Worldwide Automatic Bending Machine Market Insights & Projections to 2024 - Integration of Robots with Bending Machines Presents Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 4, 2019--
The “Automatic Bending Machine Market by Type (Automatic and Semiautomatic), Technology (Electric, Hydraulic, Pneumatic, and Induction Based), Application (Tube/Pipe, Metal Sheet, Bar), Industry, and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The global automatic bending machine market is projected to grow from USD 1.8 billion in 2018 to USD 2.4 billion by 2024; it is expected to grow at a CAGR of 4.5% from 2019 to 2024.
The growth of this market can be attributed to the high safety and accuracy offered by programmable bending. However, the high maintenance cost, along with the need for qualified operators, hinders the market growth.
Major players operating in the automatic bending machine market are TRUMPF GmbH + Co. KG (Germany), AMADA HOLDINGS Co., Ltd. (Japan), HACO BV (Belgium), Bystronic Laser AG (Germany), Prima Industrie S.p.A. (Italy), DANOBAT GROUP (Spain), WAFIOS AG (Germany), BLM Group (Italy), transfluid Maschinenbau GmbH (Germany), and AMOB (Portugal), among many others.
Automatic bending machines capture larger market share than semiautomatic bending machines
Automatic type bending machines are expected to account for a larger market share than semiautomatic types bending machines from 2019 to 2024. Semi-automatic type bending machines bend the workpiece automatically, but the workpiece has to be fed manually, while automatic type bending machines offer safe automatic loading and unloading of the workpiece, as well as accurate bending. Thus, safe automatic loading and unloading and ease of use drive the market for automatic bending machines.
Electric bending machines are likely to hold the largest market share of the automatic bending machine market
Electric bending machines are easy to use and offer accuracy in bending tubes/pipes, metal sheets, and bars, as well as consume lower electricity than other types of bending machines such as pneumatic and hydraulic. Also, electric bending machines are cheaper than bending machines based on other technologies, which ultimately boosts the demand for electric bending machines.
APAC to be the fastest-growing market for automatic bending machines during the forecast period
Among all regions, the market in APAC is expected to grow at the highest rate from 2019 to 2024. The growth of the market in this region is attributed to technological innovations. World’s major automakers are focusing on establishing their manufacturing plants in the APAC region, and some of them are even offering tailored electric and hybrid vehicles in this region.
Since the economic liberalization in 1991, India has attracted unprecedented attention from major automakers. Shipbuilding has shifted from Europe to APAC. Most of the shipbuilding construction (more than 80%) is concentrated in APAC countries such as Korea, Japan, and China. APAC also has a few of the vital shipbuilding companies that use automatic bending machines.
Other Prominent Players
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SOURCE: Research and Markets
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PUB: 11/04/2019 10:21 AM/DISC: 11/04/2019 10:21 AM