February 25, 2024
Waterjet Cutting Machine Market

Rising Demand for Advanced Cutting Technology to Spur Growth of Waterjet Cutting Machine Market

The global Waterjet Cutting Machine Market is estimated to be valued at US$ 2280.08 Mn in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Waterjet cutting machines use high-pressure water or a mixture of water and an abrasive material to cut through virtually any material. These machines offer precision cutting of materials such as steel, aluminum, tile, glass and composites with minimal heat impact. They are gaining popularity over traditional mechanical cutting methods as they produce minimal waste, deliver clean and accurate cuts, don’t damage heat-sensitive materials and can cut intricate shapes. Waterjet cutting allows complex parts to be cut with very tight tolerance from metals and non-metals using a mix of high-pressure water and garnet particles.

Market key trends:

One of the key trends in the market is growing automation and integration of advanced technologies in waterjet cutting machines. Major players are focusing on automation to improve efficiency and reduce labor costs. For instance, OMAX Corporation offers Intelli-Max automation solution which operates machines automatically through a central control system. Rising adoption of Industry 4.0 is also driving the integration of advanced technologies such as IoT, cloud, and AI in waterjet cutting machines. This allows remote monitoring and analysis of machine operations. Furthermore, growing demand from applications such as automotive, aerospace and medical device manufacturing is augmenting the demand for high-pressure, high-precision waterjet cutting technology.

Porter’s Analysis

Threat of new entrants: Low capital requirements, but established brand image and customer base of existing players pose a challenge for new entrants.

Bargaining power of buyers: Presence of numerous players limits buyers’ bargaining power. However, demand for technologically advanced products with enhanced features boosts their power.

Bargaining power of suppliers: Availability of substitute materials limits suppliers’ bargaining power. However, niche tech components enjoy high bargaining power owing to limited sources.

Threat of new substitutes: Limited threat as waterjet cutting machines are highly customizable and suitable for intricate cuts on various materials.

Competitive rivalry: Intense competition due to presence of numerous players offering similar products. Focus on innovative technologies, customer service, and competitive pricing.

Key Takeaways

The Global Waterjet Cutting Machine Market Size is expected to witness high growth, exhibiting CAGR of 9% over the forecast period, due to increasing demand from automotive, electronics, and aerospace industries.

The automotive industry is a major contributor to market growth, accounting for over 30% revenue share in 2023. The rising customization needs in passenger vehicles and commercial aircrafts boosts the demand for waterjet cutting machines.

North America dominated the market with over 40% share in 2023 owing to large number of established aerospace and automotive OEMs in the US and Canada. Asia Pacific exhibits high growth potential led by China, Japan, and India. Rising industrialization and presence of automotive hubs support regional market growth.

Key players operating in the waterjet cutting machine market include 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. (Accustream), A KS Cutting Systems, A Innovative International Ltd., Metronics Technologies S.L., Hornet Cutting Systems, Water Jet Sweden, Koike Aronson, Inc., CMS Industries, and TECHNI Waterjet.

*Note:
1.            Source: Coherent Market Insights, Public sources, Desk research
2.            We have leveraged AI tools to mine information and compile it