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Precision Engineering Machines Market Size, Share, Competitive Landscape And Forecast By 2033
Precision Engineering Machines Market
As per the report, the precision engineering machines market size has grown strongly in recent years. It will grow from $13.56 billion in 2023 to $14.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. 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%.
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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.
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.
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
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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. 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.
Contents of the report:
1. Executive Summary
2. Precision Engineering Machines Market Report Structure
3. Precision Engineering Machines Market Trends And Strategies
4. Precision Engineering Machines Market - Macro Economic Scenario
5. Precision Engineering Machines Market Size And Growth
…..
27. Precision Engineering Machines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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