Northbrook, IL -- (SBWIRE) -- 09/20/2019 -- The waterjet cutting machine market is expected to grow from USD 921.7 million in 2018 to reach USD 1,248.0 million by 2023, at a CAGR of 6.25% between 2018 and 2023. The 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 attributed to the high demand from the Asian metal and metal manufacturing industries.
The market in this report has been segmented on the basis of product type into 3D waterjet cutting machines, micro waterjet cutting machines, and robotic waterjet cutting machines. The 3D waterjet cutting machines are expected to hold the largest size of the market based on product type by 2023, which has been the most commonly deployed product type across the world. 3D waterjet cutting systems are widely used in the aerospace and automotive industries, as well as in the prototype development applications of various industries.
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Waterjet cutting machines are used in applications such as exotic metal and non-traditional material cutting, ceramic/stone cutting, glass/metal art, gasket cutting, fiberglass cutting, and foam product cutting. The report provides a description of the use of waterjet cutting machines in each of these applications. The glass/metal art application is expected to account for the largest share of the waterjet cutting machine market during 2018–2023. The growing demand for the machines for hurricane glass cutting in the automotive industry is expected to boost the growth of the waterjet cutting machine market during the forecast period.
The waterjet cutting machine market for the automotive industry is expected to grow at the highest CAGR between 2018 and 2023. The use of waterjet cutting machines in the automotive industry improves the flexibility of cutting equipment and enables ease with automation, which drives the growth of the waterjet cutting machine market for this industry.
APAC accounted for the largest share of the global waterjet cutting machine market in 2017. 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 countries such as India and China. Additionally, the factors such as the rise in infrastructural expenditure, growing population, and increased consumer spending are the main drivers for the waterjet cutting machine market in APAC.
The key restraining factors for the market are the high total cost of ownership and requirement of technical know-how . This report describes drivers, restraints, opportunities, and challenges for the waterjet cutting machine market growth. In addition, it analyzes the current market scenario and forecasts the market till 2023, including the market segmentation based on product type, application, industry, and geography.
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A few major companies operating in the RF over fiber 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). These companies have developed innovative products to serve the waterjet cutting machine user base.
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