Precision Tool Market - Forecast 2022-2027

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 precision tools mainly include use of machines such as Lathe Machines, Milling Machines, Electrical Discharge Machining (EDM), Drilling Machines, Boring Machines, Gear Cutters, Saws, Grinders and Others. Lathe machines are popularly used in various industries based on Computer Numerical Control technology as it is accurate and cost-effective. Precision tools are used as metal cutting tool, measurement tools, metal forming, and other operations. Factors such as industry 4.0 technologies and automation, increasing development of CNC (Computerized Numerical Control) based precision tools and rise in demand of mass customization for production boosts the market growth. However, the inaccessibility of small and medium scale industries due to high costs restricts the growth of this market. In March 2020, Mapal, an international supplier of precision tools for the machining of almost all materials, has optimized the conventionally manufactured bell tool by means of the laser melting process.

Precision Tool Market Report Coverage

The report: “Precision Tool Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Precision Tool industry.

By Offering: Hardware, Software, Services (Installation service, Maintenance service)

By Raw Material: Metal (Stainless Steel, Steel, Aluminum, Brass, Copper, Titanium, Others )Plastics, Composites, Ceramics, Others

By Scale: Nominal scale, Ordinal scale, Interval scale, Ratio scale, Others

By Technology: Conventional, CNC (Computerized Numerical Control)

By Machines: Lathe Machines, Milling Machines, Electrical Discharge Machining (EDM), Drilling Machines, Boring Machines, Gear Cutters, Saws and Grinders, Others

By Mechanism: Mechanical Tools, Electronic Equipment, Pneumatic Instruments, Hydraulic Instruments, Others

By Devices : Meters (Micrometers, Durometers, Others), Measurement (Calipers, Edge and Center Finders, Adjustable Parallel, Laser Measures, Setup and V blocks, Others) ,Gauges (Height Gauges, Precision Depth Gauges, Feeler Gauges, Screw pitch Gauges, Radius Gauges, Bore Gauges, Hole, drill and wire Gauges, Others ),Testers(Hardness tester, Roughness tester, Others), Balances and weights, Others

By End user : Automotive, Manufacturing and Industrial Machinery, Aerospace, Power & Energy, Oil & Gas, Metal & Mining, Medical, Infrastructure, Others

By Geography: North America (U.S, Canada, Mexico), Europe(U.K, Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East, Africa)

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Key Takeaways

• 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.

Precision Tool Market Drivers

There is an increasing demand for digital callipers and laser technology based precision tools which act as a driver for the growth of this market.

Precision tools are continuously evolving with latest technologies of 3D, laser and digital precision tools to offer maximum accuracy. Laser scanner in measuring precision tools is increasingly used owing to their rapid and accurate results with the least error factor. Along with this its easy-to-use interfaces and optimal accuracy is also leading to rise in demand. Laser scanners are capable of capturing the point cloud data of extremely contoured models, thus emerging as an efficient precision measuring tool. Rising focus on reverse engineering and faultless precision measuring across multiple industries leads to the growth of laser scanners in Precision Tool Market. Digital calipers are also trending due to its simplified interface which is easy to access, use and read. The growing need for elimination of errors and accuracy in measurement which are the drawbacks of vernier calliper, boosts the demand of digital callipers. In April 2021, -Bosch Power Tools, a global leader for power tools and power tool accessories, announced the release of the newest generation of its BLAZE™ Laser Measures, equipped with 11 different measuring functions and a range up to 65 feet. The laser measures include user interface with advanced HMI and higher contrast to improve visibility in all environments and many other features. In September 2021, Dasqua Technology Ltd. has introduced portable light weight plastic calliper which is a cost-effective digital calliper. These innovative products with advanced technologies in Precision Tool Market is leading the growth of this market