With waterjet precision table cutting having taken a financial hit due to the COVID-19 worldwide epidemic, experts from as far away as India are predicting rapid growth as the pandemic subsides.
According to several recent reports, the global waterjet cutting machine market, which includes used waterjets, is poised to gain significant momentum from companies trying to fix mounting problems sooner than later, or even in real-time. Improved service is also of concern, experts say.
The reports go on to state that in 2019, market size for precision waterjet cutting stood at somewhere around USD 1,036.9 million while it’s projected to reach USD 1,675.1 million by 2027.This is a compound annual growth rate (CAGR) of 6.3 percent.
While the outbreak of the coronavirus pandemic took its fair toll on the entire financial ecosystem, it has impacted some industries more severely than others. Waterjet insiders say that with the support of governmental regulatory bodies easing some restrictions, they will be able to battle the “deadly scenario” and arrive at some kind of normalcy.
However, with the present highly regulated atmosphere being encouraged by the present U.S. administration on all aspects of industry, that “return to normalcy” could slow or even stall. Only time will tell.
The Recent Rise of Robotic Waterjet Cutting Machine to Propel Growth
Despite ongoing regulations and ongoing COVID-19 restrictions, precision robotic waterjet cutting machine tech is presently experiencing high popularity at present. This is said to be due to the rising number of curved part cutting and other similar complex processes requiring special parts and tools.
Several major industries like the automotive sector, energy and power, aerospace and defense, are said to be adopting waterjet machines as they undertake cutting processes for spare parts, blades, flanges, and turbines.
Precision robotic solutions are engineered to provide real-time high efficiency and productivity. This factor alone is expected to accelerate waterjet cutting machine market growth in the short term. But in the long run, difficulties with operator timing and motion control of the waterjet machines could threaten to slow growth. This takes training and training takes time.
Automotive Industry Growth Backed by High Demand for Customized Cars
The waterjet machinery market is segregated into metal fabrication, energy and power, rubber and plastic, automotive, plus aerospace and defense. Taken altogether, the metal fabrication segment owns 26.7 percent of the waterjet cutting machine growth market as of 2019, despite the pandemic.
The electronics and automotive segments are poised to grow significantly in the coming years due to a major demand for electronic products and the high demand for customized cars like electric, hybrid, and autonomous vehicles. This is good news for the waterjet machinery industry.
North America Turning Rapidly to Automation
In 2019, North America generated a USD 352.5 million in waterjet machine cutting revenue. They would come to dominate in the following years due to the increase in developments in the automotive, metal fabrication, aerospace and defense industries.
In addition, the establishment of prominent manufacturers like Tesla, for instance, along with the demand for robotics and automation in place of human labor, is said to bepropelling this growth. Plus, the creation of small and medium sized companies in the metals industry is further augmenting this expansion.
The Asia Pacific region is also projected to grow at a fast rate due to the rising amount of research and development activities which are presently occurring in developing, powerhouse, highly populated nations such as China and India.
Key Players Who Are Focusing on Developing Innovative Machines for Consumers
The successful companies in the waterjet cutting market are said to be infusing their products and services with innovative high technologies that will cater to the ever-growing demand from consumers.
It’s hoped that the governments of countries around the world, including the U.S., will ease regulations in support of the usage of these precision cutting machines. For instance, here are what’s said to be “two key industry developments.”
- At the recent International Manufacturing Technology Show (IMTS) which took place just prior to the pandemic, KMT Waterjet exhibited its new arsenal of precision robotic waterjet pumps. These machines were said to be engineered for both high-end and entry level waterjet cutting machine solutions.
- Earlier that same year, Water Jet Sweden showcased its precision model waterjet machine system at the EuroBLECH 2018 event. This new model waterjet machine is touted as being the perfect cutting solution for educational centers and spare parts workshops that cater to contract cutting services. The precision waterjet is also engineered for internal production needs.
