Global Sheet Metal Fabrication Services Market to Reach $17.2 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Sheet Metal Fabrication Services estimated at US$14.8 Billion in the year 2020, is projected to reach a revised size of US$17.2 Billion by 2026, growing at a CAGR of 2.6% over the analysis period.
Growth in the global market is being driven by rapid urbanization in many developing regions, and a robust trend of R&D investments in several services sectors. Increasing demand for sheet metal fabrication from a wide range of major end users such as military & defense, aerospace, automotive, oil and gas, industrial machinery, medical devices, construction, agriculture, consumer products, and electronics is expected to drive growth.
Moreover, the current focus on enhancing operational efficiency and lean manufacturing is contributing to increased demand for the process of sheet metal forming among OEMs. Innovative prefabrication techniques adopted by sheet metal fabrication service providers to meet the growing demand are expected to further drive the growth. The increasing shortage of labor could be addressed by adopting cobots in metal fabrication processes.
Therefore, increasing number of metal fabrication facilities are adopting cobots to enhance operational efficiency and improve product quality. The sheet metal fabrication industry is also witnessing increase in the use of CNC machine tools as one of the essential tools in several applications including molding and shaping.