Global Waterjet cutting machine market share is projected to reach USD 1.5 billion by 2026, Growing at a CAGR of 6.2% during the forecast period. The market is driven by rising adoption of waterjet cutting machines across different industries, growing automotive industry, and operational excellence offered by waterjet cutting machine.
Moreover, growing inclination of SMEs towards industrial automation and increasing demand for waterjet cutting machine from industries in APAC are expected to to create high growth opportunities for the market over the forecast period. However, high cost of ownership and development of cost-effective technologies could affect the market growth.
The major playersin the waterjet cutting machinemarket are Omax (US), Flow (US), Koike Aronson (US), Wardjet (US), Dardi (China), Lincoln Electric (US), Techni Waterjet (Australia), KMT (US), Colfax (US), Waterjet Sweden (Sweden), Innovative (India), Hornet Cutting System (US), Jekran (Malta).
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Which industries and region is expected to create growth opportunities for the market?
Industries such as automotive, food, electronics, and aerospace in emerging markets are registering a high growth rate, which is projected to drive the market for waterjet cutting machines. Automation is considered the largest and fastest-growing segment in the cutting industry as it considerably increases productivity and safety and reduces time, which fuels the demand for waterjet cutting machines. Additionally, the increased population in APAC produces an increased demand for effective mobility.
Many countries across the APAC region stand out as strong competitors in the automotive sector. Countries such as Japan, China, and South Korea have car manufacturing companies.Waterjet cutting machines are likely to have a huge impact on the automotive, aerospace, and electronics industries, as they can be used to cut any materials used in industries.
How is development of cost-effective technologies challenging the market growth?
The waterjet cutting technology can be an expensive one for industries; however, they play an important part in various applications. Sensitivity, selectivity, stability, cost, and portability are the aspects that customers consider while purchasing such equipment. For instance, cutting machines based on waterjet technology are more expensive than machines based on traditional cutting technologies; however, these machines are far better in accuracy and reliability than the traditional ones. These devices are designed to meet requirements such as high sensitivity and selectivity but are highly-priced. Therefore, it remains a challenge to design a cost-effective technology that is affordable for consumers.
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