Global Shot Peening Machines Market 2019-2023
About this market
Technavio anticipates that the growing adoption of additive manufacturing will boost the popularity of laser peening technology. The manufacturing industry witnessed a revolutionized technology, namely 3D printing, also known as additive manufacturing. This technology uses a digital file to create 3D objects. It builds the product in thin layers one-by-one. 3D printing helps produce complex geometries that are not possible using traditional manufacturing techniques. Technavio’s analysts have predicted that the shot peening machines market will register a CAGR of about 2% by 2023.
Dynamic metal fabrication market poised the growth
Aided by an increase in demand for fabricated metal products from the industrial manufacturing sector, the sector is becoming more dynamic and resilient, leading to significant market growth and profitability.
Second- hand, refurnished machines gaining popularity
A major challenge to the global short peening machines market manufacturers is the slowly growing second- hand machine marker. Several manufacturing industries in the US and Europe closed down because of high labor cost and strict pollution laws, which has results in the increased availability of second- hand machines.
For the detailed list of factors that will drive and challenge the growth of the shot peening machines market during the 2019-2023, view our report.
The shot peening machines market is highly fragmented with the existence of several companies competing for the market share. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Shot Peening Machines Market 2019-2023
Technavio recognizes the following companies as the key players in the shot peening machines market: ENGINEERED ABRASIVES, Norican Group, RÖSLER OBERFLÄCHENTECHNIK, SINTOKOGIO, United Generations.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the metal additive manufacturing. This technology uses a digital file to create 3D objects. It builds the product in thin layers one-by-one. 3D printing helps produce complex geometries that are not possible using traditional manufacturing techniques.”
According to the report, one of the major drivers for this market is the growing inclination toward the use of superior- quality shot peening machines will boost the market growth.
Further, the report states that one of the major factors hindering the growth of this market is the volatility in European machine tools industry.
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