Machine Shop Services in Canada - Industry Market Research Report

Machine Shop Services in Canada - Industry Market Research Report

Machine Shop Services in Canada

Canadian machine shops create finely tuned parts and components to manufacture high-performance, durable goods, including cars, aircraft, agricultural, oil fields and medical equipment. Machinists also provide custom milling, turning and boring services for conventional metal goods and stamped metals. Revenue is highly susceptible to changes in Canadian industrial production. Demand from vital downstream aviation and medical machinery manufacturing markets improved during much of the period, bolstering machine shops. The industry has also faced economic headwinds, particularly during the COVID-19 pandemic. Instability and supply chain volatility led to plummeting demand from most major markets, especially automakers and heavy machinery manufacturers. Revenue has been falling at a CAGR of 1.7% over the past five years and is expected to reach $6.8 billion in 2023. This includes an estimated 2.1% drop in 2023 as rising interest rates pressure economic activity.

This industry is primarily engaged in operating machine tools, such as lathes, including computer numerical control; automatic screw machines; and machines for boring, grinding, milling and otherwise working metal, to produce machine parts and equipment, other than complete machines, for the trade. Machine shops providing custom and repair services are included in this industry.

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.