Machine Shop Services in New York
The Machine Shop Services industry in New York caters to the needs of a multitude of downstream industries, including aircraft manufacturing, vehicle manufacturing, medical device manufacturing and construction machinery manufacturing. Industry performance is strongly shaped by changes in the industrial production index, manufacturing GDP for New York, new car sales and the value of private nonresidential construction in New York. Over the five years to 2017, all of these drivers have trended upward because of overall economic growth. in turn fueling demand for machining solutions and increasing industry revenue. Machine shops in New York have been increasingly adopting innovative tools and equipment to broaden their service offerings, enhance quality and promote safety, hence improving their competitive advantage in a highly fragmented industry. More specifically, defense and aerospace markets are the key drivers of innovation in machining. Over the five years to 2022, the same macroeconomic drivers will sustain growth in the Machine Shop Services industry in the Empire State. Although many of the demand drivers will stabilize over the five-year period, the maturity of this industry will maintain steady demand for machining solutions. In addition, the value of private nonresidential construction in New York will continue rising strongly, supporting demand. Therefore, industry revenue is forecast to grow moderately.
Operators in the Machine Shop Services industry in New York cut 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.