The precision turned product manufacturing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Precision Turned Product Manufacturing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
precision turned product manufacturing market size has grown strongly in
recent years. It will grow from $96.51 billion in 2023 to $102.97
billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The
growth in the historic period can be attributed to increasing demand for
high-precision component, globalization and outsourcing, innovation in
materials, emphasis on cost efficiency.
The precision turned product manufacturing market size is expected to see strong growth in the next few years. It will grow to $134.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to demand for sustainable manufacturing, rapid prototyping, additive manufacturing, supply chain resilience, regulatory compliance and Industry standards. Major trends in the forecast period include digital transformation, additive manufacturing Integration, customization and personalization, reshoring and localization.
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Scope Of Precision Turned Product Manufacturing Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Precision Turned Product Manufacturing Market Overview
Market Drivers -
The
growing aerospace industry is expected to propel the growth of the
precision-turned product manufacturing market going forward. The
aerospace industry refers to the sector involved in the design,
manufacturing, and maintenance of aircraft, spacecraft, and related
systems. The aerospace industry is experiencing growth due to increasing
global investments in military aircraft and defense systems to enhance
national security and respond to evolving threats. Precision-turned
product manufacturing is used to produce high-quality components with
tight tolerances essential for safety and performance in aerospace
systems. Precision-turned products improve aerospace systems' overall
efficiency and functionality, enabling smoother operation, fuel
efficiency, and decreased maintenance requirements. For instance, in
November 2022, according to a report published by the Aerospace
Industries Association, a US-based trade association, aerospace industry
revenue in 2021 grew by 2.1% to $892 billion, while aerospace and
defense exports increased by 11.2% to $100.4 billion between 2020 and
2021. Therefore, the growing aerospace industry is driving the growth of
the precision turned product manufacturing market.
Market Trends -
Major
companies operating in the process analytical technology market are
developing innovative products, such as new compact radiance
instruments, to gain a competitive edge in the market. The new compact
radiance instrument analyzes individual cells in a population, allowing
for high-resolution characterization of cellular heterogeneity,
responses, and behavior in real time during manufacturing. For instance,
in October 2023, LumaCyte Inc., a US-based biotechnology company,
launched a new compact radiance instrument specifically designed for
advanced therapy biomanufacturing and quality control environments. The
radiance instrument is a high-content, label-free microfluidic cell
analyzer and sorter that can perform single-cell analysis and sorting.
This innovative instrument is noteworthy for its small size, taking up
only 16 inches of bench space while maintaining advanced technological
capabilities. This technology is significant for applications in
biomanufacturing and quality control environments, as it offers
efficient and precise analytical capabilities.
The precision turned product manufacturing market covered in this report is segmented –
1) By Type: Automatic Screw Machines, Rotary Transfer Machines, Computer Numerically Controlled (CNC), Lathes Or Turning Centers
2) By Operation: Manual Operation, CNC Operation
3) By End User: Automobile, Electronics, Defense, Healthcare
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Regional Insights -
North
America was the largest region in the precision turned product
manufacturing market in 2023. Asia-Pacific is expected to be the
fastest-growing region in the forecast period. The regions covered in
the precision turned product manufacturing market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, Middle East and Africa.
Key Companies -
Major
companies operating in the precision turned product manufacturing market
are Stanley Black & Decker Inc., Parker Hannifin Corporation,
Doosan Corporation, Sandvik AB, NSK Ltd., FANUC Corporation, Moog Inc.,
DMG MORI Co. Ltd., Kennametal Inc., Barnes Group Inc., Gleason
Corporation, Haas Automation Inc., Tsugami Corporation, Hardinge Inc.,
Tompkins Products Inc., Hurco Companies Inc., Tornos Holding AG, Creed
Monarch, Greystone of Lincoln, Brother Industries Ltd., Mahr GmbH, Alpha
Grainger Mfg, Herker Industries, Hydromat Inc., Swiss Precision
Machining Inc.
Table of Contents
1. Executive Summary
2. Precision Turned Product Manufacturing Market Report Structure
3. Precision Turned Product Manufacturing Market Trends And Strategies
4. Precision Turned Product Manufacturing Market – Macro Economic Scenario
5. Precision Turned Product Manufacturing Market Size And Growth
…..
27. Precision Turned Product Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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