In the global metal fabrication equipment market, the leading segment is expected to be automotive in the forecast period of 2018-2026. There are a variety of factors pushing the growth of this segment. Adoption of Electric Vehicle (EV) and increasing technological advancements, emergence of friction stir welding technology and increasing investments in R&D activities are some reasons behind the growth of the automotive segment. Furthermore, the introduction and adoption of 3-D metrology equipment like advanced laser scanners is increasing in the automotive industry in order to deal with the ever-increasing need for greater optical accuracy and measurement objectives. The aerospace and defense segment, owing to the growing use of metal fabrication equipment in aerospace and defense sectors is consequently increasing its growth as well.
The global metal fabrication equipment market can be classified into North America, Europe, Asia Pacific, Latin America and Middle East and Africa regional markets on the basis of the geographical segmentation. Out of these the largest market share was accounted by the Asia- Pacific market in the year 2017. The factors responsible for its growth and dominance include growing industrialization, numerous technological innovations and growing awareness towards enhanced products and the entering of various metal fabrication equipment providers from the region into strategic collaborations to make considerable investments and introduce enhanced products.
In recent times there has been tremendous growth in the metal and manufacturing industry and aviation and automobiles. This has pushed the demand for aluminum. While in developing economies across the globe there has been rapid industrialization. All these factors have ultimately boosted the growth of the global metal fabrication equipment market. According to estimates, the global metal fabrication equipment market will reach US$ 94.51 billion by the end of the forecast period in 2026, growing at a CAGR of 3.9% all through 2018-2026.
Here are some more points to explain about the global metal fabrication equipment market:
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