Research Nester has released a report titled “Precision Parts Market: Global Demand Analysis & Opportunity Outlook 2025″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.

The statistics portray the growing demand for aircrafts worldwide, backed by the surge in preference for air travel. The aircraft body is made using different elements, which also include Precision Parts. The surge in demand for aircrafts worldwide is also projected to drive the demand for precision parts, and in turn, boost the growth of the global Precision Parts Market. Moreover, these parts are also used widely in medical devices in the healthcare industry. Devices such as diagnostic equipment, surgical tools, bone screws, implants, insulin pumps, and defibrillators among others, are some of the equipment where precision parts play a major role, which is also expected to drive the demand for these parts, and in turn, accelerate the market growth.

In the year 2020, the total shipments of piston and turbine airplane, according to the statistics by the General Aviation Manufacturers Association (GAMA), increased from 889 units and 2020 units respectively, and reached 1324 units and 1334 units respectively in the year 2019.

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The global precision parts market is anticipated to grow with a CAGR of 8.19% over the forecast period, i.e., 2021 – 2025. The market is estimated to garner a revenue of USD 268.30 Billion by the end of 2025, up from a revenue of USD 115.66 Billion in the year 2015. The market is segmented by product into cold-formed micro components, electroforms, retaining rings, metal stampings, tubing products, spring anchors, and others. Amongst these, the electroforms segment is projected to generate the largest revenue of USD 75.59 Billion by the end of 2025. Moreover, in the year 2020, the segment generated a revenue of USD 31.78 Billion.

Geographically, the global precision parts market is segmented into North America, Europe, Asia, South America and Rest of World. By the end of 2025, the market in Asia region is anticipated to generate the largest revenue of USD 101.95 Billion, up from a revenue of USD 35.78 Billion in the year 2015. Besides this, the market in the region is anticipated to grow with the highest CAGR of 10.4% during the forecast period.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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However, the fluctuating prices of raw materials and the lack of technical expertise for manufacturing these parts are predicted to hinder the market growth in the coming years.

This report also provides the existing competitive scenario of some of the key players of the global precision parts market, which includes company profiling of Sigma Components Holdings Ltd, Beyonics Pte Ltd, Tessa Precision Products, Inc., Barnes Group Inc., NN, Inc., Linamar Corporation, Renishaw plc, ARMOR MECA, Precision Castparts Corp., and others.

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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Precision Parts Market: Global Demand Analysis & Opportunity Outlook 2025”, analyses the overall global precision parts industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global precision parts market in the near future.

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