Is Precision Parts Market in US a High Revenue Contributor?
Mar 17, 2021
The high use of technology, robotic handling machines, and other automated industrial applications are expected to increase the demand for the precision parts market in the US in the upcoming years.
According to the latest Arizton's market research report, the precision parts market in US to reach over USD 71 billion by 2026, growing at a CAGR of around 12% during the forecast period.
Precision Parts Market in US: Growth Analysis
The increase of aerospace development activities is primarily driven by sales growth within the aftermarket businesses with respect to precision parts manufacturing, whereas continued growth on newer, more technologically advanced engine platforms contributed to increase sales within the OEM business. The players participated in aftermarket programs, under which the players receive an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program. Thereby, these collaborations are fueling the demand for precision parts market in US and also increasing the competitiveness in the marketplace. The high use of technology, robotic handling machines, and other automated industrial applications are expected to increase the demand for precision parts market in US in the upcoming years.
Read: Frequency Converter Market - Global Outlook and Forecast 2021-2026
Interesting Facts to Know:
- Linamar completed its acquisition of MacDon in 2018. MacDon Group is a Canadian company and specializes in advanced agriculture equipment technologies. This is a new market segment for Linamar. This acquisition will provide the organization access to the existing customer base of MacDon and will provide a solid start in the agriculture equipment market.
- The revenue share of North East US is projected to reach over USD 24 billion by 2026 due to the increasing demand for electric vehicles.
- The automotive industry's development and investment is expected to drive the demand for precision parts in North East.
Get your sample today!
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by end-users and geography
- Competitive Landscape – 7 Key Company Profiles and 23 Other Prominent Vendors
Precision Parts Market in US: Geographic Analysis
Increase in disposable income among the majority of population across the states in the Western region is expected to act as major key driver for the growth of precision parts market in US residential construction industry. The development and investment in the automotive industry of North East region is expected to boost the requirement for precision parts market in US. The outbreak of COVID-19 impacted the demand for the precision parts market in US. Owing to the current situation, the precision part manufacturing market remain supportive and is likely to witness ramp up in demand as the reopening of the market has commenced.
Competitive Landscape of the Precision Parts Market in US
With 45% of the revenue going into the procurement of raw materials, the manufacturing capability is largely defined by the players of the precision parts market in US, accessibility to raw materials. The competition level of precision parts market in US is high as the industry is characterized by the presence of a large number of companies both small and large. A large part of the profit margins for the players depends on how the cost of raw materials is managed, the efficiency of the machines, and the technology used (new or obsolete). The precision parts manufacturing industry is not highly prone to mergers and acquisitions and is limited to only certain regions.
Looking for more information? Click Here
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 fool proof 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: +1-312-235-2040/+1 302 469 0707
Mar 15, 2023
STOCK MUSIC MARKET EXPERIENCING MASSIVE DEMAND – HUGE MARKET TO INVEST IN!
The rising demand for improving video and movie experience creates large avenues for the stock music...
Jan 30, 2023
More than USD 200 Billion Opportunities Opening Up in the Flooring Market
Arizton estimates that there are more than 200 billion Opportunities in the flooring market. Growing...
Jan 18, 2023
Netherlands Used Construction Equipment-Compact Electric Used Construction Equipment Sales Booming
More than 22k Units of Used Construction Equipment to be Sold in Netherlands...
