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.
“Electron beam welding application expected to grow at the highest CAGR in global electron beam machining market“
Electron beam welding is a precision welding technique which is used in various industries such as automotive, aerospace & defense, medical equipment, oil & gas, nuclear, and many instrumentations applications. Electron beam welding is adopted by these industries due to the various advantages such as joining of dissimilar metals, welding of complex components used in space crafts or automobile parts, welds in large quantities with repeatable accuracy & quality control, high welding speed, narrow welds, and cost-effective technology due to welding done in single pass.
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“Automotive industry is expected to exhibit the highest growth from 2019 to 2024”
The fast-changing automotive and aerospace industries across the world are expected to drive the electron beam machines market to a great extent. Requirement of welds for the mass production of automotive body parts, the potential benefits such as increased stiffness due to electron beam welding leading to improved vehicle structural performance, smaller heat-affected zone & less thermal distortion due to the use of electron beam, high-quality welding of complex components, and high speed automated welding process using electron beam welding are further fueling the growth of the industry.
“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.