The COVID-19 pandemic has negatively impacted the market by stifling innovation, suppressing profitability, and drying up cash flow and financial reserves. The growth of the urban population and expansion of commercial and residential sectors are also increasing the demand for precision engineering machines as manufacturers strive to meet the needs of the growing urban population with efficiency and speed. Moreover, advancements in technology have resulted in the development of software and applications that allow managers to track machining operations carried out on the shop floor in real-time and make informed decisions. Machining solutions offer computerized accuracy, which helps in significantly minimizing repetitive work and machining time, thus improving the efficiency of manufacturing processes. Newer precision engineering machines are modular and smaller in size compared to older machines, which also contributes to their increasing demand. The requirements for extremely fine detail and mass production can be met with the help of precision engineering machines. The latest and advanced precision engineering machines provide higher quality-controlling power with less labor involvement, allowing suppliers to increase their profit margins. Precision engineering incorporates precision machine tool design and assessing machine design, construction, precision valuation and procedure, R&D, and production and measurement of products and parts with high accuracy. As such, manufacturing companies are widely deploying precision engineering machines in their manufacturing sites. Advanced machining processes help to reduce machining time, which can offset material costs, setup costs, and bespoke machining costs. The rising demand for advanced machining solutions and emphasis on reducing downtime to increase production efficiency, boost accuracy, and optimize machining processes are the key factors driving the market growth.

The global precision engineering machines market size was valued at USD 11.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.

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