The Waterjet Cutting Machine Market is estimated to be valued at US$ 1,919.1 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Waterjet cutting machines uses a very high-pressure jet of water or a mixture of water and an abrasive substance to cut through materials. They are capable of cutting through virtually any material and allow for complex 2D or 3D contour cuts with great precision and negligible heat impact on the work-piece. They find applications in various manufacturing industries like automotive, aerospace, electronics, metal fabrication, stone cutting etc. for precision and intricate cutting of materials like metals, composites, glass, stone, plastics etc.
Market Dynamics:
The growing demand from the automotive and aerospace industries is one of the major drivers of the waterjet cutting machine market Cutting complex and intricate shapes required in manufacturing various components for automobiles and aircraft is driving the adoption of waterjet cutting machines. Moreover, technological advancements to enhance processing speed and efficiency of waterjet cutting machines is another factor fueling the market growth. For instance, introduction of hybrid waterjet systems integrating technology like robotics has enabled automated high-speed contour cutting. Additionally, development of advanced abrasive mix injection systems has improved abrasive mix control and cut quality.
Segment Analysis
The waterjet cutting machine market is segmented based on machine type, product type, end-use industry, and region. Based on machine type, the dominating abrasive waterjet cutting machines segment accounted for around 65% share of the overall market in 2023. Abrasive waterjet cutting machines offer precision cutting of hard and brittle materials that cannot be cut using lasers or plasma. By product type, three-axis and five-axis robotic waterjet cutting machines collectively contributed over 60% to the global market share in 2023. Robotic waterjet cutters enable automated mass production and provide flexibility to cut complex 3D parts.
PEST Analysis
Political: Favorable government legislation in North America and Europe regarding workplace safety and automation propelled the adoption of waterjet cutting machines.
Economic: The growing manufacturing industry globally and rising capital investments in automated technologies boosted the waterjet cutting machine market growth during the analyzed timeframe.
Social: Rising standards of living increased demand for processed foods, pharmaceuticals, and aerospace components, which catalyzed market expansion.
Technological: Advancements including hybrid laser-waterjet machines, multi-axis motion control, and AI-based machine learning algorithms enhanced productivity and quality of waterjet cutting.
Key Takeaways
The global waterjet cutting machine market is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing investments in factory automation and industrial technologies. The market size for 2023 is estimated to be US$ 1,919.1 Mn.
Regional analysis: North America accounted for over 35% share of the overall market in 2023 and is expected to continue dominant owing to heavy investments in cutting-edge production facilities by key players. Asia Pacific is expected to witness fastest growth during the forecast period with countries like China and India emerging as manufacturing hubs.
Key players operating in the waterjet cutting machine market are WARDJet, STM Stein-Moser GmbH, International Waterjet Machines, Sugino Machine Limited, OMAX Corporation, Jet Edge, Inc., Caretta Technology s.r.l., DARDI International Corporation, TrennTek GmbH, PTV, spol. s.r.o., Semyx, LLC, Foshan Yongshengda Machinery Co., Ltd., Plasma Automation Inc. (VICON), KMT Waterjet, Hypertherm Inc., AKS Cutting Systems, A Innovative International Ltd., Metronics Technologies S.L., Hornet Cutting Systems, Water Jet Sweden, Koike Aronson, Inc., CMS Industries, and TECHNI Waterjet