Precision Parts Market Size to Reach over $300 Billion by 2025 - Arizton

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Jul 21, 2020, 10:00 ET

CHICAGO, July 21, 2020 /PRNewswire/ -- The global precision parts market size is expected to grow at a CAGR of over 10% during the period 2019−2025.

Key Highlights Offered in the Report:

The global economic estimates for 2020 have been recalibrated after the COVID-19 outbreak. Many of the precision parts end-users relied on 'just-in-time' manufacturing to limit the inventory storage at their locations. However, in the post-COVID-19 scenario, this had a large-scale impact on countries that were dependent on this model and depended on China for their component procurement needs.
The weaker industrial output in Q1 and Q2 of 2020 was significant, considering that the electric energy consumption declined by over 20% on an average as compared to the same period previous year.
M&A activities are expected to increase across several end-users and precision parts manufacturing sectors to overcome the overall weakening demand. The dependence of end-users on China is high and is expected to change as countries are bearing the brunt of a major supply blockade. However, this is expected to be slow-paced on account of China's high share in the global economy
The precision parts and their client industries are expected to invest more automation in the coming months to reduce labor dependency and the impact of lockdown/isolation measures.
Lack of traction in certain industries such as aerospace and watchmaking is expected to majorly impact application-specific vendors.
In the long term, the highly industrialized countries of Europe and North America such as Germany, France, the UK, the US, and Canada will drive the need for precision products as these industrialized nations seek to increase the productivity of their manufacturing operations through the purchase of high-performance and value-added equipment.

Key Offerings:

Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by end-users and geography
Competitive Landscape – 7 key vendors and 28 other vendors

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Precision Parts Market – Segmentation

The increased vehicle demand, especially in emerging markets such as Asia and Africa and the introduction of stringent vehicle regulatory compliance, are major factors that are driving the spares and automotive precision components market. This development is increasing the requirement for precision parts engineering facilities to accommodate the high demand.
The healthcare sector is undergoing a rapid transformation driven by advances in IoT and its focus on scalability, connectivity, security, and sustainability. The accelerated growth of minimally invasive surgery solutions has given rise to many medical equipment of varied designs and shapes, which contribute to the growth of precision part manufacturing in the sector.
The slowdown and disruption of air traffic due to the pandemic has a high impact on the aerospace industry. Passengers are deferring air travel; hence new aircraft deliveries are currently on hold. High capital requirements characterize the aerospace industry; however, with the declining demand, concerns due to liquidity are flagged.

Precision Parts Market by End-user

Automotive

Light Vehicles
Two-wheelers & Three-wheelers
Light, Medium, & heavy Commercial Vehicles

Healthcare

Medical Imagining
Patient Monitoring
IVD Analyzers
Others

Electronics & Semi-conductor

Semiconductor Industry
Electronic Industry

Watchmaking Industry
Others

Industrial Equipment
Defense
Heavy Equipment
Marine & Offshoring
Power Tools
Electric Industry
Others

Precision Parts Market – Geography

The overall investor confidence has declined owing to the COVID-19 pandemic in a majority of the countries across the globe. The increase in active cases in the US, the UK, India, Brazil, and Italy, among others, has significantly offset the recovery process in various economies. The general manufacturing industry relies on multiple countries to procure its raw materials (inclusive of precision parts), to keep the COGS low and achieve a steady inflow of raw materials devoid of any supply chain disruption.

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Precision Parts Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Spain
Italy

APAC

China
Japan
South Korea
Australia
India
Singapore

Latin America

Brazil
Mexico
Argentina
Chile

Middle East & Africa

Saudi Arabia
Turkey
Egypt
Israel

Prominent Vendors

Barnes Group Inc.
NN Inc.
Martinrea International
Linamar International
WM Berg
Renishaw International
ARC Group Worldwide

Other Prominent Vendors

Beyonics
WSI Industries Inc.
Precision Castparts Corp PCC
Sigma Components
Aequs
Mecachrome Group
Greystone
Armor Meca
Gudel
Bonfiglioli Riduttori
Tessa Precision Products
Dana Brevini Power Transmission
Hoppe Technologies
Doncasters
Consolidated Precision Products
Kitagawa
Zollern
Impro
Hitchiner
Dongying Giayoung Precsion Metal
Fritz Winter
Gienanth
Kern-Liebers
Berger
Burgmaier
IPE Group
Paradigm Precision
Anton Häring KG

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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SOURCE Arizton Advisory & Intelligence