Waterjet Cutting Machine Market Worth $1,248.0 Million by 2023
PUNE, India, August 20, 2018 /PRNewswire/ --
According to the new market research report "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", published by MarketsandMarkets™, the market is expected to reach USD 1,248.0 million by 2023 from USD 921.7 million by 2018, at a CAGR of 6.25% during the forecast period. Factors such as promising growth in the global steel industry, growing automobile industry, development of industrial sector in the Middle East and Africa, and a comprehensive increase in construction activities drive the growth of this market.
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3D waterjet cutting machines to account for largest size of market during 2018-2023
The 3D waterjet cutting machines are expected to hold the largest size of the waterjet cutting machine market by 2023. These cutting machines are suitable for all manufacturing processes involving 3D cutting and job shops seeking to expand their capabilities. 3D waterjet cutting systems are widely used in the aerospace and automotive industries, as well as in the prototype development applications of various industries.
Glass/metal art to hold largest size of waterjet cutting machine market during forecast period
The glass/metal art application is expected to account for the largest share of the waterjet cutting machine market during the forecast period. Waterjets are the superior method for cutting hurricane glass as the jets are omnidirectional and can cut the complex patterns easily. In metal cutting, waterjets are ideally suited for tough and lucrative applications such as titanium, brass, and tool steel cutting, and aluminum and steel cutting.
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APAC accounted for largest share of waterjet cutting machine market in 2017
APAC accounted for the largest share of the waterjet cutting machine market in 2017, followed by North America and Europe. This market in APAC is also expected to grow at the highest CAGR during the forecast period. 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. The efforts by the Government of India to strengthen the country's manufacturing industry through its "Make in India" initiative is likely to propel the demand for waterjet cutting machines in the next few years. This initiative focuses on 25 sectors, which include automobiles, aerospace, and railways and electrical machinery; it aims to facilitate investments, build high-class manufacturing infrastructure, and foster innovation in the country.
The leading players in the waterjet cutting machine market are 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).
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