Latest News- Machining Services Market: Automotive is expected to lead the Service segment during 2025-2029

The Machining Services Market is being driven by Growing demand in oil and gas industry

The Machining Services Market is expected to grow at a CAGR of 4.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18836.8 million. Additive manufacturing (AM), a revolutionary technology in 2024, constructs objects by adding material layer by layer from digital model data, contrasting conventional machining that removes material from a stock. This approach enables intricate geometries and optimized designs. Build orientation's significance increases due to software advancements and automation, improving accuracy, surface finish, and reducing support material needs, leading to increased production efficiency. The automotive, aerospace, and healthcare industries have witnessed substantial AM integration, capitalizing on its benefits. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service
  • Automotive
  • General machinery
  • Precision engineering
  • Others
• End-user
  • Original equipment manufacturers
  • Small and medium enterprises
  • Contract manufacturers
• Material
  • Metals
  • Plastics
  • Composites
  • Ceramics
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand in oil and gas industry
• Growing demand for machining services from internal combustion engine (ICE)-based automobiles
• Growing demand for computer numerical control (CNC) machines

However, the market also witnesses some limitations, which are as follows:

• Fluctuations in raw material prices
• Rising cost pressure from demand side
• Shortage of skilled operators

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Market Scope in Machining Services Market Research Report

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Research Analysis Overview

In the Machining Services Market, robotic systems are utilized to minimize errors, enhance production capacity, and meet exact specifications with tight tolerances. Complex designs, including medical devices and high-performance materials, are efficiently manufactured with reduced turnaround times. Machine learning optimizes processes, while lightweight metals and extreme conditions are managed for various industries. Sustainable technologies, such as those for electric vehicles (EVs) and their electric powertrains, are also catered to, along with customized components and surgical tools.

Market Research Overview

The Machining Services Market is a segment of the larger Industrial Machinery and Supplies and Components Market, encompassing businesses specializing in the production of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the expansion of industrial output in process and discrete industries, driven by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries, will fuel growth in this market. Robotic systems integration in machining services is another significant trend, offering benefits such as errors reduction and increased production capacity, particularly in the manufacturing of complex designs.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/