Precision Turned Product Manufacturing Market Size (2024 - 2029)

Precision Turned Product Manufacturing Market Analysis

The Precision Turned Product Manufacturing Market size is estimated at USD 113.93 billion in 2024, and is expected to reach USD 154.26 billion by 2029, growing at a CAGR of 6.25% during the forecast period (2024-2029).

The demand for cutting-edge machining solutions drives sales growth, and the focus on reducing downtime to increase production speed, accuracy, and machining processes drives growth. Industry 4.0 encourages manufacturing facilities to link with other business functions to create complex and adaptive automation systems that use manufacturing and production precision engineering machinery. So, the industry has many opportunities as Industry 4.0 flourishes in the coming years.

The aerospace industry, which includes R&D and manufacturing of the full range of systems, electronics, and equipment for both civilian and defense markets, is currently experiencing global growth and is unlikely to experience recessionary pressures. However, the world’s top commercial aerospace OEMs predict that by 2024, global passenger traffic will return to pre-pandemic levels. It could lead to ramp-ups to address growing backlogs and boost industry revenue. One of the reasons for this increase can be attributed to the rise in defense budgets after the outbreak of war in Ukraine, which led to the rise in global demand for military equipment.

Because of their computerized precision, precision engineering machines are becoming increasingly popular as manufacturing processes become more efficient and productive. Technology is advancing, and the scope of precision engineering is expanding. Precision engineering machines allow for automated processes, reducing the time required for component machining.

Once the machinist feeds the codes into the computer, the machines can run without manual intervention and control. Robots, also known as industrial automated machines (IAMs), have proven beneficial for discrete and continuous manufacturers in various ways. These benefits include increased efficiency and more efficient manufacturing processes.

Precision Turned Product Manufacturing Industry Segmentation

Precision-turned parts are those that have undergone exceptionally precise machining. The bulk of precision-turned parts are created using the straightforward yet crucial method of CNC turning. A complete background analysis of the precision-turned-product manufacturing market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and the COVID-19 impact, is covered in the report.

The precision-turned-product manufacturing market is segmented by operation (manual operation and CNC operation), machine types (automatic screw machines, rotary transfer machines, computer numerically controlled (CNC), and lathes or turning centers), material type (plastic, steel, and other material types), end-user industry (automobile, electronics, defense, and healthcare), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Rest of the World). The report offers market size and forecasts for all the above segments in value (USD).