US $ 17.2-billion sheet metal fabrication services market
A cobot with operator at BMW , UK .
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 . This is according to a new report on ResearchandMarkets . com .
“ Growth in the global market is being driven by rapid urbanisation 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 is expected to drive growth ,” said the report .
“ 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 growing demand are expected to further drive growth . The increasing shortage of labour could be addressed by adopting cobots in metal fabrication processes ,” it added .
Increasing numbers of metal fabrication facilities are adopting cobots to enhance
operational efficiency and improve product quality .
Steel , one of the segments analysed in the report , is projected to grow at a 3 % CAGR to reach US $ 7.7 billion by the end of the analysis period . Growth in the aluminium segment has been readjusted to a revised 2.5 % CAGR for the next seven-year period .
“ This segment currently accounts for a 38.9 % share of the global sheet metal fabrication services market . Steel and aluminium are the most widely used metals for sheet metal fabrication on account of their durability , high strength and corrosion-resistant properties . Steel is poised to continue making strong gains in the market , given its important as a preferred building material in large-scale construction projects ,” explained the report .
The sheet metal fabrication services market in the U . S . was estimated at US $ 2.7 billion in 2021 . The country currently accounts for a 17.78 % share in the global market . China , the world ’ s second largest economy , is forecast to reach an estimated market size of US $ 6 billion in 2026 , trailing a CAGR of 3.4 % through the analysis period .
Among other noteworthy markets are Japan and Canada , each forecast to grow at 1.5 % and 2 % respectively over the analysis period . Within Europe , Germany is forecast to grow at approximately 1.8 % CAGR while the ‘ Rest of European ’ market ( as defined in the study ) will reach US $ 6.2 billion by 2027 .
“ North America accounts for a significant share of the sheet metal fabrication market due to growing construction projects , as well as the region`s strong aviation and defence industries . The rapid growth of Asia-Pacific region`s manufacturing sector is attributed to easy availability of raw materials and comparatively cheap labour ,” added the report .
World speed record for self-driving car
192.2 mph / 309.3 kph . Never before has a car driven by artificial intelligence alone been this fast . On 27 April 2022 , on the straight of the Space Shuttle airstrip at NASA ’ s Kennedy Space Centre in Cape Canaveral , USA , the car created by the Politecnico di Milano- PoliMOVE broke the world speed record for a fully autonomous car on a straight ( the previous record held by Roborace was 175.49 mph / 282.42 kph ). Politecnico di Milano is a scientific-technological university which trains engineers , architects and industrial designers .
The Politecnico Team had already reportedly achieved the record on 26 April 2022 but decided to raise the bar and improve its performance . On 27 April 2022 , PoliMOVE ’ s car beat its own record to reach an incredible speed of 192.2 mph / 309.3 kph , smashing through the “ wall ” of 186.4mph / 300 kph . The speed of 192.2- mph / 309.3 kph was obtained as an average of over one km in two consecutive attempts in opposite directions ( to eliminate the effects of the wind ). The Politecnico was the only team to attempt this , thanks to its victory in Las Vegas in the Indy Autonomous Challenge .
“ We saw what the future holds for autonomous vehicles and credit goes to the entire PoliMOVE team , especially Dr . Brandon Dixon of the University of Alabama ,” said Prof . Sergio Savaresi , team lead of Politecnico di Milano . “ We were running a car operating on algorithms alone , where precision is paramount , and any small prediction error could have created a completely different outcome . This test run was exhilarating , and we are thrilled with the world record , but we ’ re also excited by the fact that this data will be made available to all , and the industry will benefit from our work and learnings .” PoliMOVE is part of the Politecnico research group mOve , led by Professor
Sergio Savaresi , which for 20 years has been studying automatic controls in all types of land vehicles ; from electric bicycles to cars and even tractors . On 7 January 2022 , the PoliMOVE team from the Politecnico di Milano won the Indy Autonomous Challenge in Las Vegas , the first head-tohead race between cars driven by artificial intelligence , where PoliMOVE reached the track speed record of 172.9 mph / 278.4 kph . The competitors included teams from some of the best universities in the world . All the teams raced with the same vehicle , the Dallara AV-21 ; the added value was the work of the individual teams .
6 | sheetmetalplus . com | ISMR June 2022