Press release
Precision Engineering Machines Market Future Trends, Segments, Growth Rate, Major Players And Forecast To 2033
Precision Engineering Machines Market
The precision engineering machines market size is expected to see strong growth in the next few years. It will grow to $18.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to smart factories, high-speed machining, sustainable manufacturing practices, customization and personalization. Major trends in the forecast period include miniaturization and microfabrication, internet of things (iot) integration, robotics and collaborative automation, precision robotics, digital twin technology, hybrid machining systems and multi-axis machining.
Market Overview -
Precision engineering machines refer to highly specialized tools designed for accurate and intricate manufacturing processes. These machines are designed to achieve tight tolerances and dimensional control during manufacturing. These equipment and components are used in several industries for high-precision machining procedures, such as turning, milling, drilling, and other machining operations.
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Increased Demand For Consumer Electronics Fuels Surge In Precision Engineering Machines Market
The rising consumer electronics demand is expected to propel the growth of the precision engineering machines market going forward. Consumer electronics is a broad category of electronic devices designed for everyday use by end-users or consumers. The use of precision engineering machines is growing, as it is designed to produce high-precision components and parts that meet tight tolerances and specifications. These machines are essential for the proper functioning of electronic devices and systems. For instance, according to the annual financial report 2022 published by LG Corporation, a South Korea-based consumer electronics and home appliances company, LG had revenue exceeding $60 billion for the first time. This was a 12.9% increase from 2021. The growth was mainly due to the high demand for premium home appliances and automotive parts. Therefore, rising consumer electronics demand is driving the development of the precision engineering machines market.
Competitive Landscape -
Major companies operating in the precision engineering machines market are Mitsubishi Electric Corporation, Amera-Seiki, Yamazaki Mazak Corporation, Doosan Machine Tools Co. Ltd., DATRON AG, Brother Industries Ltd., FANUC Corporation, Trumpf Gmbh Co. Kg, Amada Machine Tools Co. Ltd., Makino Milling Machine Co. Ltd., Schuler AG, DMG Mori Co. Ltd., GF Machining Solutions Management SA, Haas Automation Inc., INDEX-Werke GmbH & Co. KG Hahn & Tessky, Hardinge Inc., Tongtai Machine & Tool Co. Ltd., Hurco Companies Inc., Shenyang Machine Tool Co. Ltd., Kitamura Machinery Co. Ltd., Dalian Machine Tool Group (DMTG) Corporation, Chiron Group SE, MLOptic Corp.
A Focus On Cutting-Edge Technologies And Innovative Solutions For Precision Engineering Machines
Major companies operating in the precision engineering machines market are focused on developing innovative machines, such as compact and low-energy-demanding machines, to gain a competitive advance edge in market. Compact and low-energy-demanding machines refer to devices or systems designed to be small in size and have minimal energy requirements. For instance, in May 2022, Loxham Precision Limited, a UK-based precision CNC machine and motion systems manufacturer, launched the ultra-precision 5-axis CNC turn-mill machine. The machine is used for manufacturing intricate components with exceptional precision and efficiency. Ultra-precision 5-axis CNC turn-mill machines in precision engineering involve advanced manufacturing tools for making complex parts with high accuracy and precision.
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Key Segments -
The precision engineering machines market covered in this report is segmented -
1) By Type: Computer Numerical Control Machine Tools, Electrical Discharge Machining Machine Tools, Other Types
2) By Material: Plastic, Steel, Bronze, Glass, Brass, Other Materials
3) By End Use: Automotive, Non-Automotive
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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