May 11, 2020
According to the research report titled ‘Global Electron Beam Machining Market Size study, by Application (Welding, Drilling, Surface Treatment), by Industry (Automotive, Aerospace & Defence and Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global electron beam machining market size accounted for USD 175.56 million in 2018 and is expected to grow with a CAGR of 3.1% between 2019 and 2026.
An electron beam machining employs concentrated narrow beam of electrons with high velocity which is fixated at the work piece to generate heat as well as vaporize material.
The growth of electron beam machining market is attributed to the ability of equipment to offer improved drilling rates of small holes with high aspect ratio. The device can be used on any material irrespective of the mechanical characteristics and can process brittle and fragile materials. Increasing awareness pertaining to advantages of using electron beam machining as compared to traditional welding procedures is driving the market growth. Moreover, the equipment provides with precision welding and is cost effective in nature, further fueling the market expansion. However, factors such as high installation cost, lack of trained personnel, and limited working space will hinder the growth of the market to some extent.
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Based on the application landscape, the market is divided into surface treatment, drilling and welding. In terms of industry use, electron beam machining industry is split into aerospace & defense, automotive and others.
Considering the geographical landscape, Europe electron beam machining industry is presumed to record a momentous growth rate during the forecast period. Rising adoption of advanced technologies and rapid expansion of manufacturing sector are favoring the market scenario in Europe.
Meanwhile, North America is slated to hold a prominent share in the overall market during the study period, primarily due to growing incorporation of electron beam welding technology in aerospace and automotive sectors.
The prominent companies operating in global electron beam machining market are Focus GmbH, TETA, Sodick, Beijing Zhongke Electric Co. Ltd., Bodycote, Sciaky, Cambridge Vacuum Engineering, Pro-Beam, Global Beam Technologies and Mitsubishi Electric among others.