888-776-0942 from 8 AM - 10 PM ET
NEW YORK , Oct. 7, 2022 /PRNewswire/ -- The machining services market has grown substantially over the years. To estimate the size of the market, Technavio has tracked the recent trends and developments in the baking industry. The analysts at Technavio have considered various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and various other factors to estimate the market size. Download Sample PDF Report Here to get an idea of the overall scope of the full report.
The report on the machining services market by Technavio expects the market size to increase at a CAGR of 4.67% and register an incremental growth of USD 18.07 billion between 2021 and 2026. However, the growth forecast could be missed with the market growing slower than expected if the following factors come into play: fluctuations in raw material prices and rising cost pressure from the demand side.
According to Technavio, the growth of the market is primarily driven by growing demand from the oil and gas industry.
Rapid industrialization and urbanization in developing countries such as China and India have significantly increased the demand for oil and gas. This has resulted in an increase in offshore oil and gas exploration activities, particularly deepwater exploration. With the rise in the number of deepwater exploration activities, the demand for machining services for the fabrication of pipelines, oil rigs, and other infrastructure is consequently increasing in the oil and gas industry. All these factors are driving the growth of the market in focus.
"Growing demand for machining services from internal combustion engine (ICE)-based automobiles and the growing demand for computer numerical control (CNC) machines will further accelerate the growth of the market", says an analyst at Technavio.
The market structure is fragmented in nature due to the presence of many vendors. The vendors in the market are identified based on their revenues, market dominance, geographical presence, product portfolios, and financials. Efficiency in the machining services is the main area of focus for manufacturers as it helps them to enhance their offerings in the market and expand their consumer base. The market is highly capital intensive. The vendors are trying to increase their market presence through mergers and acquisitions and expansion activities. The principal competition varies from one country to another and includes regional and global players. Several small vendors compete in specific regions by offering a limited number of products, and the high barriers to entry discourage new entrants.
Many such developments among vendors are intensifying the competition in the market. Thus, in order to survive in the competitive environment, it becomes imperative for vendors to distinguish their product offerings through a clear and unique value proposition.
The report breaks down the market into the following segments:
Based on the service, the automotive is expected to create more revenue in the market. The increasing production and sales of automobiles are driving the growth of the segment.
In terms of region, APAC will emerge as the dominant region, occupying 41% of the global market share. The regional market is mainly driven by the increasing number of construction activities in emerging countries and the rising government spending on the development of infrastructure.
The complete report on the global machining services market offers detailed insights on the potential business segments and regions to invest in over the forecast period. Before making the purchase, we recommend reading our Sample PDF Report.
The machining services market report answers questions such as:
Got more queries? Speak to our analyst now
Our customers who bought this report also purchased,
Accelerate at a CAGR of 4.67%
APAC, Europe, North America, South America, and Middle East and Africa
US, Canada, China, UK, and Germany
Leading companies, competitive strategies, consumer engagement scope
AMADA Co. Ltd., Chiron Group SE, DMG MORI Co Ltd, DN Solutions Co. Ltd., Electronica Hitech Engineering Pvt. Ltd., General Technology Group Dalian Machine Tool Corp., Georg Fischer Ltd., Gleason Corp., GROB WERKE GmbH and Co. KG, Haas Automation Inc., HOMAG Group AG, Hyundai Wia Corp., JTEKT Corp., karkhana.io, Komatsu Mining Corp., Makino Inc., Micromatic Machine Tools Pvt. Ltd., Okuma Corp., and Spinner Werkzeugmaschinenfabrik GmbH
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET