ALBANY, New York --- According to the report published by leading market intelligence agency Transparency Market Research, the global waterjet cutting machinery market is expected to experience a very low rate of increase in the influx of new entrants, primarily due to the high costs associated with the installation and maintenance of waterjet cutting machinery. At the same time, buyers are also often reluctant to switch between players due to high switching costs. The global waterjet cutting machinery market is expected to reach US$1.66 bn by the end of 2016. The market's revenue is estimated to expand at a CAGR of 8.1% during the forecast period from 2016 to 2024, and is likely to reach US$3.11 bn by the end of 2024.
Growing Number of Manufacturing Processes Builds Momentum for Incorporation of Waterjet Cutting Machinery
"Waterjet cutters are highly precise machines and can get the job done in much shorter times than conventional cutting machinery. At the same time, they are much more environmental friendly in terms of emissions and power consumption and do not leave an output of heat, dust, or smoke. Water being the key raw material used for cutting, makes waterjet cutters extremely economical in terms of procurement of raw materials as well, a highly positive fact for several manufacturing companies. All of this falls perfectly in place with the currently booming rate of activities within the global manufacturing industry verticals. With China, the U.S., India, and several other nations poised to significantly ramp up their industrial processes, there is a very positive role that the global waterjet cutting machinery market can play in all of this," states a TMR analyst.
In 2015, Flow International Corporation, Water Jet Sweden AB, DARDI International Corporation, and WARDjet, Inc., had taken up close to 34.8% of the global waterjet cutting machinery market in terms of value. The future of the global waterjet cutting machinery market in terms of its competitive landscape is likely to be tough for all owing to the consolidatory activities undertaken by leading players in terms of forward integration and the provision of comprehensive waterjet cutting solutions.
High Maintenance Costs Disturb Pace of Growth
One of the key restraints currently affecting the global waterjet cutting machinery market is the maintenance costs of using waterjet cutters. The overall complexity of a waterjet cutter as well as its superior operation rate comes at the cost of shelling out greater sums of money in the name of maintenance. The high pressure at which waterjet cutters operate at can cause a frequent rate of wear and tear in mixing chambers and nozzles, which are also the more complex parts in the machinery and are high in replacement costs. Another issue that needs to be addressed is the updating of safety regulations for workers operating these machines. Waterjet cutting machinery are not only dangerous for the fingers of workers operating them, but the scope of high-speed debris flying from the machine is also very high, which could cause eye injuries. At the same time, waterjet cutters are extremely loud and the absence of hearing protection can severely impair the hearing of a worker.
"In terms of the overall scope of growth for the global waterjet cutting machinery market, there is a very decisive opportunity that lies in the replacement of older waterjet cutting machinery. Developed economies already have a head start in the global waterjet cutting machinery market and are in a position where the demand for replacement parts is increasing fast," adds the analyst.
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