Precision Engineering Machines Market Size Worth $24.64 Billion By 2032 | CAGR: 6.5%

The global precision engineering machines market size is expected to reach USD 24.64 billion by 2032, according to a new study by Polaris Market Research. The report “Precision Engineering Machines Market Share, Size, Trends, Industry Analysis Report, By End-use (Automotive, Non-Automotive), By Region, And Segment Forecasts, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

With the continuous advancement of production methods, precision engineering tools have gained significant popularity due to their exceptional accuracy. The expanding technological capabilities have broadened the scope of precision engineering, enabling more efficient and productive manufacturing processes. Precision engineering equipment enables automated procedures, reducing the time required for component machining. Once the codes are entered into the computer, these machines can operate continuously without manual intervention or supervision. Industrial automation devices, including robots, have proven highly advantageous in discrete and continuous manufacturing scenarios. They contribute to increased productivity and the implementation of improved production methods.

In recent years, there has been a rapid proliferation of innovative technologies across various industries. Among these advancements, programmed automation has gained significant popularity and widespread usage. Programmed automation refers to the capability of machines to execute instructions entered by humans into their systems. This transformative concept has revolutionized the manufacturing landscape.

Precision engineering machines equipped with programmed automation enable manufacturers to produce multiple identical product copies without relying heavily on human labor. By automating repetitive tasks, programmed automation streamlines production processes increases efficiency, and reduces the potential for errors. This technology has greatly contributed to the advancement of precision engineering and has become a cornerstone in modern manufacturing practices.

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The COVID-19 pandemic had a detrimental impact on the market, causing disruptions and challenges. It stifled innovation, hampered profitability, and led to cash flow issues, resulting in an imbalanced economy. The postponement of numerous events in 2020 due to the pandemic prevented vendors from showcasing their latest products and technological advancements, limiting market exposure.

The lack of skilled operators also poses a significant obstacle to market expansion. Inexperienced workers may need help to operate precision engineering equipment effectively, increasing the risk of machine damage and potentially jeopardizing the financial investments of manufacturing units. This shortage of qualified operators is particularly evident in sectors such as steel and aerospace, where skilled workers like precision machinists and tool and die makers play crucial roles. The need to address the shortage of skilled workers in these industries remains a challenge..

Precision Engineering Machines Market Report Highlights

• Non-automotive segment garnered the largest share, owing to huge of precision services in the sector
• Automotive segment expected to witness significant growth rate, owing to huge demand from allied industries such as oil & gas, and other ancillary sectors
• Europe expected to grow at the fastest rate, owing huge of precision services in automotive sector, particularly in compact vehicles
• The global players include Amada Machine Tools Co., Amera-Seiki, DATRON, Dalian Machine Tool Group, DMG Mori, FANUC Corporation, Haas Automation, Hurco Companies, Okuma Corporation, Shenyang Machine Tool, and Yamazaki Mazak Corporation.

Polaris Market Research has segmented the precision engineering machines market report based on end use, and region:

Precision Engineering Machines, End Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Automotive
• Non-Automotive
  • Aerospace & Defense
  • Engineering & Capital Goods
  • Power & Energy
  • Others

Precision Engineering Machines, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Precision Engineering Machines Market Report Scope