Product Code: GVR-4-68040-459-9
Precision Machining Market Size & Trends:
The global precision machining market size was estimated at USD 107.06 billion in 2023 and is expected to grow at a CAGR of 7.8% from 2024 to 2030. The growing adoption of automation and robotics in machining significantly contributes to the market's growth. Manufacturers increasingly incorporate computer numerical control machines and robotic systems into their operations to enhance efficiency, reduce errors, and increase production capacity. These technologies allow for more complex designs and faster turnaround times, making them indispensable in industries such as automotive, aerospace, and medical devices. Integrating AI and machine learning into machining processes is also beginning to revolutionize how machines are programmed and optimized, further boosting productivity.
The rising demand for high-performance materials is another major trend propelling the market. Industries such as aerospace, defense, and medical devices require more advanced materials, including composites, titanium, and other lightweight metals that can withstand extreme conditions. Precision machining is crucial for working with these materials, as it allows for creating parts with exact specifications and tight tolerances. This trend is particularly evident in aerospace, where lightweight components are essential for fuel efficiency and performance in aircraft and space vehicles.
The automotive industry's shift towards electric vehicles (EVs) is also driving demand for precision machining. EVs require different components than traditional internal combustion engine vehicles, and many of these parts, such as electric powertrains, batteries, and lightweight frames, necessitate precision machining. As the automotive sector transitions to more sustainable technologies, manufacturers are investing in precision machining to meet the stringent requirements for accuracy and durability in EV components. The growing focus on reducing vehicle weight to improve efficiency further highlights the importance of precision machining in the automotive industry.
Medical device manufacturing is another critical area where precision machining is gaining momentum. The need for highly accurate and customized components has skyrocketed as the healthcare industry moves toward more complex and minimally invasive surgical tools, implants, and diagnostic equipment. Precision machining enables the production of tiny, intricate parts with the tight tolerances required for medical devices, where precision is critical to ensure safety and performance. The increasing demand for personalized medical treatments, such as custom prosthetics and implants, is further fueling growth in this sector.
Global supply chain shifts are influencing the market. Companies increasingly seek to diversify their supply chains and reduce dependence on single-source regions. This trend has led to reshoring manufacturing activities, particularly in North America and Europe, where investments in precision machining technologies are rising. As a result, the market is seeing increased demand for localized production capabilities to enhance supply chain resilience and reduce lead times. This shift is driving growth in traditional markets and encouraging the adoption of advanced machining technologies in emerging economies.
Global Precision Machining Market Report Segmentation
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global precision machining market based on operation, type, end use, and region.
- Operation Outlook (Revenue, USD Billion, 2018 - 2030)
- Manual Operation
- CNC Operation
- Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Milling Machining
- Laser Machining
- Electric Discharge Machining
- Turning
- Grinding
- Others
- End Use Outlook (Revenue, USD Billion, 2018 - 2030)
- Automotive
- Aerospace & Defense
- Construction Equipment
- Power & Energy
- Industrial
- Others
- Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Middle East & Africa (MEA)
- UAE
- Kingdom of Saudi Arabia (KSA)
- South Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.2. Market Challenge Impact Analysis
- 3.3.3. Market Opportunity Impact Analysis
- 3.4. Precision Machining Market Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic and Social landscape
- 3.4.2.3. Technological landscape
- 3.4.2.4. Environmental landscape
- 3.4.2.5. Legal landscape
Chapter 4. Precision Machining Market: Operation Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Precision Machining Market: Operation Movement Analysis, 2023 & 2030 (USD Billion)
- 4.3. Manual Operation
- 4.3.1. Manual Operation Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 4.4. CNC Operation
- 4.4.1. CNC Operation Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Precision Machining Market: Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Precision Machining Market: Type Analysis, 2023 & 2030 (USD Billion)
