Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 5.91 Billion | USD 8.21 Billion | 17.2% | 2021 |
FrequentlyAsked Questions
Due to changing component quality requirements and changes in industry standards, the manufacturing sector is evolving at a rapid rate. This is pushing industry participants to adapt and employ electric discharge machines for production applications such as wire cutting, manufacturing of highly precise gears and components, and precision machining of particular parts. Over the projected period, this aspect will drive market expansion. Furthermore, the skill gap is developing among workers who want to expand and improve their technical knowledge by using high-durability, high-quality materials to produce a product that meets industry requirements. As a result, this aspect is also helping to fuel demand for this equipment, resulting in a boom in market growth.
According to the Zion Market Research report, the global electrical discharge machine market was worth about 5.91 (USD billion) in 2021 and is predicted to grow to around 8.21 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 7.2 percent.
The market for electrical discharge machines is dominated by North America and Europe. The domination of the European market is mainly linked to the significant expansion of end-use sectors such as automotive and aerospace, as well as the resulting boost to the region's tool-making industry. The tools and molding industry is undergoing a positive response in terms of revenue and exports, as per the Machining Association (ISTMA) and International Special Toolin, as companies in European countries such as Portugal invest heavily in new technologies to ensure flexible solutions to their clients.
Major players operating in the global electrical discharge machine market include Adron Tool Corporation, AAEDM Corporation, Excetek Technologies Co., Ltd., Accutex Technologies Co., Ltd., GF Machining Solutions Management SA, OSCARMAX EDM, Mitsubishi Electric Corporation, and Kent Industrial USA, Inc.
According to the Zion Market Research report, The global electrical discharge machine market was valued at nearly USD 5.91 billion in 2021 and is expected to increase to nearly USD 8.21 billion by 2028.
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