NEWARK, Del, July 03, 2024 (GLOBE NEWSWIRE) -- In 2024, the automatic bending machine market is poised to reach a valuation of USD 2.37 billion. From 2024 to 2034, market advancement is anticipated to maintain a steady pace, with a projected CAGR of 4.5%. By 2034, the market's value is expected to soar to USD 3.68 billion.
Automatic bending machines find applications in numerous sectors, and the expansion of these sectors benefits the market. The automobile, oil and gas, and construction industries are just a few examples of sectors contributing to the growth of the automatic bending machine market. Manufacturers in these industries are increasingly shifting away from manual labor and adopting automatic machines for metal bending.
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Large-scale industries requiring bulk metal work are resorting to automatic bending machines for the efficiency and effectiveness they provide. However, the demand for these machines is not limited to large manufacturing units; small workshops and manufacturers also utilize them. The safety provided by automatic bending machines, which minimize human interaction with sharp machinery, is also contributing to market growth.
Despite these positive factors, some restraints hinder the progress of the market. Manual and semi-automatic solutions for metal bending present significant competition. Additionally, the high price also acts as a deterrent to the growth of the automatic bending machine market.
“Automatic bending machines are moving forward with the modernization in manufacturing. Technologies such as software-controlled machines and those equipped with robotic arms are enhancing the proficiency and attractiveness of automatic bending machines to manufacturers. Thus, technological advancement represents a significant avenue for investors,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Automatic Bending Machine Market
- The automatic bending machine industry is projected to be valued at USD 2.37 billion in 2024.
- Hydraulic is the prevailing technology used in these machines. For 2024, hydraulic automatic bending machines are expected to account for 32.45% of the market share.
- Automatic bending machines are predominantly used for making metal sheets. For 2024, metal sheets are anticipated to contribute to 45.56% of the market share.
- China is one of the most promising countries for the market. For the forecast period, the CAGR for China is estimated to be 7.8%.
- India is another Asian country with a bright future in this market. The CAGR for India over the forecast period is predicted to be 7.5%.
- The market is expected to register a CAGR of 6.3% in the United States over the forecast period.
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Competition Analysis of the Automatic Bending Machine Market
Market players are focusing on introducing new products, particularly those with improved technology. The market witnesses high-end companies battling it out with smaller companies and startups for market share.
Recent Developments in the Automatic Bending Machine Market
- In June 2023, the Biegemaster XBend machine was introduced by Bradbury.
- In October 2021, the eP Genius 1030 bending solution was introduced by TRUMPF.
Key Companies in the Automatic Bending Machine Market
- Transfluid Maschinenbau GmbH
- PEDAX GmbH
- Horn Machines Tools, Inc.
- Pines Engineering & H&H Tooling
- HACO
- Prima Industrie S.p.A.
- Soco Machinery
- Shuz Tung Machinery Industrial Co., Ltd
- Euromac
- TRUMPF
- WAFIOS AG
- Baileigh Industries, Inc.
- Bystronic
- Amada Co. Ltd
- AMOB
- Danobatgroup
- BLM Group
Key Segmentations
By Technology:
- Electric
- Hydraulic
- Pneumatic
- Induction
By Application:
- Tube/Pipe
- Metal Sheet
- Bar
By Industry:
- Automotive
- Shipbuilding
- Aerospace
- Construction & Mining
- Others (Heavy Machine Engineering and Machine Manufacturing)
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About the Industrial Automation Domain at Future Market Insights:
The industrial automation domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide.
With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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