June 07, 2022 02:23 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India , June 07, 2022 (GLOBE NEWSWIRE) -- The worldwide waterjet cutting machine market is set to gain momentum from the rising need for quick diagnosis of the consumer’s problems. Companies are trying to fix them in real-time. They are also focusing more on improving the service. This information is given by Fortune Business Insights™ in a recent research report. The report further states that the market size was USD 1,036.9 million in 2019 and is projected to reach USD 1,675.1 million by 2027, thereby exhibiting a CAGR of 6.3% during the forecast period.
North America to Lead Fueled by Rising Automation
North America generated USD 352.5 million in terms of revenue in 2019 and would dominate in the coming years stoked by the ongoing developments in the metal fabrication, automotive, and aerospace & defense industries. Additionally, the presence of numerous prominent manufacturers and rising automation would propel growth in this region. Also, the emergence of medium and small enterprises in the metal industry in this region would augment growth. Asia Pacific, on the other hand, is likely to grow at a fast pace because of the rising number of research and development activities occurring in the developing nations, such as India and China.
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Companies Operating in Waterjet Cutting Machine Market:
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Waterjet Cutting Machine Market: Report Scope & Segmentation:
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Automotive Segment to Grow Significantly Backed by High Demand for Customized Cars
In terms of industries, the market is segregated into rubber & plastic, metal fabrication, energy & power, electronics, automotive, and aerospace & defence. Out of these, the metal fabrication segment held 26.7% waterjet cutting machine market share in 2019. This, coupled with the electronics and automotive segment are set to grow significantly owing to the rapid industrialization, increasing adoption of electronic products, and high demand for customized cars.
Rising Utilization of Robotic Waterjet Cutting Machine to Propel Growth
Robotic waterjet cutting machine are experiencing high popularity at present on account of the rising number of curved part cutting and similar other complex processes. Therefore, several industries, such as energy & power, automotive, and aerospace & defense are adopting these machines as these industries undertake several cutting processes for flanges, spares, blades, and turbines. Robotic solutions provide high productivity and efficiency in real-time. These factors are expected to accelerate the waterjet cutting machines market growth in the near future. However, the difficulties faced by the operator to control the timing of the motion of these machines may obstruct the market growth.
Key Players Focus on Developing Innovative Machines for Consumers
The companies present in the market are infusing their products with innovative technologies to cater to the growing demand from the consumers. The governments of numerous countries are also supporting the usage of these machines. Below are two key industry developments:
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