Market Size of Precision Turned Product Manufacturing Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 113.93 Billion |
| Market Size (2029) | USD 154.26 Billion |
| CAGR (2024 - 2029) | 6.25 % |
| Fastest Growing Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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 is driving sales growth, and the focus on reducing downtime to increase production speed, accuracy, and machining processes is also driving growth. Industry 4.0 encourages manufacturing facilities to link up with other business functions to create complex and adaptive automation systems that use manufacturing and production precision engineering machinery. So, there are lots of opportunities in the sector 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 2023 or early 2024, global passenger traffic is expected to return to 2019 levels. This 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 increase in defense budgets after the outbreak of war in Ukraine, which led to an increase 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 and, therefore, reduce the time required for component machining.
Once the codes are fed into the computer by the machinist, the machines can run without manual intervention and control. Robots, also known as industrial automated machines (IAMs), have proven to be beneficial for discrete and continuous manufacturers alike in a variety of ways. Some of these benefits include increased efficiency and more efficient manufacturing processes.
