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SAN FRANCISCO , May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Waterjet Cutting Machines - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE What's New for 2022?
Edition: 17; Released: April 2022 Executive Pool: 397 Companies: 78 - Players covered include Bystronic Laser AG; Dardi International Corp.; Flow International Corp.; Jet Edge, Inc.; Omax Corp.; Resato International BV; Shape Technologies Group, Inc.; WARDJet Inc.; Water Jet Sweden AB; Waterjet Corporation s.r.l. and Others. Coverage: All major geographies and key segments Segments: Offering (Hardware, Software, Services); Machine Type (3D, Robotics, Micro); End-Use (Automotive, Metal Fabrication, Electronics, Mining, Aerospace, Other End-Uses) Geographies: World; United States ; Canada ; Japan ; China ; Europe (France ; Germany ; Italy ; United Kingdom ; Spain ; Russia ; and Rest of Europe ); Asia-Pacific (Australia ; India ; South Korea ; and Rest of Asia-Pacific ); Latin America (Argentina ; Brazil ; Mexico ; and Rest of Latin America ); Middle East (Iran ; Israel ; Saudi Arabia ; United Arab Emirates ; and Rest of Middle East ); and Africa .
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Amid the COVID-19 crisis, the global market for Waterjet Cutting Machines estimated at US$1.1 Billion in the year 2022, is projected to reach a revised size of US$1.3 Billion by 2026, growing at a CAGR of 5% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to grow at a 4.5% CAGR, while growth in the Software segment is readjusted to a revised 5.1% CAGR. The 2020 year of pandemic originating from the deadly COVID-19 coronavirus severely impacted demand for waterjet cutting machines, with growth witnessing marked erosions during the year. Global demand plunged over 16% in the year 2020 as a result of recessionary pressures manifested in the form of reduced demand for automobiles, aerospace and electronics among others, and subsequent reduction in manufacturing of these finished products. Diminished manufacturing and commercial activity along with fall in the business confidence index, bleeding corporate balance sheets, and enterprise skepticism over infrastructure/capital investments, and delays in new plant establishments, upgrades, renovations, and refurbishments, also took its toll on the market. Especially hard hit were automotive, electronics and general manufacturing industries which are prone to exhibit knee-jerk sensitivity to economic conditions.
One of the main causalities of the pandemic induced recessionary environment, the capital goods sector, received the hardest blow from the financial hardships. Demand for production of machinery was especially affected. Heavy production machinery came under the yoke of the recession with freezing of capital expenditure in the manufacturing and industrial sectors negatively impacting sales. Production machinery used in general goods manufacturing, automotive manufacturing, and construction sectors were hit hard. The meltdown witnessed in the housing and automobile sector stifled opportunities for most types of manufacturing and assembly line machinery, while production cutbacks and decline in the manufacturing sector eroded the immediate need factor. Slowing levels off economic activity, complete collapse of global production & trade, fall in industrial production, commercial activity, plant closures, capacity idling, scaling back of operating capacity, and the resultant sputtering investments in industrial production resulted in broad based declines in heavy machinery market. Fall in the business confidence index, tighter lending standards, high borrowing costs, weak debt markets and the resulting shortages of credit availability to finance investments in new machinery, represented common woes that cut through all end-use sectors, thus weakening new and replacement demand.
The market however is expected to stage a strong upward correction in the year 2022 and beyond led by improvement in capital spending across key end-use industries as manufacturers re-direct their focus and efforts on achieving global competitiveness by increasing production capacities and productivity. Waterjet cutting systems continues to be the preferred machine tool for manufacturing companies due to varied reasons such as the ability to machine thicker materials, superior edge finish, tight tolerances, eco-friendly nature and safety and versatility of the technology. Capability to cut wide range of material types, such as metals, non-metals, stone, plastics, wood, and ceramics represents the most important driver of waterjet cutting technology. Waterjets feature a maximum cutting capacity of nearly 160mm in thickness for myriad materials, and can cut both hard and soft materials with ease. Majority of the waterjet customers are able to realize improved productivity gains, which is a function of speed of cutting and set-up time, in comparison to an alternative cutting technology. Cutting speed is based on a controller's sophistication, pump strength, and the number of cutting heads being utilized in the system. Controllers are the cheapest means to improve cutting speed, and enhance the cut quality by automatically altering the speed of the cut. A key benefit of waterjet is its cold cutting process, which requires fewer secondary operations, can cut with thin kerfs, causes no heat distortion, and does not produce any hazardous material. Low cutting forces reduce mechanical stresses due to cutting and allow usage of cheaper fixtures and jigs.
Although waterjet technology has been around since 1970s, it is still considered to be in the early stages of its product adoption lifecycle, as its applications got publicized only in 1990s after advancements made in the domain of controller software technology, and increased awareness among end-users. Waterjet cutters that initially gained popularity with kitchen stone cutting shops, and machine shop, is hitting the spotlight for its ability to enable higher precision and machining operations remarkably faster than ever before. The waterjet market is drawing keen interests from fabricators due to its ability to cut materials of various thickness ranging from wafer-thin foils up to 6"/150 mm, while offering extremely high tolerances (up to +/-0.1mm). Improved software capabilities coupled with lower penetration rates, novel applications in existing markets, and compelling price ranges will expand the installed base of waterjet machines. Industries such as automotive, aerospace, and electronics, are currently the most aggressive adopters of waterjet technology. Rising utilization of composite materials by automotive and aerospace industry, and the capability of waterjets to adeptly cut electronic composites and substrates have additionally fueled market adoption.
With material substrates being omnipresent in the world of mechanical engineering, waterjet cutting machines find widespread applications in diverse industries across the globe. Waterjet cutting machines are expected to witness steady demand so long as there is demand for manufactured durable goods such as automobiles, electronics, semiconductors, and aerospace, among others. This is because any increase in demand for manufactured durable goods warrants their increased production, thus warranting tools such as waterjet cutting machines. Increase in demand for finished products also increases manufacturer investments on production machinery, thus driving demand for waterjet cutting machines. In the coming years, growth in the market is expected to stem primarily from the consumer electronics sector, spearheaded by the high demand for smartphones and tablet PCs. Waterjet cutting machines have been increasingly implemented in applications for production of key components used in electronics such as integrated circuits, displays and printed circuit boards. The growing level of sophistication with reference to use of specialized materials in aerospace and shipbuilding has also positively impacted the market by spurring innovations in the field of waterjet cutting machines. The fact can be evidenced through innovations in waterjet cutting technology, in which a combination of high water pressure and fine abrasives such as garnet are being used to expand cutting applications into harder and thicker metals such as titanium, nitinol and aluminum. In addition, industries demanding high precision of cutting such as medical, biotechnology and dentistry could present revenue-spinning opportunities for waterjet cutting machines. On the other hand, applications including measuring, aerospace fields, control and mechatronics also present lucrative opportunities for the technology. Rock excavation has been an active area of application for waterjet cutting machines since many years. Recent years witnessed an increase in the cutting depths through waterjet technology on account of changes effected in the abrasive-injection method, thus expanding application areas. Innovations in the domain has also led modern waterjet cutting machines to be powered by highly advanced UI with computer touch screens, which enables workers to handle multiple cutting tasks. Countries including Germany , Italy and the US are technologically advanced in the development of UHP waterjet cutting technology. Growing use of composite materials, technological advancements and customer awareness are expected to increase the demand for waterjet cutting systems. More
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