Dublin, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The "Metal Fabrication Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
According to the report, the market size for metal fabrication equipment is USD 74.1 billion in the current year and is projected to register a CAGR of over 4.5% during the forecast period.
Key Highlights
- Impact of COVID-19: The metal fabrication market faced significant challenges due to the coronavirus outbreak, including government-imposed import/export prohibitions and disruptions in manufacturing processes caused by social distance requirements and raw material supply chain disruptions. The market suffered financial setbacks as a result, which will be taken into consideration in the market's revenue trajectory over the forecast period.
- Dominance of Asia-Pacific: Developing economies like India, China, and Indonesia, along with industrialized countries like Japan and South Korea, have contributed to Asia-Pacific's dominance in the metal fabrication equipment market. The region has a high demand for metal fabrication equipment, driven by industries like automotive and manufacturing.
- European Market: Europe is the second-largest market for metal fabrication equipment, with countries like Germany, France, and Italy driving demand in the region. Germany, with its significant automotive and ancillary industries, is the largest market in Europe.
- Growing Demand in Key Industries: The automotive industry and its auxiliary sectors are the largest consumers of fabrication equipment, followed closely by the manufacturing companies. Key industries like aerospace & defense are also expected to drive demand for metal fabrication equipment during the forecast period.
Metal Fabrication Equipment Market Trends
- Industry 4.0 Implementation: The growth of Industry 4.0 or the Internet of Things (IoT) is expected to have a profound impact on metal fabrication equipment. Smart tooling, real-time feedback, and increased automation are some of the trends driving the market's growth.
- Growth of Machining Centers: The demand for machining centers is rising due to increased automation and demand for high precision, mass production, and reduced errors. The metal fabrication market in Asia-Pacific is likely to experience substantial growth in this segment.
Competitor Analysis
- Trumpf
- Shenyang Machine Tool
- Amada
- Okuma
- DMG MORI
- FANUC Corp.
- Colfax
- Atlas Copco
- BTD Manufacturing
For more information about this report visit https://www.researchandmarkets.com/r/h7q7vf
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