The market study covers the present scenario and growth prospects of the global forging presses market for 2017-2021. The analysts have presented various facets of the market with a focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive primary and secondary research.
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global forging presses market:
- Benefits of forging over casting
- Use of servo press in forging machines
- Growing demand for renewable energy equipment
Benefits of forging over casting
Forging is extensively used in manufacturing large components in all end-user industries that require high-strength end-products. Though closed die forging incurs high initial costs, these can be reduced substantially when the manufacturing volume increases as the recurring cost of individual parts declines.
“The forging process bestows uniformity to the grain flow and makes it tough, ductile, and capable of withstanding fatigue. Forged parts are thus, able to sustain any load, impact, or stress,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
Use of servo press in forging machines
Servo press technology that is used in sheet metal forming is also being used in the forging industry. The characteristic feature of a servo press that distinguishes it from the conventional press is that it does not use a motor and a steady flywheel, which are replaced by variable speed torque motors. The energy consumed in one production stroke by a servo press is significantly lesser than that of a conventional press, therefore, the overall cost of the product is reduced considerably. Thus, the growing adoption of servo press technology will result in companies producing products more competitively.
Growing demand for renewable energy equipment
During 2010-2040, more than 85% of the energy demand is expected to originate from developing countries owing to their strong economic and rapid population growth. Countries such as China, the UAE, India, and Brazil are heavily investing in renewable sources to meet the future energy demand. Developed countries in the Americas and Europe have started using renewable energy to replace conventional energy sources.
“Forged products are extensively used in the turbine blades and shafts of wind and hydroelectricity power plants. An increase in power generation through wind and hydel power plants will lead to an increased demand for these forged products,” says Gaurav.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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