Machine Shop Services in the US
The Machine Shop Services industry has remained largely unchanged over the past five years after posting three years of revenue declines and three years of revenue increases between 2013 and 2018. Technological advancement in machining is largely driven by the defense and aerospace markets. These markets require parts that are as light as possible, made to exceptionally tight tolerances and shaped into complex geometries. Industry operators serving these markets have increased their investment in computer numerical control machines that increase automation and precision, leading to a significant rise in the industry's capital costs over the past five years. Over the next five years to 2023, operators will devote further resources to satisfy projected growing demand from manufacturers in markets like automobile manufacturing, commercial aircraft manufacturing and metal forging. Demand from medical device manufacturers is also expected to increase over the next five years due to a progressively aging US population with an increasing need for medical care.
The Machine Shop Services industry cuts raw materials into specified shapes and sizes using a variety of tools such as lathes, milling machines, grinders and drill presses. Almost all forms of metal product fabrication involve machining, and industry operators may also machine plastic and composite materials.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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