- 5.3. Milling Machining
- 5.3.1. Milling Machining Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.4. Laser Machining
- 5.4.1. Laser Machining Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.5. Electric Discharge Machining (EDM)
- 5.5.1. Electric Discharge Machining (EDM) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.6. Turning
- 5.6.1. Turning Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.7. Grinding
- 5.7.1. Grinding Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 5.8. Others
- 5.8.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Precision Machining Market: End Use Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Precision Machining Market: End Use Movement Analysis, 2023 & 2030 (USD Billion)
- 6.3. Automotive
- 6.3.1. Automotive Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4. Aerospace & Defense
- 6.4.1. Aerospace & Defense Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.5. Construction Equipment
- 6.5.1. Construction Equipment Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.6. Power & Energy
- 6.6.1. Power & Energy Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.7. Industrial
- 6.7.1. Industrial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.8. Others
- 6.8.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Precision Machining Market: Regional Estimates & Trend Analysis
- 7.1. Precision Machining Market Share, By Region, 2023 & 2030 (USD Billion)
- 7.2. North America
- 7.2.1. North America Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.3. Canada
- 7.2.3.1. Canada Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3. Europe
- 7.3.1. Europe Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.2. UK
- 7.3.2.1. UK Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.3. Germany
- 7.3.3.1. Germany Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.3.4. France
- 7.3.4.1. France Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. China
- 7.4.2.1. China Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.3. India
- 7.4.3.1. India Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.4. Japan
- 7.4.4.1. Japan Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.5. South Korea
- 7.4.5.1. South Korea Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.4.6. Australia
- 7.4.6.1. Australia Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5. Latin America
- 7.5.1. Latin America Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6. Middle East & Africa
- 7.6.1. Middle East & Africa Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.2. The Kingdom of Saudi Arabia (KSA)
- 7.6.2.1. The Kingdom of Saudi Arabia (KSA) Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.3. UAE
- 7.6.3.1. UAE Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
- 7.6.4. South Arica
- 7.6.4.1. South Africa Precision Machining Market estimates & forecasts, 2018 - 2030 (USD Billion)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis by Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Market Positioning
- 8.4. Company Market Share Analysis
- 8.5. Company Heat Map Analysis
- 8.6. Strategy Mapping
- 8.6.1. Expansion
- 8.6.2. Mergers & Acquisition
- 8.6.3. Partnerships & Collaborations
- 8.6.4. New Product Launches
- 8.6.5. Research And Development
- 8.7. Company Profiles
- 8.7.1. Ascentec Engineering
- 8.7.1.1. Participant's Overview
- 8.7.1.2. Financial Performance
- 8.7.1.3. Product Benchmarking
- 8.7.1.4. Recent Developments
- 8.7.2. Astro Machine Works
- 8.7.2.1. Participant's Overview
- 8.7.2.2. Financial Performance
- 8.7.2.3. Product Benchmarking
- 8.7.2.4. Recent Developments
- 8.7.3. Barnes Group Inc.
- 8.7.3.1. Participant's Overview
- 8.7.3.2. Financial Performance
- 8.7.3.3. Product Benchmarking
- 8.7.3.4. Recent Developments
- 8.7.4. DMG Mori Co., Ltd.
- 8.7.4.1. Participant's Overview
- 8.7.4.2. Financial Performance
- 8.7.4.3. Product Benchmarking
- 8.7.4.4. Recent Developments
- 8.7.5. ELCON PRECISION LLC
- 8.7.5.1. Participant's Overview
- 8.7.5.2. Financial Performance
- 8.7.5.3. Product Benchmarking
- 8.7.5.4. Recent Developments
- 8.7.6. GF Machining Solutions Management SA
- 8.7.6.1. Participant's Overview
- 8.7.6.2. Financial Performance
- 8.7.6.3. Product Benchmarking
- 8.7.6.4. Recent Developments
- 8.7.7. GrovTec Machining
- 8.7.7.1. Participant's Overview
- 8.7.7.2. Financial Performance
- 8.7.7.3. Product Benchmarking
- 8.7.7.4. Recent Developments
- 8.7.8. Hexcel Corporation
- 8.7.8.1. Participant's Overview
- 8.7.8.2. Financial Performance
- 8.7.8.3. Product Benchmarking
- 8.7.8.4. Recent Developments
- 8.7.9. M.A.R.'s Engineering Company Inc.
- 8.7.9.1. Participant's Overview
- 8.7.9.2. Financial Performance
- 8.7.9.3. Product Benchmarking
- 8.7.9.4. Recent Developments
- 8.7.10. Oberg Industries
- 8.7.10.1. Participant's Overview
- 8.7.10.2. Financial Performance
- 8.7.10.3. Product Benchmarking
- 8.7.10.4. Recent Developments