Precision Engineering Machines Market Size, Share & Trends Analysis Report By End-use (Automotive, Non-Automotive), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), And Segment Forecasts, 2023 - 2030

Precision Engineering Machines Market Size, Share & Trends Analysis Report By End-use (Automotive, Non-Automotive), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), And Segment Forecasts, 2023 - 2030

Precision Engineering Machines Market Growth & Trends

The global precision engineering machines market size is expected to reach USD 22.05 billion by 2030, expanding at a CAGR of 6.8% from 2023 to 2030, according to a new study by Grand View Research Inc. Precision engineering tools have gained popularity because of their exact accuracy as production methods become more productive and efficient. The scope of precision engineering is expanding as a result of the increasing technological capability. Precision engineering equipment makes automated procedures possible, which reduces the amount of time needed for component machining. The machines may work continuously without any manual aid or oversight once the machinist enters the codes into the computer. Industrial automated devices, such as robots, have proven to be beneficial for both discrete and continuous manufacturing in several ways. Among these benefits are raised productivity and improved production methods.

The COVID-19 outbreak caused damage to the market by stifling innovation, cutting into profitability, reducing cash flow, and throwing the economy out of balance. Numerous events had to be postponed in 2020 because of the COVID-19 epidemic, which hindered vendors from showcasing their cutting-edge products or advances. On the other hand, less skilled workers may struggle to handle precise engineering equipment, which could result in machine damage and risk the manufacturing unit's financial investments. As a result, finding qualified operators is a significant barrier to the company's expansion. The lack of qualified manufacturing workers, such as precision machines and tool and die makers, is having an impact on sectors including steel and aerospace.

Modern times have seen a rapid introduction of a wide variety of novel and innovative technology. Among this diverse and cutting-edge range, programmed automation is one of the most popular and frequently utilized technologies. The concept of machine automation has entirely transformed as a result of programmed automation's ability to execute instructions entered by a human into the systems. With the use of programmed automation found in precision engineering machines, a manufacturer is able to make several identical copies of the same product without the need for human labor.

Precision Engineering Machines Market Report Highlights

• The growth is linked to the increase in demand for autonomous vehicles, new transportation technologies, improvements in robotics, design, and manufacturing techniques, as well as the introduction of EVs in some countries
• The expansion of oil and gas industries and the use of modern machinery for precise manufacturing such as lathes and spinning machines are anticipated to drive the market growth
• The growing trend of incorporating advanced technology into products to boost machinery efficiency at drilling sites with greater depths and pressure requirements is projected to benefit the European and MEA markets

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