Stripping Machine Market is Expected to Reach USD 631.4 Million by 2030
As per the report published by Kings Research, the global Stripping Machine Market was valued at USD 431.1 million in 2022 and is projected to reach USD 631.4 million by 2030, growing at a CAGR of 5.01% from 2023 to 2030.
The stripping machine market growth is accelerated by the ongoing innovations and advances in the design and features of stripping machines. The availability of modern strippers with fully automated, programmable controls and touchscreen interfaces allows users to easily enter specifications and adjust settings based on the type and size of wire or cable being processed. The advanced cutting blades have improved the accuracy and consistency of the stripping process, resulting in reduced material waste and higher-quality end products. The emergence of laser stripping technology for precise and controlled removal of wires and cables, especially those with very thin or sensitive insulation drives the market growth. Some stripping machines can be integrated with other equipment, such as wire reels or crimping machines, to create a smoother and more efficient production line.
- Based on type, the semi-automatic stripping machine segment is growing at a CAGR of 3.9% over the forecast period
- Based on application, the automotive segment dominated the market with a market value of USD 144.6 million in 2022
- On the basis of region, Europe accounted for the largest market share with a forecasted CAGR of 4.4%
Growing Trend Towards Automation Advanced, Efficient, and Automated Stripping Machines
Automation is also becoming increasingly important in the industry, increasing the demand for more efficient and specialized stripping machines that can process larger quantities of wires and cables. In recent years, the use of stripping machines has expanded especially in the recycling industry for the recovery of metals from cables. Stripping machines are also extensively used in the medical device industry to remove insulating coatings from fine wires and cables. The use of advanced automation and machine learning techniques to improve wire handling efficiency and accuracy has led to the development of new materials and coatings that require special exfoliation techniques. It is generally expected that the use of advanced manufacturing technology would continue to drive innovation and improvement in the wire processing industry, which further propels the stripping machines market growth.
Proliferating Demand for Eco-Friendly and Sustainable Production Methods Augments Market Growth
The growing demand for eco-friendly and sustainable production methods is driving the development of eco-conscious peeling machines, which is expected to further boost the growth of the market. In addition to technological advances and environmental sustainability, advancements in the recycling industry offer new growth opportunities for stripping machine manufacturers. As more efforts are made to reduce waste and maximize resources, the use of stripping machines to recover metals from cables is increasingly becoming common, which is expected to create new opportunities for producers. Moreover, the market growth is anticipated to continue owing to technological development along with increasing focus on environmental sustainability and resource use.
Asia Pacific is Expected to Show the Fastest Growth with a Forecasted CAGR of 6.2% over the Estimated Timeframe
The market is expected to grow significantly in the coming years due to the influence of several factors, such as the demand for automation and the increase in the efficiency of industrial production processes. The market is expected to have growth opportunities in several countries across the region due to the increasing adoption of factory automation technologies. Additionally, the adoption of automation technologies such as robotics and artificial intelligence is expected to increase the demand for stripping machines in the region.
Market Players across the Region are Concentrating on Product Innovations to Sustain their Market Growth
The market growth is driven by the presence of significant players in the market, such as Jiaxing Junquan Automation Equipment Co., Ltd., KINGSING, Komax Corportion, Metzner Maschinenbau GmbH, MVIKAS, Russian Copper Company Group, Schleuniger, The Eraser Company, Inc, Wanrooe Machinery Co., Ltd., and others. Market players are focusing on expanding their business globally through acquisitions, partnerships, product introductions, collaborations, and mergers.