Machining Services Market to record USD USD 18.07 Bn growth; Driven by growing demand from the oil and gas industry -- Technavio

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Oct 07, 2022, 21:00 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.

Technavio has announced its latest market research report titled Global Machining Services Market 2022-2026

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:

Services: automotive, general machinery, precision engineering, and others
Geography: APAC, Europe, North America, South America, and the Middle East and Africa

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:

Is the market structure fragmented or concentrated?
What was the market size in 2021 and the forecast for the machining services market through 2025?
Which are the best product segment areas to invest in over the forecast period?
What is the market share of dominant and strong vendors in the machining services market?
What are the inhibiting factors and the impact of COVID-19 on the machining services market growth?
What are the latest trends and regulatory frameworks in the machining services market?

Got more queries? Speak to our analyst now

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Machining Services Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 4.67%
Market growth 2022-2026	USD 18.07 billion
Market structure	Fragmented
YoY growth (%)	3.89
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 41%
Key consumer countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	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
Market Dynamics	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.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Service
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Service

5.1 Market segments

Exhibit 24: Chart on Service - Market share 2021-2026 (%)
Exhibit 25: Data Table on Service - Market share 2021-2026 (%)

5.2 Comparison by Service

Exhibit 26: Chart on Comparison by Service
Exhibit 27: Data Table on Comparison by Service

5.3 Automotive - Market size and forecast 2021-2026

Exhibit 28: Chart on Automotive - Market size and forecast 2021-2026 ($ billion)
Exhibit 29: Data Table on Automotive - Market size and forecast 2021-2026 ($ billion)
Exhibit 30: Chart on Automotive - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Automotive - Year-over-year growth 2021-2026 (%)

5.4 General machinery - Market size and forecast 2021-2026

Exhibit 32: Chart on General machinery - Market size and forecast 2021-2026 ($ billion)
Exhibit 33: Data Table on General machinery - Market size and forecast 2021-2026 ($ billion)
Exhibit 34: Chart on General machinery - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on General machinery - Year-over-year growth 2021-2026 (%)

5.5 Precision engineering - Market size and forecast 2021-2026

Exhibit 36: Chart on Precision engineering - Market size and forecast 2021-2026 ($ billion)
Exhibit 37: Data Table on Precision engineering - Market size and forecast 2021-2026 ($ billion)
Exhibit 38: Chart on Precision engineering - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Precision engineering - Year-over-year growth 2021-2026 (%)

5.6 Others - Market size and forecast 2021-2026

Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ billion)
Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ billion)
Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)

5.7 Market opportunity by Service

Exhibit 44: Market opportunity by Service ($ billion)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 46: Chart on Market share by geography 2021-2026 (%)
Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 48: Chart on Geographic comparison
Exhibit 49: Data Table on Geographic comparison

7.3 APAC - Market size and forecast 2021-2026

Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026

Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 North America - Market size and forecast 2021-2026

Exhibit 58: Chart on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 59: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 60: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.6 South America - Market size and forecast 2021-2026

Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.7 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026

Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 China - Market size and forecast 2021-2026

Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

7.10 UK - Market size and forecast 2021-2026

Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ billion)
Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.11 Canada - Market size and forecast 2021-2026

Exhibit 82: Chart on Canada - Market size and forecast 2021-2026 ($ billion)
Exhibit 83: Data Table on Canada - Market size and forecast 2021-2026 ($ billion)
Exhibit 84: Chart on Canada - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on Canada - Year-over-year growth 2021-2026 (%)

7.12 Germany - Market size and forecast 2021-2026

Exhibit 86: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 87: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 88: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 89: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography

Exhibit 90: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 91: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 93: Overview on factors of disruption

9.4 Industry risks

Exhibit 94: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 95: Vendors covered

10.2 Market positioning of vendors

Exhibit 96: Matrix on vendor position and classification

10.3 AMADA Co. Ltd.

Exhibit 97: AMADA Co. Ltd. - Overview
Exhibit 98: AMADA Co. Ltd. - Business segments
Exhibit 99: AMADA Co. Ltd. - Key news
Exhibit 100: AMADA Co. Ltd. - Key offerings
Exhibit 101: AMADA Co. Ltd. - Segment focus

10.4 Chiron Group SE

Exhibit 102: Chiron Group SE - Overview
Exhibit 103: Chiron Group SE - Product / Service
Exhibit 104: Chiron Group SE - Key offerings

10.5 DMG MORI Co Ltd

Exhibit 105: DMG MORI Co Ltd - Overview
Exhibit 106: DMG MORI Co Ltd - Business segments
Exhibit 107: DMG MORI Co Ltd - Key offerings
Exhibit 108: DMG MORI Co Ltd - Segment focus

10.6 DN Solutions Co. Ltd.

Exhibit 109: DN Solutions Co. Ltd. - Overview
Exhibit 110: DN Solutions Co. Ltd. - Product / Service
Exhibit 111: DN Solutions Co. Ltd. - Key offerings

10.7 Georg Fischer Ltd.

Exhibit 112: Georg Fischer Ltd. - Overview
Exhibit 113: Georg Fischer Ltd. - Business segments
Exhibit 114: Georg Fischer Ltd. - Key offerings
Exhibit 115: Georg Fischer Ltd. - Segment focus

10.8 Hyundai Wia Corp.

Exhibit 116: Hyundai Wia Corp. - Overview
Exhibit 117: Hyundai Wia Corp. - Business segments
Exhibit 118: Hyundai Wia Corp. - Key offerings
Exhibit 119: Hyundai Wia Corp. - Segment focus

10.9 JTEKT Corp.

Exhibit 120: JTEKT Corp. - Overview
Exhibit 121: JTEKT Corp. - Business segments
Exhibit 122: JTEKT Corp. - Key news
Exhibit 123: JTEKT Corp. - Key offerings
Exhibit 124: JTEKT Corp. - Segment focus

10.10 Komatsu Mining Corp.

Exhibit 125: Komatsu Mining Corp. - Overview
Exhibit 126: Komatsu Mining Corp. - Business segments
Exhibit 127: Komatsu Mining Corp. - Key offerings
Exhibit 128: Komatsu Mining Corp. - Segment focus

10.11 Makino Inc.

Exhibit 129: Makino Inc. - Overview
Exhibit 130: Makino Inc. - Business segments
Exhibit 131: Makino Inc. - Key offerings
Exhibit 132: Makino Inc. - Segment focus

10.12 Okuma Corp.

Exhibit 133: Okuma Corp. - Overview
Exhibit 134: Okuma Corp. - Business segments
Exhibit 135: Okuma Corp. - Key offerings
Exhibit 136: Okuma Corp. - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 137: Inclusions checklist
Exhibit 138: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 139: Currency conversion rates for US$

11.4 Research methodology

Exhibit 140: Research methodology
Exhibit 141: Validation techniques employed for market sizing
Exhibit 142: Information sources

11.5 List of abbreviations

Exhibit 143: List of abbreviations

About Us

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.

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