A new report published by Allied Market Research, titled, Waterjet Cutting Machine Market by Technology and End User-Global Opportunity Analysis and Industry Forecast, 2014-2022, forecasts that the global waterjet cutting machine market is expected to garner $1,475 million by 2022, registering a CAGR of 7.4% from 2016 to 2022. In 2015, the automotive sector segment dominated the global waterjet cutting machine market in terms of revenue. North America is expected to be the leading contributor to the global waterjet cutting machine market revenue during the forecast period.
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Factors such as increase in automation activities in the manufacturing sector along with rise in adoption of high pressure water cutting in diverse applications are expected to drive the waterjet cutting machine industry. Waterjet cutting is increasingly used in various industries such as automotive, aerospace, electronics, metal fabrication, textile, art, food & beverage, and others. Technological advancements, such as development of high pressure and high-speed waterjet machines, integration of robotics in waterjet machines, and high adoption of microjet cutting machines are expected to supplement the market growth. In addition, rise in adoption of technologies such as 3D waterjet cutting along with reducing prices of waterjet machines & abrasives are expected to provide numerous growth opportunities to the waterjet cutting machine industry in the near future.
The automotive sector accounted for the maximum waterjet cutting machine market share in 2015, owing to the growing need for automation in automotive manufacturing. Waterjet cutting machines are predominantly used in the automotive sector, owing to the stringent norms to deliver high quality, reliable automotive products, reduced material wastage, generation of smooth & burr-free surfaces, non-emission of harmful fumes or gases. In addition, the adoption of multi-axis 3D cutting heads has increased for contouring and profiling in the automotive sector. The others segment comprising mining, construction, oil and gas, interior decoration, art, healthcare, food & beverage is expected to grow at the fastest CAGR of 8.9% from 2016 to 2022, owing to expanding scope of applications of waterjet cutting in diverse industries.
Abrasive waterjet cutting is used to cut hard materials such as glass, stone, concrete, ceramics, and metals using an abrasive, which acts as a cutting medium. It accounted for around 60% of the waterjet cutting machine market share in 2015. Abrasive waterjet cutting technology is used across various applications such as cutting of stainless steel & alloys, glass, decorative parts from stone, plastic, and titanium alloys in the aerospace sector. Increase in applications of abrasive waterjet technology in industries, such as automotive, aerospace, textile, electronics, and metal fabrication among others, is expected to accelerate the market growth. The pure waterjet cutting machine segment is expected to grow at a CAGR of 8.3% during 2016-2022, owing to its application in textile, food & beverage, leather, interior decoration, and art sectors.
North America accounted for the major share in the global waterjet cutting machine market size in 2015, and is expected to maintain its dominance during the forecast period, owing to increase in demand for automotive and equipment manufacturing, increase in manufacturing facilities in Mexico, and presence of major players such as OMAX Corporation and Shape Technologies Group in the region.
Key findings of the Waterjet Cutting Machine Market:
- In 2015, automotive sector accounted for the major share in the global waterjet cutting machine market size in terms of revenue, and is projected to grow at a CAGR of 5.8% during the forecast period.
- The abrasive waterjet cutting technology segment generated the highest revenue in 2015 in the global waterjet cutting machine market.
- In 2015, North America generated the highest revenue in the global waterjet cutting machine market.
- Asia-Pacific is expected to grow at the fastest CAGR of 8.4% during the forecast period.
The leading players profiled in the report include Dardi International Corporation, WARDJet, Inc., Bystronic Laser AG, Colfax corporation, OMAX Corporation, Jet Edge, Inc., Resato International BV, Koike Aronson, Inc., Shape Technologies Group, and Hypertherm, Inc.