Adoption of Waterjet Cutting Machines Market to Rise During the Forecast Period Owing to Increasing Consumer Awareness
Waterjet cutting machines find applications in several industries such as defense, metal cutting, semiconductors, aerospace, disposable products, food, glass, ceramics, paper, etc. A study by PMR on waterjet cutting machines concludes that, the waterjet cutting machine market is anticipated to reach US$ 2.6 Bn by the end of 2030, expanding at a CAGR of 8 % over the forecast years (2020-2030).
The COVID-19 pandemic has had a substantial impact on industrial tool production across the world. As the virus is rapidly spreading, governments have restricted all non-essential business and manufacturing activity, which will create disruptions in supply chains. Due to the COVID-19 pandemic, there has been a decline in industrial tooling activities for metal and composite materials. However, with applications in fabricating food processing and automotive manufacturing equipment, the global waterjet cutting machine industry is expected to pick up toward the latter part of 2020, according to PMR’s study.
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Key Takeaways of Waterjet Cutting Machine Market Study
An emerging trend in the waterjet cutting machine market is the micro water-cutting technology, as this technology allows the cutting of minute parts with high precision and exceptional surface finish
As a waterjet cutting machine is a cold cutting process that does not include slag deformation and waste, which is quite common in plasma and laser cutting processes, this technology is considered to have certain green benefits. With the escalation in demand for sustainable machines, the demand for waterjet cutting machines is anticipated to grow on a large scale.
By end use, the metal fabrication segment is estimated to develop at a relatively high CAGR during the forecast years. Due to high demand for waterjet cutting machines in manufacturing and fabrication industries, the segment is estimated to remain a crucial driver for the global waterjet cutting machine market.
Waterjet cutting machines with intensifier pumps are anticipated to remain relatively popular due to their benefits over direct pump machines.
Owing to the ever-growing demand from aerospace and healthcare industries, North America is estimated to hold a large share and remain dominant in the global waterjet cutting machine throughout the forecast period.
“Enhancing product quality by implementing new technologies will be the key to thrive in the waterjet cutting machine market. Tough and long-lasting machines with added features at a competitive price points will help companies retain their customer base,” says a PMR analyst.
The waterjet cutting machine market is fairly fragmented. Top five to six players are expected to hold more than 45% share in the global waterjet cutting machine market. In developed regions such as North America and Europe, organized or tier-1 and tier-2 players hold prominent shares. Upgradation of operational bases and expansion of product portfolios in order to gain competition an advantage over tier-2 and tier-3 players have been the main strategies of key players in the global waterjet cutting machine market.
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Waterjet cutting machines with a pressure range up to 4200 Bar are mostly preferred in various end-use industries, including metal fabrication, automotive, and electronics. With an increase in automation, waterjet cutting machines decrease the dependency on manpower in metal cutting industries, and this factor is expected to directly impact the growth of the global market. China and South East Asia & Pacific are expected to emerge as relatively attractive markets in terms of value and growth by the end of the forecast period.
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