Engineering Parts & Equipment
The global precision parts market is estimated to garner a revenue of USD 268.30 Billion by the end of 2025 by growing at a CAGR of 8.19% over the forecast period, i.e., 2021 – 2025. Moreover, in the year 2015, the market in the region registered a revenue of USD 115.66 Billion.
$900 Billion Global Market
The growth of the market can be attributed to growing demand for precision parts from different end-use industries, as these parts are used to manufacture different devices, especially in the healthcare industry, automotive, and aerospace industry. In the healthcare industry, medical devices, such as diagnostic equipment, surgical tools, bone screws, implants, insulin pumps, and defibrillators, use precision parts to attain different machining capabilities.
