybrid and conventional electric vehicles (EVs), in light of the expanding market for electric vehicles, which had global sales of USD 2.3 million as of the first quarter of 2023. Thus, result in driving the Precision Parts for Equipment market revenue.
Precision Parts for Equipment Market Segment Insights:
Precision Parts for Equipment Type Insights
The Precision Parts for Equipment Market segmentation, based on type includes Metal, Plastic. The metal segment dominated the market. A wide range of metals or alloys of metal raw materials, such as brass, copper, titanium, stainless steel, aluminum, and steel, are frequently used in precision operations. Stainless steel is a highly preferred option because of its remarkable strength and resistance to corrosion. Because of its special qualities, it's the perfect raw material for making precision parts that have to survive challenging weather conditions.
Precision Parts for Equipment Application Insights
The Precision Parts for Equipment Market segmentation, based on Application, includes Aerospace, Automotive, Electronics, Healthcare, and Consumer packed goods. The aerospace category generated the most income. The requirement for exact construction in order to guard against damage to aircraft caused by factors like as speed, air currents, and high pressure, Growing the production of aircraft and defense jets for national security is a significant industry booster worldwide. The market has been significantly impacted by the space sector's increased capital spending during the past ten years.
Figure1: Precision Parts for Equipment Market, by Application, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Precision Parts for Equipment Product Insights
The Precision Parts for Equipment Market segmentation, based on Product includes Cold-formed micro components, Electroforms, Retaining Rings, Metal Stampings, Tubing products, Spring anchors. The electroforms segment dominated the market. More personalization in the vehicle sector to advance the market. The medical industry's integration of electroforms, especially in the nebulizer plate production process, is a significant driver of the precision parts market.
Precision Parts for Equipment Distribution Channel Insights
The Precision Parts for Equipment Market segmentation, based on distribution channel, includes Online, Offline. The offline category generated the most income. Throughout the projection period, the internet category is anticipated to develop at the fastest rate (CAGR). Online sales are used to fulfill the increasing demand for high-precision components as a result of the integration of loT and AI.
Precision Parts for Equipment Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Precision Parts for Equipment market area will dominate this market. Federal governments have provided advantageous tax and credit incentives, together with significant revisions to environmental legislation, which have resulted in a rapid increase in demand and sales volumes for electric vehicles throughout the nation. This is the main motivator in the area.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: PRECISION PARTS FOR EQUIPMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Precision Parts for Equipment market accounts for the second-largest market share. An important element anticipated to propel market expansion is the rise in technological innovation in the manufacturing of medical and healthcare products. Further, the German Precision Parts for Equipment market maintained the most market share, and the UK Precision Parts for Equipment market was the European market with the quickest rate of growth.
The Asia-Pacific Precision Parts for Equipment Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. Large-scale industrial sectors, government programs to support precision equipment, and advancements in additive and 3D manufacturing are some of the causes of this. Moreover, China’s Precision Parts for Equipment market maintained the most market share, and the Indian Precision Parts for Equipment market was the Asia-Pacific region's fastest-growing market.
Precision Parts for Equipment Key Market Players & Competitive Insights
Leading market players are putting a lot of money on R&D to expand the range of their goods, which will drive the market for precision parts for equipment to continue growing. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the release of new products, contracts, mergers and acquisitions, larger investments, and cooperation with other institutions. To grow and endure in an increasingly cutthroat and dynamic market, Precision Parts for Equipment industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Precision Parts for Equipment industry to help customers and expand the market segment. In recent years, the Precision Parts for Equipment industry has provided some of the biggest benefits to medicine. Major players in the Precision Parts for Equipment market, including Sigma Components Holdings Ltd., Beyonics Pte Ltd, Tessa Precision Products, Inc., Barnes, NN, Inc., Precision Castparts Corp., and others, are engaging in research and development activities in an effort to boost market demand.
Tesa SE is a German business that produces adhesives. The business was first established in 2001 as a division of Beiersdorf and continued to function as a subsidiary even after it became independent. The brand name is mentioned in the Duden lexicon as sticky tape because it has become synonymous with the word in Germany. The company provides adhesives to different industries in addition to consumer sticky tapes. In January 2022, Around USD 61.5 million was invested by Tesa SE to lay the groundwork for its new facility, which is situated in the Vietnamese port of Haiphong. Given that Asia is one of the markets with the quickest growth, the company intends to increase its manufacturing capacity there.
An American bookseller is called Barnes & Noble Booksellers. It is the bookstore with the most retail locations in the US and a Fortune 1000 corporation. Following a string of acquisitions and bankruptcies in the American book sector during the 1990s, Barnes & Noble is the only national bookstore chain in the country. The business has 592 retail locations operating in all 50 states of the United States as of October 2023. The primary means of operation for Barnes & Noble is its chain of Barnes & Noble Booksellers bookshops. The company's Union Square headquarters are located in New York City at 33 E. 17th Street.
Key Companies in the Precision Parts for Equipment market include
- Sigma Components Holdings Ltd.
- Beyonics Pte Ltd
- Tessa Precision Products, Inc.
- Barnes
- NN, Inc.
- Linamar Corporation
- Renishaw plc,
- Digitaleo
- Precision Castparts Corp.
Precision Parts for Equipment Industry Developments
February 2022: Starrag USA Inc. introduced a new center for machining turbine blades at their lab in Kentucky. The six-axis LX021 machining center's objective is to optimize lights-out machining of complex blades from raw stock to final form in a single operation.
December 2021: Precision Metal Fab and PMF Company, a supplier of metal cutting and shaping solutions, have been acquired by CGI Automated Manufacturing (CGI), a CORE portfolio company. For a range of end-market applications, such as warehouse automation, food equipment, HVAC, and utilities, PMF specializes in CNC laser cutting, stamping, metal die forming, welding, and assembly.
March 2021: Merill Tool & Machine announced the launch of the RONIN 400 horizontal milling machine with its many milling accessories and rotary tables, the RONIN, a mainstay of the aerospace sector, can handle a broad variety of complex product combinations.
Precision Parts for Equipment Market Segmentation
Precision Parts for Equipment Type Outlook
Precision Parts for Equipment Application Outlook
- Aerospace
- Automotive,
- Electronics
- Healthcare
- Consumer packed goods
Precision Parts for Equipment Product Outlook
- Cold-formed micro components,
- Electroforms
- Retaining Rings
- Metal Stampings
- Tubing products
- Spring anchors
Precision Parts for Equipment Distribution Channel Outlook
Precision Parts for Equipment Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 139.7 Billion |
| Market Size 2032 |
USD 307.23 Billion |
| Compound Annual Growth Rate (CAGR) |
9.1% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018-2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, application, Product, Distribution Channel, and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered |
The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled |
Sigma Components Holdings Ltd., Beyonics Pte Ltd, Tessa Precision Products, Inc., Barnes, NN, Inc., Precision Castparts Corp. |
| Key Market Opportunities |
·      Growing demand for renewable energy solutions |
| Key Market Dynamics |
·      Technological advancements to drive market growth |
Frequently Asked Questions (FAQ) :
In 2022, the size of the global market for precision parts for equipment was estimated to be USD 139.7 Billion.
From 2024 to 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 9.1%.
North America held the most market share worldwide.
Tessa Precision Products, Inc., Barnes, NN, Inc., Precision Castparts Corp., Beyonics Pte Ltd, and Sigma Components Holdings Ltd. are the major companies in the market.
In 2022, the market was dominated by the Metal category.
The Aerospace sector held the most market share worldwide.
