In terms of revenue, the Global Foundry Equipment Market is expected to reach USD 5.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.00% from 2022 to 2028.
The rising production of lightweight automobiles to improve energy efficiency and meet stringent pollution requirements is likely to boost the foundry business. Other factors expected to contribute to the growth of the Foundry Equipment Market over the forecast period include:
· The increasing demand for electric vehicles.
· Rising per capita income, particularly in emerging economies, coupled with the rising population.
· The high construction industry is due to rapidly increasing construction and infrastructure development.
Nonetheless, the Foundry Equipment Market would be hampered over the projection period by the high equipment price and stringent regulations imposed by the government. Contrarily, the Foundry Equipment Market will have plenty of room to grow throughout the projected period due to rising investment and demand brought on by the world's expanding population.
Key Drivers in the Industry
· The building industry is growing at a faster rate than average, and this trend is expected to continue throughout the coming year.
· The electric vehicle's rising popularity can be attributed to its position as a progressive step toward consumers' adoption of future technology. This economy sector has expanded at an unparalleled rate during the past few decades.
· Many causes, including rising living standards, better infrastructure, and increased discretionary income, are to blame. Automakers often update their vehicles' designs and systems to accommodate shifting consumer preferences and technological advances.
· Metal castings and alloys are essential to increasing a vehicle's durability and decreasing its total weight. Customers are picky about how things look and feel but will only settle for subpar construction or materials.
· Die casting is widely used in the automotive industry to create components of varying sizes and shapes. This material is resistant to corrosion and lasts a long time. The rising need for autos is one factor driving the Foundry Equipment Market, but the development of new infrastructure in developing countries is also important.
· In addition, the physical barriers to establishing relationships with other nations have been reduced as a result of Modernization. The expansion of industry and technological advances have turned the world into a small community. As the population grew, so did the need for more places to live and the supply of residential real estate.
· Sustainable lifestyles and the desire for better-quality goods have pushed businesses to innovate. Metals are indispensable from the smallest of workshops to the largest of factories. This malleable material also has excellent thermal conductivity and a wide range of possible forms.
· Cast metal is a crucial component in the production of automobiles, aircraft, and ships. Faster communication is in high demand, which will help drive growth in the Foundry Equipment Market.
Dominated the Foundry Equipment Market by Holding the largest Share
Geographically, the market is anticipated to have the considerable market expansion, with the highest growth rate over the anticipated period.The increasing population in this region is driving the need to upgrade current infrastructure and build new commercial and residential properties, both of which are contributing to the development of the Foundry Equipment Market in this area. In addition, the end-user industries in benefit from the rapid rate at which the region adopts emerging technologies. As a result of the region's favorable economic climate, substantial capital investments, and the presence of significant players, the region's market is expected to experience robust demand growth.
The Global Foundry Equipment Market is Segmented as follows
- Die Casting Machine
- Centrifugal Casting Machine
- Induction Furnace
- Moulding Machine
- Coremaking Machine
- Shot Blasting Machine
- End User
- Power Generation & Electricity
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Foundry Equipment Market is
Denso Corporation (Japan), Hanon Systems (South Korea), TransAir Manufacturing (US), Mitsubishi Heavy Industries Ltd. (Japan), Eberspacher Group (Germany), MAHLE GmbH (Germany), Valeo SA (France), Toyota Industries Corporation (Japan), Delphi PLC (UK), Keihin Corporation (Japan), Calsonic Kansei Corporation, Samvardhana Motherson Group (India), Subros Limited (India), SMAC Auto Air
The Global Foundry Equipment Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|