Precision Engineering Machines Industry Overview
The global precision engineering machines market size was valued at USD 11.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.
The rising demand for advanced machining solutions and emphasis on reducing downtime to increase production efficiency, boost accuracy, and optimize machining processes are the key factors driving the market growth. Advanced machining processes help to reduce machining time, which can offset material costs, setup costs, and bespoke machining costs. As such, manufacturing companies are widely deploying precision engineering machines in their manufacturing sites.
Gather more insights about the market drivers, restrains and growth of the Global Precision Engineering Machines Market
Precision engineering incorporates precision machine tool design and assessing machine design, construction, precision valuation and procedure, R&D, and production and measurement of products and parts with high accuracy. The requirements for extremely fine detail and mass production can be met with the help of precision engineering machines. The latest and advanced precision engineering machines provide higher quality-controlling power with less labor involvement, allowing suppliers to increase their profit margins. Newer precision engineering machines are modular and smaller in size compared to older machines, which also contributes to their increasing demand.
Machining solutions offer computerized accuracy, which helps in significantly minimizing repetitive work and machining time, thus improving the efficiency of manufacturing processes. Moreover, advancements in technology have resulted in the development of software and applications that allow managers to track machining operations carried out on the shop floor in real-time and make informed decisions. The growth of the urban population and expansion of commercial and residential sectors are also increasing the demand for precision engineering machines as manufacturers strive to meet the needs of the growing urban population with efficiency and speed.
The COVID-19 pandemic has negatively impacted the market by stifling innovation, suppressing profitability, and drying up cash flow and financial reserves. Lockdowns across the world resulted in the closure of factories, offices, and stores and led to restrictions on distribution, travel, and manufacturing facilities, all of which impacted the market. Revenue streams have been directly affected due to the adverse impact caused by supply chain and trade disruptions on overall operations. The plans to upgrade technology are likely to be delayed due to efforts made toward reducing non-critical and CAPEX investments.
Several prominent market participants are introducing technologically improved precision engineering machines. However, the inadequate number of experienced operators is emerging as a major hindrance to the market expansion. Untrained operators may find it challenging to control precision engineering machines and may cause damage to the machinery, subjecting the production unit's investments to risk. Another market barrier is the considerable costs involved in training existing operators in smoothly running modern precision machinery.
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Precision Engineering Machines Market Segmentation
Grand View Research has segmented the global precision engineering machines market based on end-use and region:
Precision Engineering Machines End-use Outlook (Revenue, USD Million, 2018 – 2028)
- Automotive
- Non-Automotive
- Aerospace & Defense
- Engineering & Capital Goods
- Power & Energy
- Others
Precision Engineering Machines Regional Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- October 2020: DMG Mori Co., Ltd. developed AI Chip Removal, which automatically removes chips generated during machining with the use of AI.
- February 2020: DMG Mori Co., Ltd. acquired GLOphotonics SAS, a manufacturer of femtosecond laser delivery technology. This acquisition is expected to expand the application of femtosecond to create additional surface quality and process large components.
- May 2017: Okuma Corporation inaugurated its new smart DS2 parts factory with a focus on smart machines and unmanned operations to increase its production capacity.
- April 2017: Dalian Machine Tool Group Corporation and Gazdevice set up a joint venture in Moskovskaya Oblast for high precision machine tools.
Key Companies profiled:
Some prominent players in the global precision engineering machines market include
- Amada Machine Tools Co., Ltd.
- Amera-Seiki
- DATRON AG
- Dalian Machine Tool Group (DMTG) Corporation
- DMG Mori Co., Ltd.
- FANUC Corporation
- Haas Automation, Inc.
- Hurco Companies, Inc.
- Okuma Corporation
- Shenyang Machine Tool Co., Ltd.
- Yamazaki Mazak Corporation
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