Pune, India, June 23, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "EDM Wire Market Size, Share, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Wire Type, Industry and Geography," the market is projected to reach $1.49 Billion by 2028 from $2.32 Billion in 2022. It is expected to grow at a CAGR of 7.6% during 2022–2028.
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Global EDM Wire Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.49 Billion in 2022 |
| Market Size Value by | USD 2.32 Billion by 2028 |
| Growth rate | CAGR of 7.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 142 |
| No. of Tables | 60 |
| No. of Charts & Figures | 78 |
| Historical data available | Yes |
| Segments covered | Wire Type, and Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Berkenhoff GmbH, Hitachi Metals Ltd, Sumitomo Electric Industries, Ltd., Novotec, Opecmade, Inc., Oki Electric Cable Co., Ltd., Thermo Compact, Yuang Hsian Metal Industrial Corporation, Ningbo Kangqiang Micro-Electronics Technology Co., Ltd, JIA BAO Metal Co., Ltd. |
Browse key market insights spread across 142 pages with 60 list of tables & 78 list of figures from the report, "EDM Wire Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Wire Type (Brass, Zinc-Coated, and Non-Coated) and Industry (Aerospace, Industrial & General Mechanics, Automotive, Healthcare, Electronics, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/edm-wire-market
The ongoing growth in the medical industry in Saudi Arabia also has the potential to positively influence the EDM wires market share during the forecast period. The country accounts for around 60% of the total healthcare expenditure of the Gulf Cooperation Council (GCC) countries. According to the International Trade Administration of the US Department of Commerce, in 2022, Saudi Arabia announced the spending of US$ 36.8 billion on healthcare and social development, which is 14.4% of its 2022 budget. In addition, the Saudi Arabian Government is planning on investing nearly US$ 65 billion to have a well-developed healthcare infrastructure by 2030. South Africa is seeing growth in the automotive industry in the country. Substantial investments have been made for the growth of the automotive industry. In 2021, according to South Africa’s automotive business council, NAAMSA, major vehicle manufacturers invested US$ 534.3 million (ZAR 8.8 billion) in the sector. Thus, the growth in the automotive sector will boost the growth of the EDM wire market in South Africa.
The Middle East & Africa EDM wire market size is further segmented into South Africa, Saudi Arabia, and the UAE. The EDM wire market growth in this region is attributed to the proliferating automotive industry. The Gulf region is home to more than 2 million vehicles, consisting of light, medium, and heavy commercial vehicles. The increasing domestic demand for high-end cars and a robust logistics sector in Dubai are the key contributors to the EDM wire market growth in Middle East & Africa. According to the Dubai Chamber of Commerce and Industry, Dubai’s value of export and re-export of vehicles surged by 21.8% year-on-year in 2021, reaching US$ 40.10 billion.
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Key Findings of Global EDM Wire Market Study:
As per the market analysis, the leaders such as Oki Electric Cable Co., Ltd.; Sumitomo Electric; Hitachi Metals; and Novotec BV have a good market share. The above-mentioned leaders are engaged in the business of providing broad portfolio of data converters for varied applications including aerospace, automotive, healthcare and many more. These leaders have a leverage of well-maintained brand image spread across the globe, vast product line, and positive word of mouth, as well as strong portion of revenue generation from Brass, Zinc-coated, and any other EDM wires. Such parameters have positioned the said EDM wire players within leader’s quadrant.
The EDM wire market is experiencing footprints of new businesses to cater the demand rising from manufacturing, healthcare, automotive, aerospace, and electronics sector. Companies such as Excetek is exploring the dynamic industrial sector using EDM wires. This will help new startups to gain more customers and generate revenue. The EDM Wire market analysis has been carried out on the basis of wire type and industry. Based on wire, the EDM wire market is segmented into brass, zinc-coated and non-coated. On the basis of industry, the global EDM wire market is segmented into aerospace, industrial & general mechanics, automotive, healthcare, electronics and others.
Therefore, key attributing factors such as adoption of less-invasive micro medical devices and the demand for latest micro devices is boosting the growth of EDM wire in healthcare industry. Also, production of new components and parts for automotive industry is another factor expected to generate more revenues for EDM wire market analysis.
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Global EDM Wire Market: Competitive Landscape and Key Developments
Berkenhoff GmbH; Hitachi Metals, Ltd.; Novotec BV; Opecmade Inc.; Oki Electric Cable Co., Ltd.; Sumitomo Electric Industries, Ltd.; Thermo Compact; Yuang Hsian Metal Industrial Corp.; Ningbo Kangqiang Micro-Electronics Technology Co., Ltd; and JIA BAO Metal Co., Ltd. are among the players operating in the global EDM wire market and profiled in the report study.
In 2022, Yuang Hsian Metal Industrial Corporation participated in 2022 Wire &Tube Düsseldorf exhibition.
In 2022, MC Machinery Systems India Private Limited (MMSI) was established in India for sales and service of advanced EDMs and Laser Cutting Machines (LASER). These products are developed by Mitsubishi-Japan.
In 2022, Sodick put a new spin on the ALP, ALN, ALC EDM wire line that has new functions which reduces that consumption of wire by 25%
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