Global Metal Fabrication Equipment Market is expected to reach $28.3 Bn by 2031 growing at a CAGR of 4.1% between 2021 and 2031.
Metal fabrication is essential in the majority of manufacturing processes. It has its significance in businesses where building metal components for various application is involved. Led by major technological advancements such as the implementation of IoT and automation, metal fabrication equipment can now deliver better results than conventional equipment. This is expected to boost the global metal fabrication equipment market soon.
Rising global population is driving the consumption and demand for energy. Rapid industrialization is anticipated to drive the demand for fabrication equipment. However, the high cost of raw materials is expected to be a major restraint for the market growth. Nevertheless, technological advancements and efforts to develop customized equipment are anticipated to create business avenues for the manufacturers in near future.
As the world’s population grows, so will the world’s energy consumption, causing countries to become more industrialized and driving the market for metal fabrication equipment. The aviation and car industries utilize fabricated metal significantly, and there is a boom in the trend in these industries, which will drive the market even more. The availability of raw materials and price fluctuations are the primary concerns in the metal fabrication equipment market, which are limiting the market’s growth. However, other prospects exist, including technology advancements and a surge in emerging markets, particularly in Asia-Pacific.
COVID-19 Impact Analysis:
The emergence of the novel COVID strain has harmed the health-care infrastructure in many industrialized and developing countries. Staff, medicines, oxygen beds, and ventilators are all in short supply in the hospital. Supply chains are being disrupted, causing production activities to be disrupted in several countries.
However, as the economy improves and governments remove limitations on manufacturing, demand for metal fabrication equipment is expected to increase in the future years.
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Key Trends and Drivers:
- All automotive manufacturers must adhere to strict pollution regulations, and the easiest method to do so is to minimize their weight. Aluminum alloys, sophisticated high-strength steels, magnesium, composite materials, carbon fiber, and a variety of plastic materials are all employed in the production of automobiles.
- As it relates to the flow of information to machine tools and engineers/operators, the rise of Industry, or the Internet of Things (IoT), which is a crucial trend, is projected to have a profound impact on tooling and fabricating equipment. Smart tooling should provide real-time input on issues like vibration and transmit notifications to the engineer.
- Changes in the financial and manufacturing sectors, as well as the implementation of automated fabrication processes, are projected to move the market forward.
Restraints and Challenges:
- Lack of competent personnel and advancements in additive construction technology have hampered the market’s growth. Advancements in the realms of automation tools and robotics are predicted to generate opportunities for manufacturers during the forecasted period.
- The need for raw materials such as copper, aluminum, and iron for the production of final metal products is declining, while the use of plastics, composite materials, and other non-metal alternatives is increasing.
Segmentation:
By Equipment Type
- Machining
- Cutting
- Forming
- Welding
- Others
By Application Outlook
- Job Shops
- Automotive
- Aerospace & Defense
- Mechanical Application
By Type
- Cutting
- Machining
- Welding
Key Players:
- Jet Edge, Inc.
- Jenoptik AG
- Defiance Metal Products
- Interplex Holdings Pte.
- Watson Engineering, Inc.
- Lancer Fab Tech Pvt. Ltd.
- Fabtech Pvt Ltd.
- Atlas Copco
- Komaspect
- Colfax
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