The electron beam machining market is expected to be worth USD 181 million in 2019. It is expected to grow USD 212 million, at a CAGR of 3.2% from 2019 to 2024. The factors that are driving the growth of the market include the growing demand for welding technologies in automotive & aerospace industry and advantages of electron beam welding technology over other welding technologies.
Electron beam machining market is becoming increasingly important due to demand for welding of complex & critical components, need of precision welding in various industries, and the growing need of low-cost welding process for large production in automatic mode. Electron beam machining applications such as narrow welds, surface hardening, and very high drilling rates, need for the processing of materials in various industries, benefits tendered by EB welding, and increasing demand for welding applications in automotive & aerospace industry is driving the need for electron beam machines.
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The electron beam machining market for the automotive industry is expected to grow at the highest CAGR from 2019 to 2024. The increased production of automobiles in the majority of countries need for welding of small to large & critical automobile components such as gear parts, shafts and turbochargers are the drivers which are propelling the growth of electron beam machining market in the automotive industry. Is expected to drive the demand for electron beam machining market subsequently.
The market for electron beam welding application is expected to grow at the highest CAGR from 2019 to 2024. Due to the increasing demand of welding application in aerospace and automotive industry, the need of high quality & precision welding of complex components, and welding of dissimilar materials with different melting points, variety of weld penetrations are the factors responsible for the growth of welding application in electron beam machining market.
The electron beam machining market in Europe is expected to grow at the highest CAGR from 2019 to 2024. The demand of EB welding technology due to large scale production of automobiles in Germany, presence of aircraft manufacturers, and presence of major players serving all the major electron beam machining applications such as welding, surface treatment & drilling are the factors which are fueling the growth of the said market.
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
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