Market Overview:
Waterjet cutting machines use a fine, high-pressure jet of water, or a mixture of water and an abrasive substance, to cut materials. These machines are used for cutting a variety of materials like rubber, plastics, fiberglass, metals, stone, ceramic, glass and food products with extreme precision and flexibility. Waterjet cutting does not produce heat affected zones on the cutting material making it suitable for cutting heat-sensitive materials. These advantages have made waterjet cutting popular across various end use industries.
Market key trends:
Rising demand from the metal cutting industry is estimated to be a major trend fueling the growth of the waterjet cutting machine market over the forecast period. Waterjet cutting is gaining popularity in the metal cutting industry due to its versatility and precision. This technology allows cutting different types of materials from thin metal sheets to thick steel plates with intricate details. Growing availability of engineered or composite materials which are difficult to cut through conventional methods is further augmenting the demand for waterjet cutting machines in the metal cutting industry. Additionally, advent of new abrasive mixtures and automated systems is expanding the capabilities of waterjet cutting, thereby supporting its increasing adoption in metal processing applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants entering into the waterjet cutting machine market is moderate due to the high capital required for setting up manufacturing plants and technology advancements. However, online distribution channels enable small players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players providing waterjet cutting machines at competitive prices. This gives buyers alternatives and negotiating power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials required are commodities available from multiple sources globally. However, patented key technology components give some control to their suppliers.
Threat of new substitutes:The threat of substitutes like laser cutting is low as waterjet cutting machines have their own advantages like minimal heat impact and ability to cut all materials.
Competitive rivalry: Intense as the market is growing and fragmented with many global and regional players competing on technology, price, and service.
SWOT Analysis
Strengths: Waterjet cutting enables intricate cuts without heat impact on materials. It can cut almost all materials with precision and flexibility of waterjet technology is improving.
Weaknesses: Initial set up and operating costs are higher than traditional cutting methods. Require skilled operators and maintenance is also costly.
Opportunities: Growing applications in electronics, aerospace, automotive industries increases potential. Demand from manufacturing industries adopting flexible manufacturing.
Threats: Threat from substitutes like laser cutting and dominance of few global players limits opportunities for smaller players. Economic slowdowns can impact manufacturing sectors and dampen demand.
Key Takeaways
The global waterjet cutting machine market is expected to witness high growth at a CAGR of 9.0% over the forecast period due to increasing adoption across manufacturing industries globally driven by the flexibility to cut intricate shapes without heat impact and ability to cut all materials including hard and soft materials.
Regionally, North America dominated the market in 2023 with over 35% share owing to high demand from automotive, aerospace, metal fabrication industries in U.S. and Canada. Asia Pacific is expected to be the fastest growing market during the forecast period due to expansion of manufacturing industries especially in China, India and Southeast Asia where fabrication, electronics and other sectors are majorly contributing to growth.
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, Hyperther
