Precision engineering has evolved into a niche industry segment. Since the last few years, industrial automation architectures have been witnessing the emergence of advanced technology intended to create efficient, responsive, and flexible manufacturing. These evolving superior integrated industrial automation systems have completely open source communications, application interchange standards, and contextual data definitions and frameworks.

This evolution necessitates highly engineered precision parts product in key end-user sectors that are manufactured on a standalone contractual basis. This need for precision engineered parts is supported by faster technology curve in the end-user segments such as semiconductor fabrication, automotive assembly, and machinery and equipment design.

Global Precision Parts Product Market: Insight

According to a market research report, Precision Parts Market – Global Outlook and Forecast 2017-2022 by Arizton, the need for smart prototyping and low time-to-market has increased the demand for precision parts product in healthcare and revolutionary upgrades in CNC machines. Cost sensitivity of medium- and large-scale end-users and infrastructure development in developing economies are the major drivers for the growth of the global precision parts product market.

From sales of wrist watches in the developing markets of India, China, and Southeast Asia to the rapid transformation in precision healthcare solutions, driven by the advancement in IoT and its focus on scalability, connectivity, security, and sustainability and from the aerospace industry wherein thousands of components are sourced and assembled at various hierarchies to semiconductor fabrication plants involve a high degree of automation with absolute emphasis on cleanliness, accuracy, and safety; high-performance components and precision parts product  play a major role.  Analysts at Arizton believe that the global market will 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.

Manufacturer Dynamics

The major manufacturers in the global market included in the report are Renishaw Plc., W.M. Berg Inc., Beyonics Pte Ltd., Precision Castparts Corp., C. Brandauer & Co. Ltd. Other prominent vendors in the global 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., and Dixi Cylindre SA.

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