Research Nester published a report titled “Precision Parts Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global precision parts market in terms of market segmentation by product, application, type, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global precision parts market is anticipated to grow with a CAGR of 8.19% over the forecast period, i.e., 2021 – 2025. The market is segmented by product into cold-formed micro components, electroforms, retaining rings, metal stampings, tubing products, spring anchors, and others, out of which, the electroforms segment is projected to generate the largest revenue of USD 75.59 Billion by the end of 2025, up from a revenue of USD 31.78 Billion in the year 2015.
The global precision parts market is estimated to garner a revenue of USD 268.30 Billion by the end of 2025, up from a revenue of USD 115.66 Billion in the year 2015. Growing demand for precision parts across different end-use industries, such as healthcare, automotive, aerospace, and others, is one of the major factors anticipated to drive the market growth. Besides this, the growing advancements in machining technologies, and the increasing manufacturing output in industries, are also estimated to boost the market growth.
The global precision parts market is segmented by region into North America, Europe, Asia, South America and Rest of World, out of which, the market in Asia region is anticipated to generate the largest revenue of USD 101.95 Billion by the end of 2025, up from a revenue of USD 35.78 Billion in the year 2015. Additionally, the market in the region is projected to grow with the highest CAGR of 10.4% during the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Aircraft Shipments to Create Opportunities for Market Growth
The total shipments of piston and turbine airplane, according to the statistics by the General Aviation Manufacturers Association (GAMA), increased from 889 units and 2020 units respectively in the year 2010 to 1324 units and 1334 units respectively in the year 2019.
Backed by the rising shipments of aircrafts worldwide, the demand for precision parts, such as precision motors, is growing at a significant pace. These parts form an important part of the engines, aircraft body, and other essential elements of the aircraft. On the other hand, in the healthcare industry, these precision parts are used widely in medical devices, such as diagnostic equipment, surgical tools, bone screws, implants, insulin pumps, and defibrillators among others, which is also expected to create numerous opportunities for market growth in the coming years.
However, the fluctuating prices of raw materials and the lack of technical expertise for manufacturing these parts are expected to operate as key restraint to the growth of global precision parts market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global precision parts market which includes company profiling of Sigma Components Holdings Ltd, Beyonics Pte Ltd, Tessa Precision Products, Inc., Barnes Group Inc., NN, Inc., Linamar Corporation, Renishaw plc, ARMOR MECA, Precision Castparts Corp., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global precision parts market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.