The Precision Tool Market size is forecast to reach US$ 102 billion by 2027, growing at a CAGR of 13.6 % from 2022 to 2027. Precision Tool is significant in machining products used for industrial automation equipment, automotive parts, medical implant accessories and consumer goods.
- The CNC (Computerized Numerical Control) segment held the largest market share in the Precision Tool Market??segmented by technology, in 2021. This is owing to more precise results with 3D system than 2D system, along with shorter debugging time and increased resolution of the defects.
- ?The Manufacturing and Industrial machinery segment held the largest share in Precision Tool Market??by end user, in 2021. This is attributed to miniaturization of?circuit boards and need for precision quality in critical applications of printed circuit boards (PCBs).
- APAC (Asia-Pacific) market held the largest market share of 36%, in 2021. This is due to growing industry 4.0 technologies and automation, increasing development of CNC (Computerized Numerical Control) based precision tools and rise in government initiatives promoting manufacturing industries in Asian countries
- Growing demand of mass customization for production, rise in development automated precision tools, government initiatives for boosting manufacturing and growing research in 3D precision tools and additive manufacturing are the contributing factors in the growth of Precision Tool Market.
