The Global Precision Parts Market Tipped to Cross $225 Billion by 2022

Increasing demand in healthcare & revolutionary upgrades in CNC machines to boost the market growth

A recent report on the global precision parts market, released by Arizton Advisory & Intelligence says that the market is expected to cross $225 billion by 2022 due to the expected extensive use of computers in almost all conventional industrial and institutional applications over the next few years.

View report : https://www.arizton.com/market-reports/precision-parts-market-report

Growing need for smart prototyping and lower time-to-market to propel market growth

Rapid prototyping is being increasingly adopted in the manufacturing industry owing to its advantage in reducing labor required for modelling and design validation before getting into the functional manufacturing stage. 3D Printing, a rapid prototyping technique, helps bring a concept live the same day it was designed, shrinking the development process, thus saving cost and eliminating risks. These evolving technologies are expected to fuel the growth of the global precision parts market over the next few years.

Increasing demand in healthcare to promote market growth

Precision engineering is the cornerstone of success within the healthcare and medical device industry. Several precision parts are used to manufacture medical equipments and other life-saving tools, which require high precision injection molding. One of the key sectors driving innovation in the healthcare and medical device industry is micro-manufacturing.

The healthcare sector stands to be the most attractive end-user for precision engineering with the demand for intricately engineered parts set to grow to $25.44 billion by 2022.

Revolutionary upgrades in CNC machines to also promote market growth

A technology developed in the 1950s and used extensively during the 1970s, the almost defunct CNC technology was given a new lease of life through some ground-breaking upgrades that has radically expanded the scope of its operations. With these evolving upgrades and capabilities in CNC technology, the scope of precision engineering is expanding and is expected to propel the growth of the global precision parts market over the next few years.

Order a free sample: https://www.arizton.com/market-reports/precision-parts-market-report

Cost sensitivity of medium and large scale end-users to also promote market growth

One of the key drivers for the proliferation of contracted precision manufacturing is the cost-sensitivity of medium and large scale end- users. While mechanization and vertical integration are clear drivers to profitability and risk mitigation for several large enterprises, they warrant significant capital costs and a reasonable scale for implementation. This is further expected to propel the growth of the global precision parts market over the next few years.

Infrastructure development in growing economies to also promote market growth

Infrastructure development and manufacturing are the key growth drivers in the developing countries. This encompasses the development of airports, transport, communication systems, schools, hospitals shopping malls, etc. which, in turn, drive the demand for technology enablers and solutions. This is also expected to propel the growth of the global precision parts market over the next few years.

Major vendors profiled in the report

Renishaw Plc.

W.M. Berg Inc.

Beyonics Pte Ltd.

Precision Castparts Corp.

C. Brandauer & Co. Ltd.

Other prominent vendors of global precision parts market include Aequs Pvt. Ltd., Camcraft, MMI Precision Manufacturing, KKSP Precision Machining LLC, Ashley Ward Inc., Motherson Orca Precision Technology, PEKO Precision Products, HEICO Corp., Univac Precision Engineering Pte Ltd., Dixi Cylindre SA.

Looking for more information? Order a report now: https://www.arizton.com/market-reports/precision-parts-market-report

About Arizton Advisory & Intelligence

Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize foolproof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Arizton Advisory & Intelligence
Chicago, Illinois, 60605
Mail: enquiry@arizton.com
Call: +1-312-465-7864

This release was published on openPR.