The 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 abrasive waterjet to cut various materials. These machines provide clean and precise cuts without causing heat or distortion to the cut materials. They are used for cutting stone, glass, metal, composites and non-metallic materials in various end-use industries such as electronics, automotive, aerospace, metal fabrication and medical devices manufacturing. Waterjet cutting offers advantages such as minimum cutting waste, precise shape retention and multi-axis motion control.
Market key trends:
The increasing adoption of waterjet machines for precision cutting applications is a major trend driving the growth of global waterjet cutting machines market. Waterjet cutting provides precision cuts of even complex shapes without causing any thermal distortion. This makes it an ideal technology for cutting heat sensitive materials like carbon fiber, medical implants and stone. Additionally, developing applications of waterjet cutting in electronics industry is another key trend fueling the market growth. Manufacturers are increasingly using these machines for micro-drilling, scribing and testing applications in printed circuit boards, semiconductors, and flex circuits production.
Porter's Analysis
Threat of new entrants: The waterjet cutting market requires heavy capital investments for setting up new facilities. Therefore, the threat of new entrants is moderate.
Bargaining power of buyers: The bargaining power of buyers is moderate as the products are highly differentiated and customized as per industry requirements.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required are commonly available and there are multiple suppliers in the market.
Threat of new substitutes: There exists a threat from new substitutes like laser and plasma cutting but waterjet cutting offers environmental friendliness and precision cutting.
Competitive rivalry: High due to strong competition between key established players.
SWOT Analysis
Strengths: The waterjet cutting provides precision cutting with zero heat generation. It can cut hard and soft materials without causing thermal deformation.
Weaknesses: High operating costs and requirement of trained professionals for operation. Initial high capital investments required for setting up facilities.
Opportunities: Increasing demand from various end use industries like automotive, aerospace, machine manufacturing etc. Emerging applications in electronics and medical industries.
Threats: Threat from newly introduced substitutes like laser and plasma cutting. Changing customer preferences towards green technologies.
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, general manufacturing and stone cutting industries. The easy availability of raw materials and options for customization as per industry needs will drive the market.
Regional analysis - North America dominated the market in 2022 with over 30% market share and is expected to maintain its dominance over the forecast period. Asia-Pacific is expected to be the fastest growing market exhibiting a CAGR of over 10% till 2030 due to strong growth in end-use industries in China, India, Japan and other developing countries.
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. (Accustream), 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.
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