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Prominent Precision Engineering Machines Market Trend for 2025: Precision Agriculture Platform For Enhanced Productivity And Sustainability
Precision Engineering Machines Market Size
The growing demand for consumer electronics is anticipated to spur the expansion of the precision engineering machines market. Consumer electronics encompass a wide range of digital gadgets intended for daily use by consumers or end-users. The incorporation of precision engineering machines is escalating because they're designed to generate parts and components with meticulous precision, adhering to stringent tolerances and specifications. These machines are crucial for the optimal operation of electronic devices and systems. To illustrate, LG Corporation, a South Korean consumer electronics and home appliances firm, reported in its 2022 annual financial report an unprecedented revenue of over $60 billion, reflecting a 12.9% rise from 2021. This growth was primarily attributed to the surging demand for high-quality home appliances and automotive parts. Therefore, the ballooning consumer electronics demand is steering the progress of the precision engineering machines market.
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What Is the projected market size and growth rate for the precision engineering machines market?
In the past few years, the precision engineering machines market has experienced robust growth. The market is projected to climb from $14.59 billion in 2024 to $15.67 billion in 2025, marking a compound annual growth rate (CAGR) of 7.4%. The historical growth of this sector can be credited to factors such as consumer electronics demand, quality management standards, globalization and trade, standardization initiatives, the automobile sector, and military applications.
In the upcoming years, the market size for precision engineering machines is anticipated to witness substantial growth, expanding to a size of $19.75 billion in 2029, progressing at a compound annual growth rate (CAGR) of 6.0%. The surge during the projected period can be associated with factors like smart factories, high-speed machining, eco-friendly manufacturing methods, and a growing inclination towards customization and personalization. The forecast period is also expected to see key trends such as miniaturization and microfabrication, integration with the internet of things (IoT), the application of robotics and cooperative automation, precision robotics, the advent of digital twin technology, hybrid machining systems, and multi-axis machining.
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What new trends are reshaping the precision engineering machines market and its opportunities?
Leading firms in the precision engineering machines market are prioritizing the creation of innovative machines, including compact and energy-efficient machines, in order to stay ahead in the competitive industry. Such machines are characterized by their small size and low energy consumption. For example, Loxham Precision Limited, a British producer of precision CNC machines and motion systems, introduced the ultra-precision 5-axis CNC turn-mill machine in May 2022. This machine is employed in the production of detailed components with remarkable precision and effectiveness. In precision engineering, ultra-precision 5-axis CNC turn-mill machines represent advanced manufacturing tools used for crafting intricate parts with high degree of accuracy and precision.
What major market segments define the scope and growth of the precision engineering machines market?
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
Subsegments:
1) By Computer Numerical Control (CNC) Machine Tools: CNC Milling Machines, CNC Turning Machines, CNC Grinding Machines, CNC Drilling Machines, CNC Lathes, CNC EDM (Electrical Discharge Machining)
2) By Electrical Discharge Machining (EDM) Machine Tools: Wire EDM Machines, Sinker EDM Machines, Hole Drilling EDM Machines, Small Hole EDM Machines
3) By Other Types: Laser Cutting Machines, Water Jet Cutting Machines, Ultrasonic Machining Tools, Abrasive Jet Machining (AJM) Tools, Additive Manufacturing Machines (3D Printers)
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Which region dominates the precision engineering machines market?
Asia-Pacific was the largest region in the precision engineering machines market in 2024. The regions covered in the precision engineering machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the precision engineering machines industry growth?
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, Co. Ltd., 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.
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What Is Covered In The Precision Engineering Machines Global Market Report?
•Market Size Forecast: Examine the precision engineering machines market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the precision engineering machines market for a structured understanding.
•Key Players Overview: Analyze major players in the precision engineering machines market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the precision engineering machines market.
•Segment Contributions: Evaluate how different segments drive overall growth in the precision engineering machines market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the precision engineering machines market.
•Industry Challenges: Identify potential risks and obstacles affecting the precision engineering machines market.
•Competitive Landscape: Review strategic developments in the precision engineering machines market, including expansions, agreements, and new product launches.
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