Global Waterjet Cutting Machine Market - 2020-2027
Waterjet cutting machine, a machine used to cut a variety of materials such as paper, textile, metal, stone & granite among others using high pressure water cutting or mixture of abrasive and water.
In the current scenario, advancement in technology and innovation in cutting machines is the major driving factor that has influenced the adoption of waterjet cutting machines amongst industries.
For example, Flow International Corporation provides Mach series waterjet cutting machines that can cut materials up to 24 inches thickness. Additionally, the technology enables performing an extensive range of functions such as rapid drilling or cutting thin details or precision shapes in glass, stones, and metals. Moreover, developments such as micro and 3D waterjet cutting machines (WCMs) and robotic WCMs are some of the significant innovations which help end-user increase their throughput and produce precise cutting operations. For example, WARDJet, an Ohio, United States based waterjet cutting manufacturer offers robotic waterjet cutting automation solutions to industries such as aerospace, automotive, electronics, and textiles to produce weld test samples.
Of late, rise in industrial automation across the world, an increase in consumption of steel, and growth in the usage of indexed steel in construction are contributing to the European regional market growth. For instance, as per the European Steel Association (EUROFER) AISBL statistics, the consumption of steel increased by 1.4% in 2018, and indexed steel consumption in construction recorded an increase of 4.9% in 2018 from that of 2017 across the Western Europe.
The global waterjet cutting machine market valued USD XX million in 2019 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2027.
Steel is one of the most important and widely consumed raw materials in industries such as energy, construction, automotive, transportation, infrastructure, packaging, and machinery. The steel industry is showing a steady growth through its sustainable performance since the last couple of decade. In the current scenario, the infrastructure development activities by various developing countries government are the major driving factors that are expected to boost the demand of steel fabrication over the next few years. Additionally, Government initiatives, such as the construction of metro stations, new no frill airports, international terminals, industry corridors, power plants, and ports, require heavy steel structures. Thus, these factors are expected to drive the growth of the waterjet cutting machine in steel fabrication sector across the world.
For instance, global crude steel production reached 1,869.9 Million Tons (MT) for the year 2019, up by 3.4% compared to 2018. Crude steel production contracted in all regions in 2019 except in Asia and the Middle East. Furthermore, Asia produced 1,341.6 Mt of crude steel in 2019, an increase of 5.7% compared to 2018. China alone produced 996.3 Mt of crude steel in 2019, up by 8.3% from 2018. China's share in global crude steel production increased from 50.9% in 2018 to 53.3% in 2019. This stats shows the demand of the very market in the steel industry globally.
The increasing urbanization all over the world is expected to play a vital role in the expansion of the waterjet cutting industry in the future. It is also an essential material in the generation and distribution of renewable energy, such as thermal, solar, and tidal power.
On the other hand, surging inclination towards adopting environment-friendly cutting processes and practices within industries such as automotive, mining, electronics, construction, packaging and textile are some of the key factors attributing to market growth. Furthermore, an increase in process automation among the industries has led to the adoption of advanced machines in the upcoming years.
Global waterjet cutting machine is segmented into type, technology, structure, application, and end-user. Based on the type, the market is segmented into 3D waterjet cutting machines, Micro waterjet cutting machines, and Robotics waterjet cutting machines. Based on the technology, pure waterjet cutting machine and abrasive waterjet cutting machine. Based on the structure, the market is segmented into Integral Gantry Type, Split Gantry Type, Large Gantry Type, Cantilever Type and others. Based on the application, the market is segmented into Glass/Metal cutting, Fiberglass cutting, Foam product cutting, Gasket cutting, Ceramic/stone cutting and other. Based on the end-user, the market is segmented into automotive, Aerospace & Defense, electronics, Metal Fabrication, Machine Manufacturing among others.
The automotive industry is one of the largest demand generators owing to the continuously evolving designs and material combinations in the automobile manufacturing. The advancements in technologies and ease of operations have added to the generation of sustainable demand for these equipment across various industries. Mechanical applications manufacturing is another major industry vertical, with extensive usage. Metal cutting machines have the highest utility in the mechanical equipment segment followed by welding equipment. A demand for waterjet cutting machines is expected to register a higher CAGR over the forecast period in the aerospace and defense market. To aircraft such as turbine blades and jet engines, the waterjet cutting machines are increasingly preferred to produce parts and components made of composite materials. Growing innovation and research and development in the aerospace and defense industries further aggregate demand for highly efficient machinery such as the WCM worldwide and thus the application segment is projected to experience highest CAGR over the forecast period.
By region, the waterjet cutting machine market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Asia-Pacific is anticipated to be the largest regional market share in 2019. Improving economic conditions and rapid industrialization, especially in China, India, and South Korea are expected to augment machine demand in the region.
Moreover, the growth of the market in Asia-Pacific is driven by the expansion of the metal fabrication and electronics and automotive industries, coupled with the growing machine manufacturing sector in India and China, among others. The growing demand for products and services across various sectors in India, combined with the fact that global manufacturing companies are concentrating on diversifying their production by setting up low-cost plants in countries such as China and India, is expected to drive the Indian manufacturing industry. In addition, the Indian manufacturing sector is projected to rise to USD 1 trillion by 2025 more than six times the current size. For example, since 2014 the number of mobile manufacturing plants set up in India has increased more than 60-times. It indicates the growing demand in the market being examined, owing to the country's rising number of production units. The Singapore-based electronics manufacturing and business services provider Flex opened a new production facility in Chennai in July 2019, bringing the total number of the company's manufacturing facilities to four in India. This shows the increasing demand for structural steel fabrication, which is due to the increasing number of manufacturing units in the country. This, in turn, the growth in the demand of waterjet cutting machine across the India in the upcoming years.
Key players operating in the market are Colfax Corporation, Lincoln Electric Holdings Inc., Flow International, Koike Aronson, Inc., Omax Corporation, among others.
OMAX Corporation launched ProtoMAx abrasive waterjet in September 2017, a compact and self-installed cutting system ideal for prototyping and relatively low volume cutting of nearly any material with a thickness of less than 2".
Flow International released Mach 200 in November 2017, a completely new system intended to be a realistic and scalable waterjet solution