Precision Parts Market Size to Reach over $300 Billion by 2025 - Arizton

CHICAGO, July 21, 2020 /PRNewswire/ -- The global precision parts market size is expected to grow at a CAGR of over 10% during the period 2019−2025.

Key Highlights Offered in the Report:  

1. The global economic estimates for 2020 have been recalibrated after the COVID-19 outbreak. Many of the precision parts end-users relied on 'just-in-time' manufacturing to limit the inventory storage at their locations. However, in the post-COVID-19 scenario, this had a large-scale impact on countries that were dependent on this model and depended on China for their component procurement needs.
2. The weaker industrial output in Q1 and Q2 of 2020 was significant, considering that the electric energy consumption declined by over 20% on an average as compared to the same period previous year.
3. M&A activities are expected to increase across several end-users and precision parts manufacturing sectors to overcome the overall weakening demand. The dependence of end-users on China is high and is expected to change as countries are bearing the brunt of a major supply blockade. However, this is expected to be slow-paced on account of China's high share in the global economy
4. The precision parts and their client industries are expected to invest more automation in the coming months to reduce labor dependency and the impact of lockdown/isolation measures.
5. Lack of traction in certain industries such as aerospace and watchmaking is expected to majorly impact application-specific vendors.
6. In the long term, the highly industrialized countries of Europe and North America such as Germany, France, the UK, the US, and Canada will drive the need for precision products as these industrialized nations seek to increase the productivity of their manufacturing operations through the purchase of high-performance and value-added equipment.

Key Offerings:

• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by end-users and geography
• Competitive Landscape – 7 key vendors and 28 other vendors

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Precision Parts Market – Segmentation

• The increased vehicle demand, especially in emerging markets such as Asia and Africa and the introduction of stringent vehicle regulatory compliance, are major factors that are driving the spares and automotive precision components market. This development is increasing the requirement for precision parts engineering facilities to accommodate the high demand.
• The healthcare sector is undergoing a rapid transformation driven by advances in IoT and its focus on scalability, connectivity, security, and sustainability. The accelerated growth of minimally invasive surgery solutions has given rise to many medical equipment of varied designs and shapes, which contribute to the growth of precision part manufacturing in the sector.
• The slowdown and disruption of air traffic due to the pandemic has a high impact on the aerospace industry. Passengers are deferring air travel; hence new aircraft deliveries are currently on hold. High capital requirements characterize the aerospace industry; however, with the declining demand, concerns due to liquidity are flagged.

Precision Parts Market by End-user 

• Automotive
• Light Vehicles
• Two-wheelers & Three-wheelers
• Light, Medium, & heavy Commercial Vehicles
• Healthcare
• Medical Imagining
• Patient Monitoring
• IVD Analyzers
• Others
• Electronics & Semi-conductor
• Semiconductor Industry
• Electronic Industry
• Watchmaking Industry
• Others
• Industrial Equipment
• Defense
• Heavy Equipment
• Marine & Offshoring
• Power Tools
• Electric Industry
• Others 

Precision Parts Market – Geography

The overall investor confidence has declined owing to the COVID-19 pandemic in a majority of the countries across the globe. The increase in active cases in the US, the UK, India, Brazil, and Italy, among others, has significantly offset the recovery process in various economies. The general manufacturing industry relies on multiple countries to procure its raw materials (inclusive of precision parts), to keep the COGS low and achieve a steady inflow of raw materials devoid of any supply chain disruption.

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Precision Parts Market by Geography 

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• APAC
• China
• Japan
• South Korea
• Australia
• India
• Singapore
• Latin America
• Brazil
• Mexico
• Argentina
• Chile
• Middle East & Africa
• Saudi Arabia
• Turkey
• Egypt
• Israel

Prominent Vendors

• Barnes Group Inc.
• NN Inc.
• Martinrea International
• Linamar International
• WM Berg
• Renishaw International
• ARC Group Worldwide

Other Prominent Vendors 

• Beyonics
• WSI Industries Inc.
• Precision Castparts Corp PCC
• Sigma Components
• Aequs
• Mecachrome Group
• Greystone
• Armor Meca
• Gudel
• Bonfiglioli Riduttori
• Tessa Precision Products
• Dana Brevini Power Transmission
• Hoppe Technologies
• Doncasters
• Consolidated Precision Products
• Kitagawa
• Zollern
• Impro
• Hitchiner
• Dongying Giayoung Precsion Metal
• Fritz Winter
• Gienanth
• Kern-Liebers
• Berger
• Burgmaier
• IPE Group
• Paradigm Precision
• Anton Häring KG

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

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.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence