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Waterjet cutting machine market to grow at CAGR 6.25% during forecast period
The waterjet cutting machine market is expected to grow from USD 921.7 million by 2018 to USD 1,248.0 million by 2023, at a CAGR of 6.25% during the forecast period. The market is expected to witness significant growth in the future due to its multiple application areas for these machines in the enduser industries such as steel, automobile, construction, manufacturing, and metal. The global waterjet cutting machine market is driven by the growth in demand for steel in various industries, especially in automobile, oil gas, and energy industries. The market growth is also supported by the high demand from the Asian metal and metalmanufacturing industries. High total cost of ownership and requirement of technical knowhow are the factors restraining the growth of this market.
Waterjet cutting machine market for automotive to grow at high CAGR during forecast period
In automotive industry, waterjet cutting machines are used for the interior and exterior cutting tasks of headliners, carpets, liners, dumpers, door and instrument panels, seats, composite parts, and castings in the automotive industry, which also contributes to the growth of the waterjet cutting machine market for this industry.
Foam product cutting to be fastestgrowing application in market during forecast period
The waterjet cutting machine market for foam product cutting is expected to grow at a high rate between 2018 and 2023. Waterjet is used for cutting foams which are used in various applications including aircraft part packaging, military packaging, foam dock protectors, foam protective barriers, foam mattresses, and cushioning foam, which is expected to drive the waterjet cutting machine market.
Waterjet cutting machine market in APAC to grow at highest CAGR during forecast period
The market in APAC is expected to grow at the highest CAGR from 2018 to 2023. The growth of the market in APAC is driven by the expansion of the metal fabrication and automotive industries, coupled with the growing machine manufacturing industry, in India and China, among others. In addition to this, the growing population in these countries presents enormous growth opportunities for the construction industry, which is a prominent end user of waterjet cutting machines.
Breakup of the profiles of primary participants for the report is given below.
By Company Type: Tier 1 26%, Tier 2 32%, and Tier 3 42%
By Designation: CLevel Executives 52%, Directors 23%, and Managers 25%
By Region: North America 44%, Europe 29%, APAC 23%, and RoW 4%
The report also profiles key players in this market, including Colfax Corporation US, Lincoln Electric Holdings, Inc. US, Flow International US, Koike Aronson US, Omax Corporation US, KMT Waterjet US, Hornet Cutting System US, A Innovative International India, and Semyx US.
This research report segments the global waterjet cutting machine market on the basis of product type, application, industry, and geography. It also describes major drivers, restraints, challenges, and opportunities pertaining to the market, and includes the value chain analysis and market ranking analysis.
Reasons to Buy the Report:
The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities pertaining to the market.
Illustrative segmentation, analyses, and forecast have been conducted based on the product type, application, industry, and geography to give an overall analysis of the waterjet cutting machine market.
The detailed competitive landscape includes key players, indepth analysis, and organic and inorganic strategies adopted by key players.
Original Article: Waterjet Cutting Machine Market by Product Type 3D, Micro, and Robotic, Application Glass/Metal Art, Fiberglass Cutting, Foam Product Cutting, Industry Automotive, Machine Manufacturing, Medical Devices, and Geography Global Forecast to 2023 [Report UpdaNEXT ARTICLE