Market Size of North America Precision Turned Product Manufacturing Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 11.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Precision Turned Product Manufacturing Market Analysis
- The North American precision-turned-product manufacturing market is expected to register a CAGR of more than 11.2 % over the forecast period. The COVID-19 outbreak damaged the market by stifling innovation, cutting into profitability, reducing cash flow, and making the economy unstable. Numerous events had to be postponed in 2020 because of the pandemic, which hindered vendors from showcasing their cutting-edge products or advances. As a result, finding qualified operators is a significant barrier to the company's expansion. The lack of qualified manufacturing people, such as precision machinists and tool makers, impacted sectors like steel and aerospace.
- Rising demand for advanced machining solutions and a focus on reducing downtime to increase production efficiency, improve accuracy, and optimize machining processes are driving sales growth. To create comprehensive and adaptive automation system designs that utilize precise engineering machinery for manufacturing and production, Industry 4.0 promotes the integration of manufacturing facilities with other corporate processes. As Industry 4.0 grows in the coming years, the sector provides many opportunities.
- Precision engineering machines gained popularity as production processes became more productive and efficient due to their computerized accuracy. The breadth of precision engineering is expanding due to the expanding capabilities of technology. Automated operations are made possible by precision engineering machines, which reduces the time required for component machining.
- The machines may run autonomously and without further manual input when the machinist enters the codes into the computer. Robots and other industrial automated devices have proven beneficial for manufacturers, both discrete and continuous varieties, in several ways. Increased productivity and more efficient production techniques are two of these benefits.
