As stated in our extensive report; the Global Foundry Equipment Market accounted forUSD 4.8 Billionin 2021.
The increasing industrialization and demand for various types of metal for commercial and domestic usage is a significant aspect stirring the market sales.
The growth in most countries' investments in the Foundry Equipment industry will help the Global Foundry Equipment Marketgenerates more income during the forecast period.
Rising robotics developments and research and slower usage of metal goods by industries and retail consumers will further help the Foundry Equipment Market to expand in the coming years.
Key factors influencing Foundry Equipment Market Growth
The growth of the Global Foundry Equipment Marketcan be attributable to the following:
1. The growth in the production of lightweight vehicles, intending to boost energy efficiency and strong emission regulations, drives the foundry market’s growth.
2. Rising per capita income, the surge in demand for electric vehicles, and the growing population base in promising countries create the need for automobiles. Therefore, they are expected to fuel the Foundry Equipment Market growth over the analysis period.
3. The usage of superior technologies such as 3D printing and robotics is becoming more extensive in the foundry sector, allowing for better precision and accuracy in casting and quicker production times.
4. Robotics research and application are becoming popular, and the integration of electric vehicles in the commercial industry encouraged the consumer demand for sustainable yet technically advanced and quality-assured vehicles, which will present ample opportunities for the Foundry Equipment Market in the future.
5. Growing need for construction and infrastructure development and economic advantages are expected to enhance the Foundry Equipment Market in the coming years.
On the other hand, the increasing price of Foundry Equipment and stringent regulations by the government might hamper the market growth.
North America Region to Dominate the Market
In terms of region, North America holds the significant market share within the Foundry Equipment Market and is expected to lead the market during the forecast period. In theNorth Americamarket, most revenue is generated from rising industrialization and imperative construction equipment. Asian regions are rapidly establishing different metal casting factories to meet the expanding demand. Furthermore, the rising per capita income in emergent nations is resulting in demand for automobiles, as automobiles are the vital utilizers of metal castings. This will probably boost the regional market growth in the coming years. In addition, the presence of top Foundry Equipment manufacturers in the United States contributes to regional market growth.
As per our recent research report, the introduction of novel technologies like 3D printing has developed the manufacturing process of castings, which will positively influence the overall Foundry Equipment Market.
Some of the key players in the Global Foundry Equipment Marketinclude- Denso Corporation, Hanon Systems, TransAir Manufacturing, Mitsubishi Heavy Industries Ltd., Eberspacher Group, MAHLE GmbH, Valeo SA, Toyota Industries, Delphi PLC, Keihin Corporation, Calsonic Kansei Corporation, SamvardhanaMotherson Group, Subros Limited, SMAC Auto Air and others.