CHICAGO, July 2, 2021 /PRNewswire/ -- According to the new market research report "Waterjet Cutting Machine Market with COVID-19 impact by Offering (Hardware, Software, Services), Waterjet (Abrasive, Non-Abrasive), Product Type (Micro,3D, Robotic), Industry (Automotive, Aerospace, Food) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Waterjet Cutting Machine Market is projected to grow from USD 1.1 billion in 2021 to USD 1.5 billion by 2026; it is expected to grow at a CAGR of 6.2%from 2021 to 2026.
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The key factors fueling the growth of the market include high operational excellence, rise in adoption of waterjet cutting machine across industries, and growth of the automotive industry. Additionally, an increase in demand for waterjet cutting machines from industries in APAC is expected to create an opportunity for the waterjet cutting machine market.
The abrasive segment is projected to account for the largest share of the waterjet cutting machine market during the forecast period.
The abrasive waterjet cutting machines use abrasive materials in the high-pressure waterjet to cut the materials. These machines are used for cutting applications such as glass, metal, stone, and tile cutting. They are used in industries such as aerospace & defense, automotive, and textile.
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The market for 3D waterjet cutting machine is expected to grow at the highest CAGR during the forecast period
The 3D waterjet cutting machines are suitable for all manufacturing processes involving 3D cutting. The highly productive, precise waterjet cutting of 3D components has now become possible with such machines. The waterjet cutting systems are widely used in the aerospace and automotive industries, as well as in prototype development applications of various industries.
The automotive industry in waterjet cutting machine is expected to grow at the highest CAGR during the forecast period.
Waterjet cutting machines are used for the interior and exterior cutting of headliners, carpets, liners, dumpers, door and instrument panels, seats, composite parts, and castings of vehicles. The use of waterjet cutting machines improves the flexibility of cutting equipment and enables ease with automation for the automotive industry, which drives the growth of the waterjet cutting machine market for this industry.
North America held the largest share of the global waterjet cutting machine market during the forecast period.
The region has witnessed rapid growth in industries such as automotive, electronics, food, and aerospace. The growth in this market can be attributed to the large industrial base and high production capacity of companies in the country. The US is one of the largest automotive markets in the world and is home to several auto manufacturers, which is driving demand for waterjet cutting machines used for cutting headliners, door panels, carpets, liners, dumpers, composite parts, and castings. Additionally, industries such as aerospace & defense, and food provide good opportunities for waterjet cutting machines as they are used for cutting various materials.
The key players operating in the waterjet cutting machine market include Colfax (US), Omax(US), Flow (US), Koike Aronson (US), Wardjet (US), Techni Waterjet (Australia), Dardi (China), Waterjet Sweden (Sweden), and Innovative (India).
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