![]() ![]() ![]() ![]() Services: automotive, general machinery, precision engineering, and others.The report breaks down the market into the following segments: 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. Many such developments among vendors are intensifying the competition in the market. Several small vendors compete in specific regions by offering a limited number of products, and the high barriers to entry discourage new entrants. ![]() The principal competition varies from one country to another and includes regional and global players. The vendors are trying to increase their market presence through mergers and acquisitions and expansion activities. 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 vendors in the market are identified based on their revenues, market dominance, geographical presence, product portfolios, and financials. The market structure is fragmented in nature due to the presence of many vendors. "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. All these factors are driving the growth of the market in focus. 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. This has resulted in an increase in offshore oil and gas exploration activities, particularly deepwater exploration. Rapid industrialization and urbanization in developing countries such as China and India have significantly increased the demand for oil and gas. 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.Īccording to Technavio, the growth of the market is primarily driven by growing demand from the oil and gas industry. 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 20. Technavio has announced its latest market research report titled Global Machining Services Market 2022-2026 ![]()
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