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The braiding equipment is used to knit or interweave the strands of wire or yarn, to form a braided type of structure. This equipment is used in several industries such as textile, electrical, automotive, medical, and many other sectors. Basic raw materials such as synthetic or natural yarn, leather tapes, metal wires are twirled into a bunch and later are wrapped against the reels or cylinders. Growing industrialization and urbanization across the developing and developed countries is expected to fuel the demand of braiding equipment in the near future. According to the secondary research, the global healthcare spending is anticipated to increase at growth rate of 5.4% in the forecasted period, owing to emerging need of catheters and other braided tubes used in surgeries.
Key Market Driver -
• Rising adoption of braided wires, cables and yarns in several industries • Increase in demand of braiding machines due to its features such as flexibility, abrasion resistance and good expandability
Key Market Restraint -
• High raw material cost
Constant growth in the automobile sector is one of the key market trend to boost the demand of braided products, due to growth in the demand of shielded cables for breaking and other systems, and harnesses required for trucks and earthmoving equipment. The braiding machine helps to increase the flexibility of the material weaved, offering high poductivity, good expandability and abrasion resistant mechanism to the operator and the company. The initial purchasing and maintenance cost of this equipment, along with the cost of material (natural yarn) hampers the overall braiding equipment market growth worldwide.
Key market players are vigorously investing in the research and development activities to develop innovative techniques for manufacturing braiding machine. Herzog offers weaving of composite materials into round or flat braids using 2.5-D technique or 3-D technique for the aeronautics, space flight, automotive and medical sectors.
Some of the key competitors in the braiding equipment market include HERZOG GmbH, Cobra Braiding Machinery Ltd., NIEHOFF Schwabach, O.M.A. S.r.l. , Spirka Schnellflechter GmbH, Mayer & Cie., Steeger USA., Knitting Machinery Corp., Wardwell Braiding Co., Lamb Knitting Machine Corporation, GLADDING BRAIDED PRODUCTS, INC., OMEC S.r.l., Geesons International, Magnatech International, Inc. and others.
The increasing urbanization and population in Asia Pacific countries, including China and India is expected to witness highest growth rate by propeling the textile sector with the need for shelter. Moreover, the rising number of local braided equipment manufacturer in india is expected to surge the braided equipment market demand in the forecast period. North American automotive industry is adopting various innovative braiding techniques for break systems, harnesses and many more. Established market of North America is projected to hold highest market share showing a progressive growth, as major market players tend towards investing in the research and development area. For instance, according to the American Auto Council, FCA, Ford and General Motors together invest more than USD 18 billion per year for the research and development. Moreover, the European countries are projected to portray moderate market growth owing to stable demand of braided healthcare products across the region. As per the secondary study, the Western European government invested USD 1,745 billion in healthcare sector and further expected to spend USD 2,279 billion in the forecast period for the same.
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The rapidly developing textile and medical sector in the Middle East and Africa is rising the investments in the braiding equipment, hence contributing to the market growth. Accordin to the UAE Business Council, the UAE’s Vision 2021 has led to healthcare spending of USD 21.3 billion accounting 4.6% of country’s GDP. Furthermore, the Latin American countries such as Brazil and Mexico are witnessing increase in investments for healthcare sector, attributing to several market opportunities for the emerging players; this, in return is expected to upthrust the global braiding equipment market across the region.
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