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(IT-NEWSWIRE.COM, April 08, 2020 ) 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", the waterjet cutting machine 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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By product type, 3D waterjet cutting machines to hold largest size of waterjet cutting machine market during the forecast period
In 2017, 3D waterjet cutting machines accounted for 55% of the overall market. The market for 3D waterjet cutting machines is estimated at USD 574.1 million by 2023, and it is expected to grow at a CAGR of 3.09% from 2018 to 2023. The growing demand for metals in the fabrication industry is driving the growth of the market. The robotics market for waterjet cutting machine was valued at USD 258.4 million in 2017 and is projected to reach USD 479.2 million by 2023, at a CAGR of 10.61% during the forecast period.
By application, glass/metal art to hold largest size of waterjet cutting machine market during the forecast period
The waterjet cutting machine market was valued at USD 861.4 million in 2017 and is expected to reach USD 1248.0 million by 2023, at a CAGR of 6.25% during the forecast period. Glass/metal art has been the most common application of these machines all over the world, and the market for this application is estimated to be USD 272.51 million by 2018. The growing demand for hurricane glass for car doors and windows in the automotive industry is driving the growth of the market. The market for foam product cutting is projected to grow at the highest CAGR of 8.18% from 2018 to 2023. The rising demand for foam equipment and machine part packaging in the aerospace and automotive industries fuels the growth of the market.
By industry, automotive accounted for largest size of the waterjet cutting machine market during the forecast period
The market for automotive was valued at USD 196.83 million in 2017. The improved flexibility of cutting equipment and ease of automation meet the requirements of the automotive industry, which drives the market. The aerospace industry accounted for the second-largest share of 15.85%, and the market for the same was valued at USD 136.53 million. The high demand for welded metals in the metal fabrication industry is driving the growth of the market.
APAC held largest share of waterjet cutting machine market during the forecast period
APAC accounted for the largest share of ~40% of the global waterjet cutting machine market in 2017. The market in APAC is expected to grow at the highest CAGR of 12.79% 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. North America was the second-largest market for waterjet cutting machines in 2017, while the market in Europe was the third-largest in the same year.
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raviraj.tak@marketsandmarkets.com
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