In recent years, the Equipment-as-a-Service (EaaS) market has experienced notable growth, largely driven by advancements in digitalization and the increasing disruption caused by the Internet of Things (IoT) industry, along with other technology-driven influences.
New Delhi, Feb. 11, 2025 (GLOBE NEWSWIRE) — According to recent data from Astute Analytica, the global equipment-as-a-service (EaaS) market is expected to grow with a CAGR of 11.5% during the forecast period 2021-2027.
The anticipated rise in automotive production is likely to have a beneficial impact on the demand for CNC (Computer Numerical Control) and laser-cutting machines throughout the forecast period. The automotive manufacturing process is inherently complex and involves multiple stages, necessitating high levels of precision and performance at every step. As automotive companies strive to enhance their production capabilities and deliver more efficient and innovative vehicles, the demand for advanced manufacturing technologies, including CNC and laser-cutting machines, has surged.
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This increased demand can be attributed to the automotive industry’s focus on producing high-quality auto parts that meet stringent performance and efficiency standards. With the shift towards more sophisticated materials and designs, manufacturers are turning to CNC and laser-cutting technologies to achieve the required levels of accuracy.
These machines are integral to the production of essential vehicle components, such as carbon composite materials, which are increasingly favored for their strength and lightweight properties. Additionally, critical body parts, body sheets, frames, and various internal and external automotive components are manufactured using metal CNC and laser-cutting machines, underscoring their vital role in the automotive sector.
Increasing Penetration of IoT: Offering Robust Opportunities for the Equipment-as-a-Service Market
The Internet of Things (IoT) has been a transformative force across various industries over the past few years, significantly contributing to their growth and innovation. As we look ahead, the IoT is anticipated to continue its substantial expansion, with projections indicating that by 2025, there will be over 75 billion connected devices globally.
This surge in connectivity is expected to have a profound impact on the economy, with IoT technologies poised to contribute between $10 trillion and $15 trillion to the world’s GDP by the year 2030. Such growth not only highlights the increasing integration of IoT into everyday life but also showcases its potential to drive forward the development and efficiency of numerous sectors.
