According to the new market research report, “Electron Beam Machining Market by Application (Welding, Surface Treatment, and Drilling), Industry (Automotive and Aerospace & Defence), and Geography (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2024”, the electron beam machining market is expected to be valued at USD 181 million in 2019. It is expected to grow USD 212 million by 2024, at a CAGR of 3.2% from 2019 to 2024. The factors that are driving the growth of the market include the increasing demand for welding in the automotive & aerospace industries and various benefits tendered by electron beam welding technology.
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“Electron beam welding application to account for the largest share and expected to grow at the highest CAGR in the global electron beam machining markets”
Electron beam welding is a precision and advanced welding technique which is preferred in various industries such as automotive, aerospace & defense, medical, oil & gas, nuclear, and many instrumentations applications. These industries adopt electron beam welding due to the various benefits such as joining of similar & dissimilar materials, welding of complex components used in space crafts or automobile parts, welds in large quantities with repeatable accuracy and quality control, high welding speed, narrow welds, and cost-effective process due to welding done in single pass.
“Automotive industry to account for the largest share and is expected to grow at the highest CAGR in the global electron beam machining market”
The fast-changing automotive industry across the world requires electron beam machines to a great extent. The increasing production of automobiles in the majority of countries and the potential benefits such as increased stiffness due to electron beam welding leading to improved vehicle structural performance, smaller heat-affected zone and less thermal distortion due to use of electron beam is expected to drive market growth. Moreover, the need for welding of small to large & critical automobile components such as gear parts, shafts, and turbochargers are the significant factors which are expected to further fuel the growth of the automotive industry in the global electron beam machining market.
“RoW expected to be the fastest-growing electron beam machining market from 2019 to 2024”
The market in RoW is expected to grow at the highest CAGR during the forecast period. There are significant growth opportunities for the electron beam machining market in this region. The Middle East is prominent in oil & gas exploration & production. Nevertheless, there would be a shift towards other miscellaneous sectors, which can bring new growth opportunities for electron beam machining applications such as welding and drilling.
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Major players included in the electron beam machining market are Global Beam Technologies (Germany), Mitsubishi Electric (Japan), and pro-beam (Germany). The other key players in this market include companies such as Bodycote (UK), Cambridge Vacuum Engineering (UK), Sciaky (US), Beijing Zhong Ke Electric Co.Ltd. (China), Sodick (Japan), TETA (Russia), FOCUS GmbH (Germany), Evobeam (Germany), and AVIC (China), among others.