Precision Machine Forecast and CAGR
According to latest research by Fact.MR, precision machine is set to witness steady growth during 2021-2031. Demand is set to prosper from escalating demands in automotive vehicles, manufacturing equipment, rapid industrialization along with developments in medical equipment. Overall, market is set to witness prosperity with notable application offerings and use cases of precision machine during long run in this dynamic market.
Precision Machine Market Overview
Precision machines are basically adopted in countries including U.S., Germany, China, etc. to provide high quality and precise products as per customer demands.
These precision machines are basically used moat of automotive and aerospace industries more manufacturing of vehicle’s small parts. These machine uses various material types including steel, plastic, glass, brass and other materials.
Milling, turning and electric discharge are various machine types currently available in the market. They perform operations like drilling, turning, milling, cutting and grinding on various metal surface.
The 5 axis CNC machine tools have created enormous differences in the market by reducing cycle time increased work efficiency along with reduced material wastage.
Because of high output, during forecast period manually operating precision machines are replaced with CNC machines.
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COVID-19 Impact On Precision Machine Market
The COVID-19 pandemic has created unfavorable impact on industries like automotive, aerospace, semiconductor and others are driving industries of the market. Because of lockdown imposed by government manufacturing processes are stopped and supply chine disturbed which effected on the precision machine market.
Even though all manufacturing industries stopped process demand for medical equipment is increased, which boosts precision machine market in positive direction. However, after resuming all industrial activities market demand will gradually increases.
What are Demand Drivers for Precision Machine?
Technological developments like adoption of human machine interaction and robotics are driving the market. The real time connectivity requirements are increasing smart factories trend which uses cloud based operations. These machines are becoming vital part of smart factories and product popularity also increases.
Manufacturers are fluctuating towards cost-effective and fast manufacturing processes which results into increase in adaptation of improved manufacturing activities. Most of precision machine manufacturers are planning to adopt in their industries.
Moreover, industry 4.0 is automating traditional industrial and manufacturing processes by using advanced smart technologies. In Precision machine, sensors are using internet of things to machine to machine communication along with artificial intelligence is used in manufacturing procedure.
Most of manufactures are developing CNC controlled machines which has more working capacity than the manually controlled machine. Along with these machine requires less man power and cost effective.
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Asia Pacific Precision Machine Market
Asia Pacific region will be dominating the market during forecast period, with presence of major manufacturing players in countries including China, Japan, India, South Korea, etc. Increased consciousness about energy efficient manufacturing procedures and growing economies of these developing countries are major factors driving demand in the market.
In this region countries like India, China has numerous automotive, aerospace, electrical & electronic industries which uses precision machineries in large quantity for manufacturing of customized products. Moreover, these region carries upper hand in low labor cost, land and less production expenses which is proliferating the market globally.
Europe and North America Precision Machine Market
In European region, market is predicted to witness noticeable growth as compared to North America. Europe region focuses on machines that uses less energy and technically developed for manufacturing of various products, along with this region has major demand in processing and manufacturing operations which further boosts market globally.
Moreover, North America region, most of manufacturing industries are following industry 4.0 automation like manufacturing machine with well-developed sensors and using artificial intelligence and performing cloud based operation will drive the market. Increased awareness about the energy efficient manufacturing processes in economical developing countries along with fast industrialization will increases market demand.
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Who are the key Manufacturers of Precision Machines?
Some of the leading manufacturers of precision machines are
- Kent USA
- Haas Automation
- Okuma Corporation
- Datron Dynamics Inc.
- Fanuc Corporation
- Dalian Machine Tool Group Corporation
- Yamazaki Mazak Corporation
Many leading manufacturing industries are concentrating on manufacturing of precision machine which uses less energy and has high work accuracy along with applications. In that Yamazaki Mazak Corporation is one of the leading manufacturer which is concentrating on manufacturing of advanced precision machine by launching collaboration with many other manufacturers.
Precision Machine Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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By Operation Type
- Manual Operation
- CNC Operation
- 3 Axis
- 5 Axis
By Machine Types
- Milling Machine
- Vertical Milling
- Horizontal Milling
- Universal Milling
- Plano Milling
- Turning Machine
- Tapered turning
- Spherical turning
- Hard turning
- Electric Discharge Machine
- Wire EDM
- Sinker EDM
- Hole Drilling EDM
By Material Type
- Other Metals
By End-use Industries
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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