Research Nester assesses the growth and market size of global precision parts market which is anticipated to be on account of the increasing industrial automation and innovation in healthcare and medical devices.
New York –July 11,2023 - Research Nester’s recent market research analysis on “Precision Parts Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global precision parts market in terms of market segmentation by type, application, distribution channel, product, and by region.
Rapid Digitization & Increasing Demand for Commercial and Defense Aircrafts to Promote Global Market Share of Precision Parts
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Demand for electronics and semiconductors has been steadily increasing over the past several years. Technological progress such as digital technology, artificial intelligence UXI and the anticipated deployment of 5G networks are expected to have an impact on this growth. Rapid development of a range of emerging applications, such as Virtual Reality, Internet of Things devices, home automations, Industry 4.0 systems and Autonomous Vehicles are expected to further increase the demand for precision components.
Additionally, several aircraft manufacturers have increased their investments in the provision of Unmanned Vehicles Ariella. Therefore, by observing innovation in the aircraft industry, precision components are expected to contribute positively to the overall Precision Parts market over the forecast period. Replacing light materials with strong heat and pressure resistance material and parts is expected to result in an increased need for precision parts amongst aircraft manufacturers, while upgrading the basic plane components.
Some of the major growth factors and challenges that are associated with the growth of the global precision parts market are:
Growth Drivers:
• Increasing demand of healthcare and medical devices.
• Rise in Automotive Industry
Challenges:
Fluctuating price of raw materials, demand for smaller lot sizes and miniaturization of precision parts are some of the major factors anticipated to hamper the global market size of precision parts.
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By application, the global precision parts market is segmented into aerospace, automobiles, electronics, healthcare, consumer packaged goods and others. During the forecast period, the aerospace industry should be dominant on the market. In view of the conditions encountered by aircraft as a result of their speed, air currents and excessive pressure, precise construction is needed in order to ensure that aircraft do not suffer damage. The global industry has been strongly supported by the increase in production of fighter planes and aircraft for national security. There is a significant impact on the market from increased capital investment by the space industry over the last decade.
By region, North America is anticipated to hold the largest market share over the forecast period accounting for 45% of the market and is estimated to reach USD 72 billion by 2026 growing at a CAGR of 11%. Significant updates to environmental legislation in the United States by the EPA and favorable tax and credit incentives provided by federal governments have substantially increased demand and sales of electric vehicles in this country. This is a major factor in the region. Furthermore, significant growth in this market can be attributed to the increasing application of diagnostics and healthcare equipment. The US is among the world's leading producers of vehicles, and this has also had a significant impact on growth in precision parts across the region.
Further, for Europe's market, sustainable growth is foreseen. The market is projected to bring in revenue of USD 64 billion by the end of 2035. A key factor projected to stimulate market growth is an increase of technology innovation in the production of medicines and health care products. Moreover, an increasing demand from civil and military aviation is driving the market.
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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, NN, Inc. , Linamar Corporation, Renishaw plc., Digitaleo , Precision Castparts Corp. and others.
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